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Oclaro Inc Reports Operating Results (10-Q)

February 08, 2012 | About:
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10qk

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Oclaro Inc (OCLR) filed Quarterly Report for the period ended 2011-12-31.

Oclaro Inc has a market cap of $245.7 million; its shares were traded at around $4.86 with and P/S ratio of 0.5.

Highlight of Business Operations:

For the three months ended December 31, 2011, Fujitsu Limited (Fujitsu) accounted for $12.4 million, or 14 percent, Infinera Corporation (Infinera) accounted for $9.1 million, or 11 percent, and Ciena Corporation (Ciena) accounted for $8.3 million, or 10 percent, of our revenues. For the three months ended January 1, 2011, Huawei Technologies Co., Ltd. (Huawei) accounted for $20.9 million, or 17 percent, Ciena accounted for $14.7 million, or 12 percent, and Alcatel-Lucent accounted for $13.5 million, or 11 percent, of our revenues.

For the six months ended December 31, 2011, Fujitsu accounted for $23.8 million, or 12 percent, and Huawei accounted for $21.0 million, or 11 percent, of our revenues. For the six months ended January 1, 2011, Huawei accounted for $39.1 million, or 16 percent, Alcatel-Lucent accounted for $29.5 million, or 12 percent, and Ciena accounted for $25.0 million, or 10 percent, of our revenues.

Net cash used by operating activities for the six months ended December 31, 2011 was $20.7 million, primarily resulting from a net loss of $41.3 million, partially offset by $16.2 million of non-cash adjustments and a $4.4 million increase in cash due to changes in operating assets and liabilities. The $16.2 million of non-cash adjustments was primarily comprised of $11.2 million of expense related to depreciation and amortization, $7.2 million related to our non-cash flood-related impairments and $3.3 million of expense related to stock-based compensation, partially offset by $2.9 million due to the revaluation of the Mintera earnout liability, $2.2 million gain on the sale of investments and $0.5 million from the amortization of deferred gain from a sales-leaseback transaction. The $4.4 million increase in cash due to changes in operating assets and liabilities was primarily comprised of a $20.1 million decrease in accounts receivable, an $11.7 million decrease in inventory, a $0.3 million decrease in prepaid expenses and other current assets, partially offset by a $25.9 million decrease in accounts payable and a $1.8 million decrease in accrued expenses and other liabilities.

Net cash used by operating activities for the six months ended January 1, 2011 was $7.3 million, primarily resulting from an $18.0 million decrease in cash due to changes in operating assets and liabilities, partially offset by net income of $0.1 million and non-cash adjustments of $10.6 million. The $18.0 million decrease in cash due to changes in operating assets and liabilities was comprised of a $14.5 million increase in inventory, a $6.1 million increase in accounts receivable, a $5.3 million decrease in accrued expenses and other liabilities and a $0.2 million increase in prepaid expense and other current assets, partially offset by cash generated from an $8.0 million increase in accounts payable and a $0.1 million decrease in other non-current assets. The $10.6 million of non-cash adjustments was primarily comprised of $8.1 million of expense related to depreciation and amortization and $3.0 million of expense related to stock-based compensation, partially offset by $0.5 million from the amortization of deferred gain from a sales-leaseback transaction.

Net cash used in investing activities for the six months ended January 1, 2011 was $25.4 million, primarily consisting of $10.5 million used in the acquisition of Mintera and $18.7 million used in capital expenditures to support new product introductions and our anticipated revenue growth, partially offset by a reduction of $3.7 million in restricted cash related to a facility lease from which we exited during the first quarter of the current fiscal year.

Read the The complete Report

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