1. How to use GuruFocus - Tutorials
  2. What Is in the GuruFocus Premium Membership?
  3. A DIY Guide on How to Invest Using Guru Strategies
10qk
10qk
Articles 

Oclaro Inc Reports Operating Results (10-Q)

February 08, 2012 | About:

Oclaro Inc (NASDAQ: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

About the author:

10qk
GuruFocus - Stock Picks and Market Insight of Gurus

Rating: 4.5/5 (2 votes)

Comments

Please leave your comment:


Select portfolio(s):

  • Loading...

Why you are interested?

Your selection and notes will be stored in your portfolio.

Login to add portfolio
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
FEEDBACK