Oclaro, Inc. (OCLR) has reported 42,837.08 percent jump in profit for the quarter ended Apr. 01, 2017. The company has earned $38.21 million in the quarter, compared with $0.09 million for the same period last year. On the other hand, adjusted net income for the quarter stood at $39.89 million, or $0.23 a share compared with $3.32 million or $0.03 a share, a year ago. Revenue during the quarter surged 60.50 percent to $162.18 million from $101.05 million in the previous year period. Gross margin for the quarter expanded 1452 basis points over the previous year period to 41.18 percent. Total expenses were 76.73 percent of quarterly revenues, down from 97.57 percent for the same period last year. This has led to an improvement of 2084 basis points in operating margin to 23.27 percent.
Operating income for the quarter was $37.74 million, compared with $2.46 million in the previous year period.
However, the adjusted operating income for the quarter stood at $40.46 million compared to $4.58 million in the prior year period. At the same time, adjusted operating margin improved 2042 basis points in the quarter to 24.95 percent from 4.53 percent in the last year period.
"I am very pleased with our outstanding financial performance for the third quarter. We posted record results, which included revenue growth and improved gross margin during what is normally a seasonally weak period. Our revenue increased 60 percent over the same period one year ago, driven by our 100G and beyond products. We also achieved further customer and regional diversification, driven by sales growth in North America and Europe. This strong revenue performance resulted in record non-GAAP gross margin of 42 percent and non-GAAP operating income of $40 million. These outstanding results further demonstrate the strength of our products, customer mix and operational improvements," said Greg Dougherty, chief executive officer, Oclaro.
For the fourth-quarter, Oclaro, Inc. expects revenue to be in the range of $144 million to $152 million. The company expects adjusted operating income to be in the range of $27 million to $31 million for the fourth-quarter.
Working capital increases sharplyOclaro, Inc. has recorded an increase in the working capital over the last year. It stood at $366.74 million as at Apr. 01, 2017, up 109.12 percent or $191.36 million from $175.38 million on Mar. 26, 2016. Current ratio was at 3.64 as on Apr. 01, 2017, up from 2.60 on Mar. 26, 2016. Cash conversion cycle (CCC) has decreased to 26 days for the quarter from 85 days for the last year period. Days sales outstanding went down to 56 days for the quarter compared with 73 days for the same period last year.
Days inventory outstanding has decreased to 42 days for the quarter compared with 88 days for the previous year period. At the same time, days payable outstanding went down to 73 days for the quarter from 76 for the same period last year.
Debt comes down significantly
Oclaro, Inc. has recorded a decline in total debt over the last one year. It stood at $3.95 million as on Apr. 01, 2017, down 94.17 percent or $63.74 million from $67.68 million on Mar. 26, 2016. Total debt was 0.65 percent of total assets as on Apr. 01, 2017, compared with 19.71 percent on Mar. 26, 2016. Debt to equity ratio was at 0.01 as on Apr. 01, 2017, down from 0.44 as on Mar. 26, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
