Oclaro (OCLR) Offers Prelim. Q2 Results

Oclaro, Inc. (Nasdaq: OCLR), a leading provider and innovator of optical communications solutions, today announced selected preliminary unaudited financial results for the second quarter of fiscal 2017, ended December 31, 2016.

Preliminary Unaudited Second Quarter Fiscal 2017 Financial Results

• Revenue in the range of $153.5 million to $154.0 million, at the high end of the prior guidance of $146 million to $154 million provided on November 1, 2016.
• GAAP gross margin of approximately 39.5% and non-GAAP gross margin of approximately 40%, above the prior non-GAAP guidance of 33% to 36%. Non-GAAP gross margin excludes the effect of approximately $0.5 million of stock-based compensation.
• GAAP operating income of approximately $33 million and non-GAAP operating income of approximately $36 million, above the prior non-GAAP guidance of $22 million to $26 million. Non-GAAP operating income excludes $2.6 million of stock-based compensation and $0.2 million of amortization of other intangible assets.

(Street sees Q2 revenue of $150 million)

"Our excellent preliminary results for the December quarter once again demonstrated the strength of Oclaro's products in the markets we serve. We expect revenue to come in at the high end of guidance as 100G and beyond sales again exhibited excellent growth. In addition, we expect the quarterly results to reflect record levels of gross margin and operating income and exceed our prior guidance. Our performance was driven by strong execution, a richer product mix, and favorable foreign exchange rates," said Greg Dougherty, Chief Executive Officer, Oclaro.

Oclaro cautions that the anticipated second quarter fiscal year 2017 financial results are preliminary and are based on the best information currently available to management, and subject to the completion of its standard quarterly accounting process and preparation of the financial statements for this period. Please refer to the safe harbor statement below and the note on non-GAAP financial measures.

Financial Results Conference Call on January 31, 2017Oclaro will host a conference call and webcast on Tuesday, January 31, 2017 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its second quarter fiscal year 2017 financial results and business outlook. Investors and other interested parties may access the call by dialing (913) 312-0408. No passcode is needed for the live call. The replay dial-in number is (412) 317-6671, and the passcode is 9843575. The replay will be available through February 14, 2017. Additionally, this conference call will be broadcast live over the Internet and can be accessed by all interested parties on the Investor Relations section of Company's website at www.oclaro.com.

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