Oclaro (OCLR) Prelim. Q3 Revenue Tops Estimates

Oclaro (NASDAQ: OCLR) reported preliminary results for its first quarter of fiscal year 2016. The Company announced that it expects first quarter results to exceed its previously provided financial guidance. The Company's financial guidance was last provided on August 4, 2015.

For the first quarter of fiscal year 2016, Oclaro expects:

• Revenues to be approximately $87.5 million, at the high end of the range previously provided. (The Street sees $85.6 million.);
• Non-GAAP gross margin to be in a range of 26 to 27%, above the high end of the range previously provided;
• Adjusted EBITDA to be positive $4.0 to $4.5 million, above the high end of the range previously provided; and
• Cash, cash equivalents, restricted cash, and short-term investments of $107.7 million at September 26, 2015.

"The preliminary results that we are reporting today reflect strong growth in our 100G product portfolio," said Greg Dougherty, Chief Executive Officer, Oclaro. "In addition, we saw higher than expected revenues for our 10G and 40G products, coupled with a much more favorable product mix, resulting in gross margin exceeding our prior guidance."

These preliminary, unaudited results are based on management's initial review of operations for the quarter ended September 26, 2015 and remain subject to completion of the Company's standard quarterly accounting close process.

Final Results Conference Call on November 3, 2015

Oclaro will hold a conference call to discuss its final financial results for the first quarter of fiscal year 2016 on November 3, 2015, at 2:00 p.m. PT/5:00 p.m. ET. To listen to the live conference call, please dial (913) 312-0860. A replay of the conference call will be available through November 17, 2015. To access the replay, dial (858) 384-5517. The passcode for the replay is 983349. A webcast of this call and a supplemental presentation will be available in the investor section of Oclaro's website at www.oclaro.com

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