Oclaro Ends FY14 in Black After Business Unit Sales
SAN JOSE, Calif., Aug. 19, 2014 — After selling business segments for a total of about $120 million, optical communications firm Oclaro Inc. ended its fiscal year June 28 with earnings of $17.8 million, an improvement over its fiscal 2013 net loss of $122.7 million.
The company’s fourth-quarter result, however, was a net loss of $24 million, which compares to a net loss of $22.9 million in the previous quarter and a net loss of $47.4 million in the fourth quarter of fiscal 2013.
Revenues were $95.9 million for the fourth quarter of fiscal 2014, roughly even with revenues from the previous quarter and the fourth quarter of fiscal 2013.
“Our fourth quarter results were in line with our expectations as our overall financial performance continued to strengthen,” said CEO Greg Dougherty. “For the full fiscal year, we made substantial progress in our financial performance when compared with the prior year.”
The company expects revenues of $83 million to $91 million in the first quarter of fiscal 2015 and a loss of $9 million to $13 million.
Meanwhile, Oclaro announced it plans to sell its industrial and consumer business in Komoro, Japan, to Ushio Opto Semiconductors Inc. for ¥1.85 billion (approximately $18.5 million) in cash. The deal is expected to be finalized before the end of the calendar year.
For more information, visit www.oclaro.com