Oclaro Reports Net Loss in Third Quarter

Optical communications firm Oclaro Inc. reported a net loss of $22.9 million in its third fiscal quarter but said it remains on course with its turnaround plan.

Oclaro saw net gains in the first two quarters of fiscal 2014, which it attributed to roughly 132.9 million in discontinued operations. The company lost $33.8 million in the third quarter of 2013. The company generated $95.4 million in revenue in the third quarter, down 7.3 percent from $102.9 million in the second quarter.

Greg Dougherty, CEO of Oclaro, said the results fell below expectations but that the company has made progress restructuring, including reducing operating and manufacturing overhead costs.

“We continued to make good progress on our turnaround plan,” he said. “Overall, our turnaround remains on track.”

For more information, visit: www.oclaro.com.