Oclaro, Inc (OCLR) has reported 19,178.34 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $30.27 million in the quarter, compared with $0.16 million for the same period last year. On the other hand, adjusted net income for the quarter stood at $36.30 million, or $0.21 a share compared with $3.14 million or $0.03 a share, a year ago. Revenue during the quarter surged 63.51 percent to $153.91 million from $94.13 million in the previous year period. Gross margin for the quarter expanded 1121 basis points over the previous year period to 39.48 percent. Total expenses were 78.30 percent of quarterly revenues, down from 97.31 percent for the same period last year. This has led to an improvement of 1901 basis points in operating margin to 21.70 percent.
Operating income for the quarter was $33.40 million, compared with $2.53 million in the previous year period.
However, the adjusted operating income for the quarter stood at $36.24 million compared to $5.28 million in the prior year period. At the same time, adjusted operating margin improved 1793 basis points in the quarter to 23.55 percent from 5.61 percent in the last year period.
“Our December quarter was very strong with improvement in all our financial metrics. Revenue increased 14 percent from the first quarter of fiscal 2017, and 64 percent from the same quarter last year, with demand for our newer 100G and beyond products driving this excellent growth. In addition, we had record gross margin and operating income resulting from higher revenue, a richer product mix, and favorable foreign exchange rates,” said Greg Dougherty, Chief Executive Officer, Oclaro. “We currently forecast revenue to increase again in the March quarter, driven by healthy demand across the multiple markets we serve.”
Working capital increases sharply
Oclaro, Inc has recorded an increase in the working capital over the last year. It stood at $341.52 million as at Dec. 31, 2016, up 89.04 percent or $160.86 million from $180.66 million on Dec. 26, 2015. Current ratio was at 3.73 as on Dec. 31, 2016, up from 2.74 on Dec. 26, 2015. Cash conversion cycle (CCC) has decreased to 30 days for the quarter from 93 days for the last year period. Days sales outstanding went down to 55 days for the quarter compared with 75 days for the same period last year.
Days inventory outstanding has decreased to 40 days for the quarter compared with 93 days for the previous year period. At the same time, days payable outstanding went down to 65 days for the quarter from 75 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 $4 million as on Dec. 31, 2016, down 93.89 percent or $61.48 million from $65.48 million on Dec. 26, 2015. Total debt was 0.73 percent of total assets as on Dec. 31, 2016, compared with 19.55 percent on Dec. 26, 2015. Debt to equity ratio was at 0.01 as on Dec. 31, 2016, down from 0.43 as on Dec. 26, 2015. 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: editor@irisindia.net
