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Electrical and Electronic Testing
News Release from: Bookham
Edited by the Manufacturingtalk Editorial
Team on 06 May 2005
Outlook bright for optics supplier
Bookham, a provider of optical components, modules and subsystems, has announced financial results for the third quarter of fiscal year 2005, ended April 2, 2005.
Bookham, a provider of optical components, modules and subsystems, has announced financial results for the third quarter of fiscal year 2005, ended April 2, 2005 Net revenue in the third quarter of fiscal year 2005 was $49.9 million, a sequential increase of 9 percent compared with net revenue of $45.8 million in the second quarter of fiscal year 2005
This article was originally published on Manufacturingtalk on 15 Jun 2007 at 8.00am (UK)
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Under generally accepted accounting principles (GAAP), gross margin in the third quarter was 1.1 percent, an approximately 8.9 percentage point improvement compared with a gross margin of negative 7.8 percent in the second quarter.
The sequential improvement in gross margin was primarily the result of a shift to newer, more profitable product lines, product cost reductions, and continued reductions in manufacturing overhead cost.
In addition, gross margin was positively impacted by higher pricing associated with the terms of the amended supply agreement the Company entered into with Nortel during the third quarter.
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GAAP operating expenses in the third quarter were $129.7 million.
Third quarter GAAP operating expenses compare with GAAP operating expenses of $37.1 million in the second quarter.
GAAP net loss in the third quarter was $129.6 million, or a loss per share of $3.86.
Third quarter GAAP net loss includes charges of $98.1 million for a goodwill write-down relating to the Company's acquisitions and $3.8 million attributable to restructuring charges.
Third quarter GAAP net loss compares with a GAAP net loss of $41.1 million, or a loss per share of $1.23 in the second quarter.
Second quarter GAAP net loss included a restructuring charge of $7.9 million attributable to previously announced restructurings.
The goodwill impairment calculation is the Company's best estimate and may be subject to further adjustments as the company finalizes its valuation assessment.
The Company expects to complete its assessment by fiscal year end, July 2, 2005.
Third quarter non-GAAP operating expenses were $27.7 million compared with non-GAAP operating expenses of $29.0 million in the second quarter.
Third quarter non-GAAP net loss was $27.7 million, or $0.82 per share.
This compares with a non-GAAP net loss of $33.0 million, or $0.99 per share in the second quarter.
A reconciliation table of GAAP to non-GAAP results is included in the financial tables section of this release.
Cash, cash equivalents, short-term investments and restricted cash at the end of the third quarter was $42.1 million compared with $77.8 million at the end of the second quarter.
Third quarter EBITDA loss was $119.9 million compared with an EBITDA loss of $32.5 million in the second quarter.
Non-GAAP EBITDA, which excludes restructuring charges and the write down of goodwill, was a loss of $17.9 million in the third quarter compared with a non-GAAP EBITDA loss of $24.4 million in the second quarter, representing a decrease of 27%.
The Company calculates non-GAAP EBITDA as Net income/loss, excluding the impact of net interest expense and income taxes, adding back the non-cash costs of depreciation and amortization, and excluding restructuring costs, redomicile costs and the write-down of goodwill, as described in the EBITDA reconciliation table attached to this release.
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