Oclaro Announces First Quarter Fiscal Year 2014 Financial Results

      Oclaro Announces First Quarter Fiscal Year 2014 Financial Results

PR Newswire

SAN JOSE, Calif., Nov. 7, 2013

SAN JOSE, Calif., Nov. 7, 2013 /PRNewswire/ --Oclaro, Inc. (NASDAQ: OCLR), a
leading provider and innovator of optical communications solutions, today
announced the financial results for its first quarter of fiscal year 2014,
which ended September 28, 2013.

(Logo: http://photos.prnewswire.com/prnh/20130129/SF49903LOGO)

As previously disclosed, on September 12, 2013, Oclaro completed the sale of
its Zurich business to II-VI, Inc. In addition, on November 1, 2013, the sale
of Oclaro's Amplifier and Micro-Optics business to II-VI was completed.

The following financial results for the first quarter of fiscal 2014 include a
full quarter of Amplifier sales and approximately eleven weeks of Zurich
sales.

  oRevenues were $138.9 million in the first quarter of fiscal 2014, compared
    with $136.1 million in the fourth quarter of fiscal 2013.
  oAdjusted EBITDA was negative $15.5 million in the first quarter of fiscal
    2014, compared with negative $21.1 million in the fourth quarter of fiscal
    2013.

"Our results for the first quarter of fiscal 2014 were in line with our
expectations and demonstrate evidence of our progress," said Greg Dougherty,
CEO, Oclaro. "As a company, we are focused on creating a culture that delivers
on the commitments we make. We have now completed the first phase of our
turnaround plan by closing our previously announced sales of our Zurich and
Amplifier businesses. We have started the restructuring process, which has
required some hard choices and decisions, including a reduction of our global
workforce, the closing of additional sites and a simplification of our
organization structure. While our work will take several quarters to
complete, I am pleased with our progress so far. I am enthusiastic about the
potential for Oclaro in the future as we emerge from our restructuring process
a more focused and stronger company."

Results for the First Quarter of Fiscal 2014
Except where expressly noted, all reported results and second quarter fiscal
2014 guidance exclude the results from the Zurich and Amplifier and
Micro-Optics businesses, and are reclassified to discontinued operations in
the financial tables.

  oRevenues were $96.6 million for the first quarter of fiscal 2014, compared
    with revenues of $95.4 million in the fourth quarter of fiscal 2013.
  oGAAP gross margin was 12% for the first quarter of fiscal 2014, compared
    with a GAAP gross margin of 6% in the fourth quarter of fiscal 2013.
  oNon-GAAP gross margin was 13% for the first quarter of fiscal 2014,
    compared with a non-GAAP gross margin of 7% in the fourth quarter of
    fiscal 2013.
  oGAAP operating loss was $31.7 million for the first quarter of fiscal
    2014. This compares with a GAAP operating loss of $42.8 million for the
    fourth quarter of fiscal 2014, which included $18.9 million of
    flood-related income, net of expenses, and an impairment of goodwill and
    intangible assets of $26.2 million.
  oNon-GAAP operating loss was $26.7 million for the first quarter of fiscal
    2014, compared with a non-GAAP operating loss of $29.2 million in the
    fourth quarter of fiscal 2013.
  oGAAP net income for the first quarter of fiscal 2014 was $33.3 million,
    and included approximately $63.5 million related to the discontinued
    operations. This compares with a GAAP net loss of $47.4 million in the
    fourth quarter of fiscal 2013.
  oNon-GAAP net loss for the first quarter of fiscal 2014 was $27.5 million.
    This compares with a non-GAAP net loss of $29.5 million in the fourth
    quarter of fiscal 2013.
  oAdjusted EBITDA was negative $19.7 million for the first quarter of fiscal
    2014, compared with negative $22.4 million in the fourth quarter of fiscal
    2013.
  oCash, cash equivalents, restricted cash, and short-term investments were
    $94.7 million at September 29, 2013.

Second Quarter Fiscal Year 2014 Outlook
The guidance for the second quarter of fiscal 2014, which ends December 28,
2013, is:

  oRevenues in the range of $92 million to $102 million.
  oNon-GAAP gross margin in the range of 10% to 14%.
  oAdjusted EBITDA in the range of negative $20 million to negative $15
    million.

The outlook for the second quarter of fiscal 2014 does not include
approximately $7 million of revenue and associated results from the Amplifier
business, which was sold on November 1, 2013.

The foregoing guidance is based on current expectations. These statements are
forward looking, and actual results may differ materially. Please see the Safe
Harbor Statement in this earnings release for a description of certain
important risk factors that could cause actual results to differ, and refer to
Oclaro's most recent annual and quarterly reports on file with the Securities
and Exchange Commission (SEC) for a more complete description of these risks.
Furthermore, our outlook excludes items that may be required by GAAP,
including, but not limited to, restructuring and related costs, acquisition or
disposal related costs, any additional flood-related expenses, expenses or
income from certain legal actions, settlements and related costs outside our
normal course of business, impairments of other long-lived assets,
depreciation and amortization, extraordinary items, as well as the expensing
of stock options and restricted stock grants. We do not intend to update this
guidance as a result of developments occurring after the date of this release.

Management Appointment
The Company also announced today that Mike Fernicola has been appointed
Principal Accounting Officer, effective November 8, 2013. Fernicola, will
report directly to Pete Mangan CFO, and has more than 15 years of public
accounting and corporate finance experience. He most recently served as
Corporate Controller for Aptina Imaging, Inc from 2010 to 2013. Please refer
to the Securities and Exchange Commission Form 8-K filing today for more
information.

Conference Call
Oclaro will hold a conference call to discuss financial results for the first
quarter of fiscal year 2014 today at 2:00 p.m. PT/5:00 p.m. ET. To listen to
the live conference call, please dial (480) 629-9712. A replay of the
conference call will be available through November 14, 2013. To access the
replay, dial (858) 384-5517. The passcode for the replay is 4646347. A webcast
of this call and a supplemental presentation will be available in the investor
section of Oclaro's website at www.oclaro.com.

About Oclaro
Oclaro, Inc. (NASDAQ: OCLR) is a leading provider and innovator of optical
communications solutions. The company is dedicated to photonics innovation,
with cutting-edge research and development (R&D) and chip fabrication
facilities in the U.K., Italy, Japan and Korea. It has in-house and contract
manufacturing sites in the U.S., China, Malaysia and Thailand, with design,
sales and service organizations in most of the major regions around the world.
For more information, visit http://www.oclaro.com.

Copyright 2013. All rights reserved. Oclaro, the Oclaro logo, and certain
other Oclaro trademarks and logos are trademarks and/or registered trademarks
of Oclaro, Inc. or its subsidiaries in the U.S. and other countries.
Information in this release is subject to change without notice.

Safe Harbor Statement
This press release, in association with Oclaro's first quarter fiscal year
2014 financial results conference call, contains statements about management's
future expectations, plans or prospects of Oclaro and its business, and
together with the assumptions underlying these statements, constitute
forward-looking statements for the purposes of the safe harbor provisions of
The Private Securities Litigation Reform Act of 1995. These forward-looking
statements include statements concerning (i) financial targets and
expectations and progress toward Oclaro's target business model, including
financial guidance for the fiscal quarter ending December 28, 2013 regarding
revenue, non-GAAP gross margin and Adjusted EBITDA, (ii) Oclaro's
restructuring plans and that status of those efforts, (iii) simplifying
Oclaro's operating footprint, and (iv) Oclaro's market position and future
operating prospects. Such statements can be identified by the fact that they
do not relate strictly to historical or current facts and may contain words
such as "anticipate," "estimate," "expect," "project," "intend," "plan,"
"believe," "will," "should," "outlook," "could," "target," "model," and other
words and terms of similar meaning in connection with any discussion of future
operations or financial performance. There are a number of important factors
that could cause actual results or events to differ materially from those
indicated by such forward-looking statements, including (i) the effect of
receiving a "going concern" statement in our auditors report on our 2013
consolidated financial statements, (ii) the future performance of Oclaro and
its ability to effectively restructure its operations and business following
the sale of its Zurich and Amplifier businesses in accordance with its
business plan, (iii) our ability to effectively and efficiently transition to
an outsourced back-end assembly and test model, (iv) the potential inability
to realize the expected benefits of asset dispositions, (v) the sale of
businesses which may or may not arise in connection with executing our
restructuring plans, (vi) the impact of continued uncertainty in world
financial markets and any resulting reduction in demand for our products,
(vii) our ability to meet or exceed our gross margin expectations, (viii) the
effects of fluctuating product mix on our results, (ix) our ability to timely
develop and commercialize new products, (x) our ability to reduce costs and
operating expenses, (xi) our ability to respond to evolving technologies and
customer requirements and demands, (xii) our dependence on a limited number of
customers for a significant percentage of our revenues, (xiii) our ability to
maintain strong relationships with certain customers, (xiv) our ability to
effectively compete with companies that have greater name recognition, broader
customer relationships and substantially greater financial, technical and
marketing resources than we do, (xv) our ability to timely capitalize on any
increase in market demand, (xvi) increased costs related to downsizing and
compliance with regulatory and legal requirements in connection with such
downsizing, (xvii) competition and pricing pressure, (xviii) the risks
associated with our international operations, (xix) the outcome of tax audits
or similar proceedings, (xx) the outcome of pending litigation against the
company, (xxi) Oclaro's ability to maintain or increase its cash reserves and
obtain debt or equity-based financing on terms acceptable to it or at all, and
(xxii) other factors described in Oclaro's most recent annual report on Form
10-K, quarterly report on Form 10-Q and other documents it periodically files
with the SEC. The forward-looking statements included in this announcement
represent Oclaro's view as of the date of this announcement. Oclaro
anticipates that subsequent events and developments may cause Oclaro's views
and expectations to change. Oclaro specifically disclaims any intention or
obligation to update any forward-looking statements as a result of
developments occurring after the date of this press release.

Non-GAAP Financial Measures
Oclaro provides certain supplemental non-GAAP financial measures to its
investors as a complement to the most comparable GAAP measures. The GAAP
measure most directly comparable to non-GAAP gross margin rate is gross margin
rate. The GAAP measure most directly comparable to non-GAAP operating
income/loss is operating income/loss. The GAAP measure most directly
comparable to non-GAAP net income/loss and Adjusted EBITDA is net income/loss.
An explanation and reconciliation of each of these non-GAAP financial measures
to GAAP information is set forth below.

Oclaro believes that providing these non-GAAP measures to its investors, in
addition to corresponding income statement measures, provides investors the
benefit of viewing Oclaro's performance using the same financial metrics that
the management team uses in making many key decisions and evaluating how
Oclaro's "core operating performance" and its results of operations may look
in the future. Oclaro defines "core operating performance" as its ongoing
performance in the ordinary course of its operations. Items that are
non-recurring or do not involve cash expenditures, such as impairment charges,
income taxes, restructuring and severance programs, costs relating to specific
major projects (such as acquisitions), gain on bargain purchase, non-cash
compensation related to stock and options and certain income, purchase
accounting adjustments related to the fair market value of acquired
inventories, costs to outsource our back-end manufacturing activities,
write-offs and expenses related to flooding in Thailand, including advance
payments received from insurers, impairment of fixed assets and inventory and
related expenses, are not included in Oclaro's view of "core operating
performance." Management does not believe these items are reflective of
Oclaro's ongoing core operations and accordingly excludes those items from
non-GAAP gross margin rate, non-GAAP operating income/loss, non-GAAP net
income/loss and Adjusted EBITDA. Additionally, each non-GAAP measure has
historically been presented by Oclaro as a complement to its most comparable
GAAP measure, and Oclaro believes that the continuation of this practice
increases the consistency and comparability of Oclaro's earnings releases.

Non-GAAP financial measures are not in accordance with, or an alternative for,
generally accepted accounting principles in the United States of America.
Non-GAAP measures should not be considered in isolation from or as a
substitute for financial information presented in accordance with generally
accepted accounting principles, and may be different from non-GAAP measures
used by other companies.

Adjusted EBITDA
Adjusted EBITDA is calculated as net income/loss excluding the impact of
income taxes, net interest income/expense, depreciation and amortization, net
foreign currency translation gains/losses, as well as restructuring,
acquisition and related costs, non-cash compensation related to stock and
options, gain on bargain purchase, purchase accounting adjustments related to
the fair market value of acquired inventories, impairment of intangible assets
and goodwill and certain other one-time charges and credits, including flood
related advance payments received from insurers, impairment of fixed assets
and inventory and related expenses, specifically identified in the non-GAAP
reconciliation schedules set forth below. Oclaro uses Adjusted EBITDA in
evaluating Oclaro's historical and prospective cash usage, as well as its cash
usage relative to its competitors. Specifically, management uses this non-GAAP
measure to further understand and analyze the cash used in/generated from
Oclaro's core operations. Oclaro believes that by excluding these non-cash and
non-recurring charges, more accurate expectations of its future cash needs can
be assessed in addition to providing a better understanding of the actual cash
used in or generated from core operations for the periods presented. Oclaro
further believes that providing this information allows Oclaro's investors
greater transparency and a better understanding of Oclaro's core cash
position.



OCLARO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
                                 Three Months Ended
                                 September 28,    June 29,       September 29,
                                 2013             2013           2012
Revenues                         $           $         $     
                                 96,648           95,383         95,635
Cost of revenues                 85,430           90,094         91,173
Gross profit                     11,218           5,289          4,462
Operating expenses:
 Research and development        18,102           18,823         20,527
 Selling, general and            21,051           18,613         21,603
 administrative
 Amortization of intangible      424              1,206          1,232
 assets
 Restructuring, acquisition and  2,877            2,250          11,594
 related costs
 Flood-related (income) expense  -                (18,867)       264
 Impairment of goodwill, other
 intangible assets and           -                26,157         864
 long-lived assets
 (Gain) loss on sale of property 452              (142)          (18)
 and equipment
Total operating expenses         42,906           48,040         56,066
Operating loss                   (31,688)         (42,751)       (51,604)
Other income (expense):
 Interest income (expense), net  (553)            (1,041)        (478)
 Gain (loss) on foreign currency 1,777            (3,760)        38
 translation
 Other income (expense)          521              1,233          24,866
Total other income (expense)     1,745            (3,568)        24,426
Loss before income taxes         (29,943)         (46,319)       (27,178)
Income tax provision (benefit)   302              (761)          918
Loss from continuing operations  (30,245)         (45,558)       (28,096)
Income (loss) from discontinued  63,523           (1,818)        2,988
operations, net of tax
Net income (loss)                $           $          $    
                                 33,278           (47,376)      (25,108)
Net income (loss) per share -
basic and diluted:
 Loss from continuing operations $          $        $      
                                 (0.33)           (0.50)         (0.35)
 Income (loss) from discontinued 0.70             (0.02)         0.04
 operations
                                 $         $        $      
                                 0.37             (0.52)         (0.31)
Shares used in computing net
income (loss) per share:
 Basic                           90,966           90,771         80,219
 Diluted                         90,966           90,771         80,219





OCLARO, INC.
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
CONTINUING OPERATIONS
(unaudited, in thousands, except per share amounts)
                                   Three Months Ended
                                   September 28,  June 29,       September 29,
                                   2013           2013           2012
Reconciliation of GAAP gross margin rate to non-GAAP gross margin rate:
GAAP gross profit                  $        $        $      
                                    11,218        5,289       4,462
Opnext FMV inventory adjustment    -              -              1,462
Outsource transition costs         749            1,293          -
Stock-based compensation in cost   252            410            274
of revenues
              Non-GAAP gross       $        $        $      
              profit                12,219        6,992       6,198
GAAP gross margin rate             11.6%          5.5%           4.7%
Non-GAAP gross margin rate         12.6%          7.3%           6.5%
Reconciliation of GAAP operating loss to non-GAAP operating loss:
GAAP                               $        $        $      
operating                          (31,688)      (42,751)      (51,604)
loss
Stock-based compensation          963            1,611          1,373
Amortization of intangible assets  424            1,206          1,232
Restructuring, acquisition and     2,877          1,973          11,594
related costs
Flood-related (income) expense,    -              (18,867)       264
net
Impairment charges                 -              26,157         864
Opnext FMV inventory adjustment    -              -              1,462
Outsource transition costs         749            1,462          -
              Non-GAAP operating   $        $        $      
              loss                 (26,675)      (29,209)      (34,815)
Reconciliation of GAAP loss from continuing operations to non-GAAP loss from
continuing operations and adjusted EBITDA:
GAAP loss from continuing          $        $        $      
operations                         (30,245)      (45,558)      (28,096)
              Stock-based
              compensation         963            1,611          1,373
              included in:
              Amortization expense 424            1,206          1,232
              Restructuring,
              acquisition and      2,877          1,973          11,594
              related costs
              Flood-related        -              (18,867)       264
              expense
              Impairment charges   -              26,157         864
              Opnext FMV inventory -              -              1,462
              adjustment
              Other (income)       (521)          (1,233)        (24,866)
              expense items, net
              Outsource transition 749            1,462          -
              costs
              (Gain) loss on
              foreign currency     (1,777)        3,760          (38)
              translation
Non-GAAP loss from continuing      (27,530)       (29,489)       (36,211)
operations
              Income tax           302            (761)          918
              provision
              Depreciation expense 6,984          6,771          9,219
              Interest (income)    553            1,041          478
              expense, net
Adjusted EBITDA                  $        $        $      
                                   (19,691)      (22,438)      (25,596)
Non-GAAP loss per share -
continuing operations:
              Basic                $        $        $      
                                      (0.30)      (0.32)      (0.45)
              Diluted              $        $        $      
                                      (0.30)      (0.32)      (0.45)
Shares used in computing Non-GAAP loss per share
- continuing operations:
              Basic                90,966         90,771         80,219
              Diluted              90,966         90,771         80,219
Stock-based compensation for the above included
the following:
 Cost of revenues               $        $        $      
                                       252       410       274
 Research and development       246            320            319
 Selling, general and            465            604            780
administrative
 Restructuring, acquisition and  -              277            -
related costs
              Total                $        $        $      
                                       963     1,611       1,373





OCLARO, INC.
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
CONTINUING OPERATIONS AND DISCONTINUED OPERATIONS
(unaudited, in thousands, except per share amounts)
                                   Three Months Ended
                                   September 28,  June 29,       September 29,
                                   2013           2013           2012
Reconciliation of GAAP revenues to non-GAAP revenues:
 GAAP revenues                   $        $        $      
                                    96,648       95,383       95,635
             Revenues from
             discontinued          42,212         40,725         53,178
             operations
 Non-GAAP Revenues               $        $        $      
                                   138,860       136,108       148,813
Reconciliation of GAAP gross margin rate to non-GAAP gross margin rate:
GAAP gross profit:
              Continuing      $        $        $      
             operations             11,218        5,289       4,462
              Discontinued    9,904          7,599          11,576
             operations
Opnext FMV inventory adjustment    -              -              1,462
Outsource transition costs         749            1,293          -
Stock-based compensation in cost
of revenues
              Continuing      252            410            274
             operations
              Discontinued    52             45             64
             operations
             Non-GAAP gross profit $        $        $      
                                    22,175       14,636       17,838
GAAP gross margin rate             15.2%          9.5%           10.8%
Non-GAAP gross margin rate         16.0%          10.8%          12.0%
Reconciliation of GAAP operating loss to non-GAAP operating loss:
GAAP
operating
loss
              Continuing      $        $        $      
             operations            (31,688)      (42,751)      (51,604)
              Discontinued    2,552          (1,333)        3,095
             operations
Stock-based compensation
              Continuing      963            1,611          1,373
             operations
              Discontinued    188            161            227
             operations
Amortization of intangible assets
              Continuing      424            1,206          1,232
             operations
              Discontinued                   69             69
             operations
Restructuring, acquisition and
related costs
              Continuing      2,877          1,973          11,594
             operations
              Discontinued    26             257            178
             operations
Flood-related (income) expense,    -              (18,867)       264
net
Impairment charges
              Continuing      -              26,157         864
             operations
              Discontinued                   540
             operations
Opnext FMV inventory adjustment    -              -              1,462
Outsource transition costs         749            1,462          -
             Non-GAAP operating    $        $        $      
             loss                  (23,909)      (29,515)      (31,246)
Reconciliation of GAAP net loss to non-GAAP net loss and adjusted EBITDA:
GAAP net loss
              Continuing      $        $        $      
             operations            (30,245)      (45,558)      (28,096)
              Discontinued    63,523         (1,818)        2,988
             operations
             Stock-based
             compensation included
             in:
              Continuing      963            1,611          1,373
             operations
              Discontinued    188            161            227
             operations
             Amortization expense
              Continuing      424            1,206          1,232
             operations
              Discontinued                   69             69
             operations
             Restructuring,
             acquisition and
             related costs
              Continuing      2,877          1,973          11,594
             operations
              Discontinued    26             257            178
             operations
             Flood-related expense -              (18,867)       264
             Impairment charges
              Continuing      -              26,157         864
             operations
              Discontinued                   540
             operations
             Opnext FMV inventory  -              -              1,462
             adjustment
             Other (income)
             expense items, net
              Continuing      (521)          (1,233)        (24,866)
             operations
              Discontinued    (62,811)
             operations
             Outsource transition  749            1,462          -
             costs
             (Gain) loss on
             foreign currency
             translation
              Continuing      (1,777)        3,760          (38)
             operations
              Discontinued    (3,101)        (30)           (158)
             operations
Non-GAAP net loss                  (29,705)       (30,310)       (32,907)
             Income tax provision
              Continuing      302            (761)          918
             operations
              Discontinued    163            (713)          265
             operations
             Depreciation expense
              Continuing      6,984          6,771          9,219
             operations
              Discontinued    1,472          1,691          1,724
             operations
             Interest (income)
             expense, net
              Continuing      553            1,041          478
             operations
              Discontinued    4,762          1,228
             operations
Adjusted EBITDA                    $        $        $      
                                   (15,469)      (21,053)      (20,303)
Non-GAAP net loss per share:
             Basic                 $        $        $      
                                      (0.33)      (0.33)      (0.41)
             Diluted               $        $        $      
                                      (0.33)      (0.33)      (0.41)
Shares used in computing Non-GAAP
net loss per share:
             Basic                 90,966         90,771         80,219
             Diluted               90,966         90,771         80,219
Stock-based compensation for the above included the following:
 Cost of revenues
              Continuing      $        $        $      
             operations                252       410       274
              Discontinued    52             45             64
             operations
 Research and development
              Continuing      246            320            319
             operations
              Discontinued    48             41             57
             operations
 Selling, general and
administrative
              Continuing      465            604            780
             operations
              Discontinued    88             75             106
             operations
 Restructuring, acquisition and
related costs
              Continuing                     277
             operations
              Discontinued                   -
             operations
             Total                 $        $        $      
                                     1,151       1,772       1,600



OCLARO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
ASSETS                                   September 28, 2013  June 29, 2013
Current assets:
 Cash, cash equivalents and              $           $        
  short-term investments              92,157             84,835
 Restricted cash                         2,571               2,719
 Accounts receivable, net                105,925             100,774
 Inventories                             88,291              86,112
 Prepaid expenses and other current      46,483              33,307
 assets
 Assets of discontinued operations held  14,233              55,627
 for sale
Total current assets                     349,660             363,374
Property and equipment, net              65,882              71,842
Other intangible assets, net             9,907               10,233
Other non-current assets                 10,418              4,445
 Total assets                            $            $       
                                         435,867            449,894
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
 Accounts payable                        $            $        
                                         114,138            94,157
 Accrued expenses and other liabilities  62,438              53,227
 Capital lease obligations, current      8,300               8,281
 Note payable                            -                   24,647
 Credit line payable                     -                   39,964
 Liabilities of discontinued operations  -                   16,253
 held for sale
Total current liabilities                184,876             236,529
Deferred gain on sale-leaseback          10,823              10,477
Convertible notes payable                23,091              22,990
Capital lease obligations, non-current   8,383               9,914
Other long-term liabilities              17,375              15,852
Total liabilities                        244,548             295,762
Stockholders' equity:
 Common stock                           931                 928
 Additional paid-in capital             1,430,161           1,429,155
 Accumulated other comprehensive income  42,268              39,368
 Accumulated deficit                     (1,282,041)         (1,315,319)
Total stockholders' equity               191,319             154,132
 Total liabilities and stockholders'     $            $       
 equity                                  435,867            449,894





SOURCE Oclaro, Inc.

Website: http://www.oclaro.com
Contact: Oclaro, Inc., Pete Mangan, Chief Financial Officer, (408) 383-1400,
ir@oclaro.com; or Investors, Jim Fanucchi, Darrow Associates, Inc., (408)
404-5400, ir@oclaro.com
 
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