Product category: Optical Transceivers, Transponders and Repeaters
News Release from: Bookham
Edited by the Electronicstalk Editorial Team on 2 November 2001
Bookham improves bottom line
Bookham Technology has announced results for the third quarter ended 30th September 2001
Bookham Technology has announced results for the third quarterended 30th September 2001. Revenues in the third quarter 2001were GBP 2.4 million ($3.6 million), down 69% from third quarter2000 and down 59% sequentially from second quarter 2001. FujitsuDenso and NEC became 10% customers, representing 45% and 18% ofrevenue respectively with Nortel Networks accounting for 27%.Notwithstanding a decline in revenues, the bottom line moderatelyimproved.
This article was originally published on Electronicstalk on 2 November 2001 at 8.00am (UK)
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Restructuring efforts have significantly reduced thecompany's expense base, excluding research and developmentexpenses, by 19% from GBP 8.4 million ($12.4 million) to GBP 6.8million ($10.0 million) sequentially.
The cash burn for thequarter was reduced to GBP 15.5 million ($22.9 million) from GBP24.3 million ($36.0 million) in the second quarter 2001.
Thecompany's cash position remains strong, with GBP 199.7million ($295.6 million) at the end of the quarter.
The companyhas enhanced management team with appointment of Steve Abely asChief Financial Officer and Steve Turley as Chief CommercialOfficer, both highly experienced in their respective areas.Commenting on the results, Giorgio Anania, President and ChiefExecutive Officer, said: 'Notwithstanding the low revenues,which had been fully expected, this quarter has been one ofsuccessful execution against our announced strategy.
We havecompleted the top management team, shown we can control our cashburn, continued to invest in R and D to expand our product lineand moved forward on design-ins with key customers.
Further reading
Encouraging figures for Bookham
Bookham Technology has released US GAAP results for the second quarter and the six months ended 3rd July 2004
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Bookham Technology has sold JCA Technology to Endwave Corp for a consideration of $6 million
Bookham set to emigrate to the USA
The board of directors of Bookham Technology has approved a proposal to change the corporate domicile of Bookham to the USA
With ourlatest product incorporating three optical functions on a singlesilicon chip, we believe we are demonstrating the leadership ofour technology and we are moving to turn this into revenues goingforward when the industry recovers'.
The net loss for thethird quarter 2001 was GBP 13.7 million ($20.2 million) and lossper share was GBP 0.11 ($0.16).
The third quarter 2001 lossincluded GBP 0.8 million ($1.2 million) of separation costs.
Overthe last three quarters, the company has taken significant stepsto realign its cost structure and spending: reducing headcount by38%, maintaining tight control on expense and capital spending,and taking impairment charges for fixed assets and its purchaseof Measurement Microsystems.
As a result, while revenues declinedsequentially, from the second to third quarters, the lossexcluding onetime charges narrowed from GBP 13.3 million ($19.7million) to GBP 12.9 million ($19.1 million) and the cash outflowimproved from GBP 24.3 million ($36.0 million) to GBP 15.5million ($22.9 million).
Cash and cash equivalents as of 30thSeptember 2001 were GBP 199.7 million ($295.6 million) comparedwith GBP 215.2 million ($318.5 million) at 30th June 2001.
Giventhe current difficult industry and market conditions, the companybelieves revenues will remain relatively flat going forward, atleast for the fourth quarter.
The company is still experiencingdemand for design-ins of new DWDM and access products from newand existing customers, which supports its confidence in itsfuture success.
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