Product category: Optical Transceivers, Transponders and Repeaters
News Release from: Bookham
Edited by the Electronicstalk Editorial Team on 31 October 2002
Revenues up and cash
burn down at Bookham
Bookham Technology has revealed its results for the third quarter ended 29th September 2002
Bookham Technology has revealed its results for the third quarterended 29th September 2002. Revenue in the third quarter 2002 wasGBP 7.6 million ($11.8 million), up 6% sequentially from thesecond quarter (GBP 7.1 million; $11.0 million) and up 217% onthe third quarter 2001 (GBP 2.4 million; $3.7 million) in linewith the company's announcement on 7th October 2002.
Related stories
Intense activity for Bookham
Bookham has reported results for its first quarter of fiscal year 2005, ended 2nd October 2004
Bookham completes transatlantic move
Bookham has successfully completed today the company's change of domicile to the USA
Thecash burn for the quarter was GBP 11.8 million ($18.3 million),down 14% on the second quarter 2002 (GBP 13.7 million; $21.2million) and down 23% on the third quarter 2001 (GBP 15.4million; $23.9 million), as a result of the company'scontinued cost reduction measures.
The lower than expected cashburn was achieved with a focused management of working capitaland capital spending.
The company's cash position remainsstrong with GBP 137.1 million ($212.5 million) in cash.
Net lossfor the quarter, excluding restructuring charges, was reduced toGBP 13.5 million ($20.9 million) from GBP 15.3 million ($23.7million) in the second quarter 2002 and compares to GBP 12.8million ($19.8 million) in the third quarter 2001.
On 7thOctober, the company announced it had entered into an agreementto purchase the optical transmitter and receiver business and theoptical amplifier business of Nortel Networks.
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
Bookham sells off RF amplifier business
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
As part of theacquisition, Nortel Networks Limited has also agreed to enterinto a $120 million (GBP 76.5 million) supply agreement with thecompany.
The acquisition is subject to shareholder approval at anExtraordinary General Meeting to be held on 5th November 2002.Commenting on the results, Giorgio Anania, President and ChiefExecutive Officer, said: 'The third quarter was a goodquarter, with revenues up and cash burn down, notwithstanding thedifficult market environment.
More importantly, the proposedacquisition of Nortel Network's optical components business,if approved, will put us in a key leadership position as anindependent, broadline supplier of optical components to theleading optical systems companies.
We are moving fast with thetwo key planning priorities: a rapid integration of the twocompanies, which is critical for the employees and to manage downour costs, and a strong customer push, which is critical toachieve our objective of continued sales growth.
To date, bothinitiatives appear to be progressing very well'.
WhenBookham announced the acquisition of Nortel Network'soptical components business, which is expected to close beforemid November, the company indicated that this transactionsignificantly changed the company's outlook.
On the strengthof the customer supply agreements, and assuming shareholderapproval of the acquisition, the company expects revenues in thecurrent quarter to increase at least 50% from the third quarter2002 and to approximately double from the fourth quarter 2002 tothe first quarter 2003.
In the near term, cash burn willincrease, particularly in the fourth quarter 2002, as a result ofthe cost and expenses of the acquisition.
With quickimplementation of cost restructuring and working capitalmanagement, the company expects cash burn to decline back toapproximately current levels by mid 2003.
• Bookham: contact details and other news
• Email this article to a colleague
• Register for the free Electronicstalk email newsletter
• Electronicstalk Home Page
Related Business News
Taiwan Shares Climb 0.9 Percent
Taiwan shares rose on Thursday as investors were cheered by U.S. stock gains overnight. The Weighted Price Index of the Taiwan Stock Exchange rose 49.39 points, or 0.9 percent, to close at 8061.28.
Acxiom Agrees to Be Acquired by...
...Silver Lake and ValueAct Capital for $3.0 Billion. Acxiom Corporation announced today that it has entered into a definitive agreement to be acquired by Silver Lake, the leading investment firm focused on large-scale investments in technology-driven growth industries, and ValueAct
Opnext Reports Fourth Quarter and Full Year Operating Results
Opnext, Inc. , a global leader in the design and manufacturing of optical modules and components, today announced preliminary and unaudited financial results for the fourth quarter and full year ended March 31, 2007.
Vista Partners Updates Coverage on TXP...
...Corporation; Maintains $0.80 Price Target. Vista Partners announced today that it has update coverage on TXP Corporation . Vista Partners provides equity research to institutional and individual investors, with a focus on publicly traded small capitalization companies.
Ceasefire in Gaza Strip begins to...
...take hold ahead of Abbas visit. Gaza City, Gaza Strip (AP) - A tenuous ceasefire between rival Fatah and Hamas forces appeared to be holding Thursday, and shellshocked residents emerged from their homes to stock up on food and supplies after four days of intense fighting brought the ci
Search the Pro-Talk network of sites
