OXFORDSHIRE, U. K., July 30, 2002 (PRIMEZONE) -- Bookham Technology plc (LSE:BHM) (Nasdaq:BKHM), a leading provider of integrated optical components and modules for fiber optic communication networks, today announced results for the second quarter and the six months ended June 30, 2002.
Highlights for the second quarter ended June 30, 2002:
-- Revenue in the second quarter 2002 was 7.1 million pounds ($10.9 million), up 27% sequentially from the first quarter 2002 (5.6 million pounds; $8.6 million) and up 20% on the second quarter 2001 (5.9 million pounds; $9.0 million), in line with average analyst expectations. -- The cash burn for the quarter was 13.7 million pounds ($21.0 million) down 38% from 22.2 million pounds ($34.0 million) in the first quarter 2002, and down 43% on the second quarter 2001 (24.3 million pounds; $37.2 million), as a result of the company's cost reduction measures. The reduction in cash burn was achieved not withstanding that the second quarter number includes a full quarter of costs from Marconi's optical components business (MOC) acquired in February 2002. The company's cash position remains strong, with 148.9 million pounds ($227.8 million) in cash. -- Net loss for the quarter including onetime charges of 0.9 million pounds ($1.4 million) was reduced to 16.2 million pounds ($24.8 million) from 17.0 million pounds ($26.0 million) in the first quarter 2002 and 44.6 million pounds ($68.2 million) in the second quarter 2001. -- As part of its ongoing broader cost reduction efforts, the company recently announced that it is concentrating its worldwide production in two of its current four facilities, manufacturing ASOC components at its Milton, Abingdon facility and active components at its Caswell site. This will reduce costs without adverse impact on manufacturing capacity or on future sales rampup. -- The company's Telcordiaqualified 4channel Electronic Variable Optical Attenuator (EVOA) has been approved for use by a major network system manufacturer and is being shipped in production volumes.
Commenting on the results, Giorgio Anania, President and Chief Executive Officer, said: "We believe we have just completed another good quarter, with revenues up, cash burn down and further designins announced. The market continues to be challenging, and there is a lot of uncertainty in our customers' product plans, but not withstanding this our revenues are still continuing to grow and we have been able to reduce expenses while still maintaining a strong investment in product development. As an example, we are getting strong pull from customers for our integrated tunable transmitters, which we are beginning to sample widely.
"We believe our three semiconductor technologies are capable of delivering significant cost reductions for our customers, which is clearly their principal driver at the present time.
"We have sustained progress on cost reduction over the past several quarters. Further reductions have been announced this quarter. Going forward, while the market remains depressed, we plan to continue our ongoing cost reduction efforts to move the company towards profitability."
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Bookham Technology (LSE:BHM) (Nasdaq:BKHM) designs, manufactures and markets integrated multi-functional active and passive optical components using high volume production methods. Using patented silicon-based ASOC, Gallium Arsenide and Indium Phosphide technologies, the company provides end-to-end networking solutions that offer higher performance and greater systems capability to communications network system providers.
More information on Bookham Technology is available at www.bookham.com
Bookham and ASOC are registered trademarks of Bookham Technology plc
Statements made in this financial commentary and elsewhere in this report include certain forward-looking statements that involve risks and uncertainties. Important factors that could cause actual results to differ from those indicated by such forward-looking statements include, among others, uncertainties relating to demand for the group's products, demand for optical components generally and overall future growth in the market for optical components, uncertainties relating to the group's investment in, and reorganization of, its manufacturing capacity, production equipment and personnel and related impact on profitability, quarterly variations in financial results, manufacturing capacity yields and inventory, intellectual property issues, issues surrounding integration of the optical components business acquired from Marconi and other uncertainties that are discussed in the "Risk Factors" section of the group's annual report on Form 20-F for the fiscal year ended 31 December 2001, dated 21 May 2002, which is on file with the Securities and Exchange Commission. Forward-looking statements represent the group's estimates as of the date made, and should not be relied upon as representing the group's estimates as of any subsequent date. While the group may elect to update forward-looking statements in the future, it disclaims any obligation to do so.