It lost 16m pounds ($28.8m) in its first quarter to April 4, down from a loss of 24.9m pounds ($44.8m) on revenue 6.9% higher at 22.5m pounds ($40.5m). Worse problems lie ahead as Bookham forecasts that second quarter revenue, denominated in US dollars, will be down sequentially between 3% and 12% due to anticipated lower demand from Nortel Networks, which accounted for 48% of sales in the first quarter.
Now that Bookham has completed its 117.6m pound ($190.5m) acquisition of New Focus Inc, which provides photonics and microwave components to a range of markets outside the telecoms sector, the company has inherited a manufacturing facility in Shenzhen, China, and is about to begin transferring production there.
Bookham is also mulling the transfer of its headquarters and primary listing but if this decision is taken, it will need to be approved by the company’s shareholders.
Bookham ended the first quarter with cash reserves of 76.6m pounds ($137.9m) and expects the cash burn to be between 12m and 15m pounds ($21.6m to $27m).
This article is based on material originally published by ComputerWire
