From Earlier: Oclaro Provides Update on Thailand Recovery Progress; Announces Preliminary Q2 FY12 Revenues Exceeding Prior Guidance
Oclaro, Inc. (NASDAQ: OCLR) yesterday provided further details about the progress of the company's recovery efforts from the flooding in Thailand. The Company also announced preliminary revenues of approximately $86 million for the quarter ended December 31, 2011 compared to a guidance range of $75 million to $85 million which was provided by the Company on November 9, 2011.
Oclaro currently expects capital expenditures of approximately $6 million in each of the second (December) and third (March) fiscal quarters. These amounts include the necessary capital currently expected to recover product lines lost during the flood. Oclaro believes it has adequate property and business interruption insurance to cover its flood related losses. Oclaro also has certain insurance recovery rights under its supply agreement with Fabrinet. While the total amount of insurance claims, and related recoveries, if any, cannot be estimated at this time, Oclaro currently believes that an advance payment from its insurance carrier in excess of $10 million is likely to be received in the March fiscal quarter.
