Oclaro, Inc. announced unaudited consolidated earnings results for the first quarter ended September 30, 2017. For the quarter, the company reported revenues of $155,598,000 compared to $135,492,000 a year ago. Operating income was $31,229,000 compared to $17,939,000 a year ago. Income before income taxes was $32,726,000 compared to $3,757,000 a year ago. Net income was $26,489,000 or $0.16 per basic and diluted share compared to $3,351,000 or $0.02 per diluted share a year ago. Non-GAAP operating income was $34,602,000 compared to $20,900,000 a year ago. Non-GAAP net income was $34,463,000 or $0.20 per basic and diluted share compared to $19,991,000 or $0.14 per diluted share a year ago. Adjusted EBITDA was $40,797,000 compared to $25,648,000 a year ago.

The company provided earnings guidance for the second quarter ending December 30, 2017. For the quarter, the company expects revenues in the range of $135 million to $143 million; Non-GAAP gross margin in the range of 36% to 39%; and non-GAAP operating income in the range of $19 million to $23 million.

For calendar year 2018, the company expects non-GAAP operating expenses will be in the range of $30 million to $32 million per quarter. The company is now lowering CapEx projection to a range of $55 million to $65 million for the year, with an exit rate in June of approximately $10 million per quarter. Depreciation is projected to increase by $1 million to $1.5 million per quarter for the rest of this fiscal year.