Oclaro, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended July 1, 2017. For the quarter, the company reported revenues were $149.4 million. This compares with revenues of $125.2 million in the fourth quarter of fiscal 2016. GAAP operating income was $29.9 million. This compares with GAAP operating income of $12.8 million in the fourth quarter of fiscal 2016. Non-GAAP operating income was $33.3 million for the fourth quarter of fiscal 2017. This compares with non-GAAP operating income of $14.9 million in the fourth quarter of fiscal 2016. GAAP net income for the fourth quarter of fiscal 2017 was $56.0 million. This compares with GAAP net income of $11.8 million in the fourth quarter of fiscal 2016. Non-GAAP net income for the fourth quarter of fiscal 2017 was $33.9 million. This compares with non-GAAP net income of $14.4 million in the fourth quarter of fiscal 2016. GAAP earnings per diluted share for the fourth quarter of fiscal 2017 were $0.33. This compares with GAAP earnings per diluted share of $0.22 in the third quarter of fiscal 2017, and GAAP earnings per diluted share of $0.09 in the fourth quarter of fiscal 2016. Non-GAAP earnings per diluted share for the fourth quarter of fiscal 2017 were $0.20. This compares with non-GAAP earnings per diluted share of $0.23 in the third quarter of fiscal 2017, and non-GAAP earnings per diluted share of $0.11 in the fourth quarter of fiscal 2016. Income before income taxes was $29.917 million compared to $10.333 million a year ago. Adjusted EBITDA was $39.308 million compared to $19.176 million a year ago.

For the year, the company reported revenues were $601.0 million for fiscal 2017, compared with $407.9 million in fiscal 2016. GAAP operating income was $119.0 million for fiscal 2017, compared with $15.8 million in fiscal 2016. Non-GAAP operating income was $130.9 million for fiscal 2017, compared with $25.1 million in fiscal 2016. GAAP net income for fiscal 2017 was $127.9 million, compared with $8.6 million in fiscal 2016. Non-GAAP net income for fiscal 2017 was $130.1 million, compared with $19.2 million in fiscal 2016. GAAP earnings per diluted share for fiscal 2017 were $0.77, compared with $0.08 in fiscal 2016. Non-GAAP earnings per diluted share for fiscal 2017 were $0.79, compared with $0.17 in fiscal 2016. Income before income taxes was $102.813 million compared to $9.429 million a year ago. Adjusted EBITDA was $151.636 million compared to $40.853 million a year ago.

The company provided earnings guidance for the first quarter ending September 30, 2017 and tax rate guidance for the year 2018. The company expects revenues to be the range of $151 million to $159 million. Non-GAAP gross margin in the range of 38% to 41%. Non-GAAP operating income in the range of $30 million to $34 million.

The company expects non-GAAP tax of 5% to 10% for the 2018.