Bookham Technology has blamed widened Q1 losses on reduced spending by companies such as Marconi and Nortel Networks. For first quarter ended March 31, 2002 revenues were £5.6 million. Under US GAAP, net loss for the period was £21.2 million, which included a one-time charge of £4.2 million relating to the immediate write-off of in process research and development from the Marconi Optical Components (MOC) acquisition.
Commenting on the results, Giorgio Anania, President and Chief Executive Officer, said: We are pleased with our results for this quarter. With the acquisition of MOC, we believe we now have most of the key components required for next-generation optical networks. The company now has three disrupting technologies, each capable of significantly reducing optical component costs through integration. Our broader product portfolio makes us more relevant to our customers as they seek to reduce the number of suppliers they use. We have seen revenues beginning to grow again and product design-ins moving to the final stage of product qualification and look forward to beginning commercial production shortly thereafter.