Oclaro Issues Statement Regarding U.S. Department of Commerce Ruling on ZTE

Date Announced: 08 Mar 2016

Restrictions on sales to Chinese networking firm could hit Oclaro revenues.

SAN JOSE, Calif., March 8, 2016 /PRNewswire/ -- Oclaro, Inc. (Nasdaq: OCLR), a leading provider and innovator of optical communications solutions, today provided a statement regarding the publication by the United States Department of Commerce in the Federal Register of a "final rule" amending the Export Administration Regulations to add four entities to the "Entity List" maintained by the Department for actions contrary to the national security and foreign policy interests of the United States, including Zhongxing Telecommunications Equipment Corporation and its subsidiary, ZTE Kangxun Telecommunications Ltd., or ZTE.  These amendments became effective immediately.

ZTE purchases multiple products from Oclaro.  Oclaro is currently reviewing the impact of this action by the Department of Commerce on our ability to continue to ship products to ZTE and intends to fully comply with the Department's final rule.

Revenues to date from ZTE are currently projected to exceed 10% in Oclaro's third fiscal quarter of 2016. Oclaro currently expects its results for the third fiscal quarter to be at the low end of the guidance ranges it provided on February 2, 2016.

Source: Oclaro

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