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Executives

Jim Fanucchi – IR, Summit IR Group

Jerry Turin – CFO

Alain Couder – President and CEO

Analysts

Paul Bonenfant – Morgan Keegan

John Harmon – Needham & Company

Kent [ph] – Thomas Weisel Partners

Jon Gruber – Gruber & McBaine Capital Management

Russ Piazza – Front Street Capital

Bookham, Inc. (BKHM) F1Q09 (Qtr End 09/27/08) Earnings Call Transcript October 30, 2008 4:30 PM ET

Operator

Good day everyone and welcome to the Bookham first quarter fiscal 2009 financial results conference call. Today’s call is being recorded and will be available for playback through October 30, 2008. At this time, for opening remarks and introduction, I would like to turn the call over to Jim Fanucchi of the Summit IR Group. Please go ahead sir.

Jim Fanucchi

Thank you operator, and thanks to all of you for joining us. Our speakers today are Alain Couder, President and CEO; and Jerry Turin, Chief Financial Officer of Bookham. During today‘s call, we will be referring to non-GAAP financial measures. With respect to any of these non-GAAP measures directly comparable generally accepted accounting principle measures are set forth in a reconciliation of GAAP to non-GAAP measures are included in our earnings release, which is available on the Investor Relations portion of our Web site.

In addition today, we will make forward-looking statements regarding future events or the future financial performance of the company. Any remarks that we may make about future expectations, plans, and prospects of the company constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including those discussed at our most recent report on Form 10-K and Form 10-Q which are on file with the SEC. These forward-looking statements represent estimates as of this date October 23, 2008 and should not be relied upon as representing estimates at any subsequent date. While we may elect to update forward-looking statements in the future, we disclaim any obligation to do so.

Now, I would like to turn the call over to Jerry Turin. Jerry?

Jerry Turin

Thank you Jim. Good afternoon to everyone listening. Today I'll start off our call with a summary of our results for the quarter followed by discussion of our guidance for the December quarter. Later, Alain will speak to our view of the industry in light of the broader economic condition and will comment on how Bookham is positioned to succeed in this environment. Our September revenues of $66.5 million were our highest quarterly revenues ever, up 6% from $62.6 million last quarter and up 23% from $54.3 million in the same quarter last year.

Our telecom business was particularly strong with revenues up 10% from last quarter and up 28% from the September quarter one year ago. From a major customer point of view, Nortel represented 18% of our September quarter’s revenue compared to 16% in June, while Huawei represented 13% of our revenues in both the September and June quarters. We believe both will continue to make major customers in our December quarter with relatively similar revenue contributions to our top line as in these recent quarters.

Our non-GAAP gross margin, which excludes stock compensation of $400,000, a non-recurring cost of $500,000 associated with the move of our photonics operations from San Jose to China, was 26% in Q1. This is up from a 23% non-GAAP gross margin in the previous quarter. Over recent quarters our telecom business has continued to scale. The telecom business unit has also been improving the margins on its tunable products. In September quarter, our telecom business delivered gross margin (inaudible) the overall Bookham average for all product lines. Research and development expenses in Q1 declined to $7.9 million from $8.2 million last quarter. Selling, general and administrative costs in Q1 declined to $10.7 million from $12.7 million last quarter. $1.7 million of the decrease in these operating expense categories was related to stock compensation in the June quarter associated with performance based vesting.

On the topic of operating expenses, over the last year we have improved our operating expense model significantly. Compared to our first fiscal quarter of last year, R&D for September was now at 12% of revenues compared to 16%, and SG&A for September was at 16% of revenues compared to 21%.

Favorable foreign exchange rate this quarter contributed to an improvement in our overhead costs from the June quarter by a total of about $500,000, which was spread between SG&A, R&D, and the manufacturing overhead portion of our cost of sales. Throughout our fiscal year ended June 2008, we faced the uphill challenge of overcoming unfavorable exchange rates on local currencies of the primary countries in which we do business relative to the US dollar. In particular, the quarter end rates on the UK pound during the preceding fiscal year ranged from

1.98 to 2.02, whereas the average rate applied to our P&L this last quarter was approximately 1.85, and in recent days the dollar to pound rate has fallen below 1.65. We are not in the business of forecasting currency fluctuation; however, it does seem as though the relationship between the pound and the dollar has for the time being settled down to normal historical levels when compared to unfavorable levels over the preceding year.

Our non-GAAP operating loss in September was getting close to break-even at a loss of $790,000 compared to the loss of $3.7 million last quarter and a loss of $5.7 million the September quarter last year. This means that over the last 12 months we've improved our non-GAAP operating results by approximately $5 million on a quarterly basis, with the majority of the improvements coming in recent quarters. These improvements coincided with increased sales volumes of our telecom products, steady improvement in our telecom product costs and gross margins, and reductions in major categories of our overhead spending.

These improvements would have had an even more pronounced positive impact on our overall results, if not for offsetting decreases in our non-telecom gross margins over the same period largely due to a slowdown on our photonics business associated with conditions in the semiconductor equipment space.

Our adjusted EBITDA this quarter, which is another measure of operating profitability, this time focused more on cash flow, reached a new high of positive $2.2 million. This was up almost $3 million from negative $700,000 last quarter and up over $4.5 million from our fiscal Q1 last year. Our restructuring costs this quarter were $1.5 million compared to $1 million last quarter. The substantial portion of this charge was associated with a change in our sublease estimate on a leased facility in Southern California that continues to be excess to our needs was originally assumed by Bookham in connection with our acquisition of New Focus back in 2004.

Our net income of $2.2 million for the September quarter includes a $6.5 million non-cash gain on translation of inter-company balances between our own operating subsidiaries. We currently are working on approaches to re-characterizing, restructuring, or otherwise reducing these inter-company balances to eliminate this non-cash volatility in our GAAP net income going forward.

Our shares outstanding at the end of September were approximately $100 million, and we expect this to be relatively consistent in the December quarter.

Now on to the balance sheet. Cash, cash equivalents, short-term investments and restricted cash as of the end of our September quarter, were $43.2 million compared with $51.9 million as of the end of June. Approximately $6 million of this change was a timing matter due to receivables scheduled for collection in the last week of the quarter being stretched by certain customers who paid in the first week of October. In total, the timing of these particular receivables plus our $3.2 million in capital spending accounted for most of our net change in cash in the quarter. Otherwise the cash generated by our positive adjusted EBITDA tended to net out against other changes in our working capital. Aside from these areas, we did record a mark-to-market write down of $600,000 related to our exposure to a short term note of an investment bank held within the portfolio of our managed investment account.

Given the current volatility in the financials industry it’s worth spending a moment describing how we invest our cash in related financial resources. Roughly, half of these resources are held in a managed account with Wells Fargo with a substantial portion of the balance now held in money market funds backed by US Treasury bills. Aside from the funds in this investment account, the remainder of our cash and related financial resources support our global operating cycles and are held in commercial banks in those countries in which we do our primary business. We believe these banks which include Wells Fargo, Barclays, Credit Suisse, and one of the state banks in China represent a portfolio of relatively strong institutions in a somewhat uncertain financials industry.

Before we move on to the rest of the balance sheet, let me remind you that we also have $25 million available under our line of credit with Wells Fargo. This means – combines our cash resources, we have a total of approximately $68 million of capital available to run our business. We also have no outstanding debt on our balance sheet.

Continuing through the key balance sheet accounts, our receivables increased to $51.2 million from $45.7 million in the June quarter primarily due to the timing of certain collections discussed earlier. Our inventories declined to $58.5 million from $59.6 million in the June quarter, primarily associated with currency exchange rate. Otherwise our inventory levels were fairly consistent quarter on quarter, even as we grew our top line. Our fixed assets were fairly flat with capital expenditures at $3.2 million and depreciation at $3 million. During our previous quarterly call, we indicated we would be spending $5 million on additional tunables capacity expansion, half this September quarter, and half in the December quarter. We now expect this capacity spend to come in close to the $4.5 million in total and it is being timed to phase in more slowly continuing into the March quarter.

We also expect to take a cautious approach to our overall capital spending in other areas of our business over the upcoming quarters. So to conclude on the balance sheet, let me reiterate that we have no debt on the books, we have access to a $25 million line of credit in addition to our cash, cash equivalents, and short term investments.

Now, looking ahead for the December quarter, which will end December 27, we expect the following. Revenues between the range of $57 million to $62 million. Non-GAAP gross margin, which excludes stock compensation and one-time costs related to our transfer of San Jose photonics operations to Shenzhen, to be in the range of 21% to 26%. Adjusted EBITDA to be in the range of negative $2 million to positive $2 million. Our revenue guidance reflects what we believe could be a setback in the momentum of our telecom business that is primarily associated with inventory issues at certain of our customers; however, the short term correction (inaudible) a macroeconomic condition of which we are all aware. Accordingly, we are managing our business with these conditions in mind and will continue to make adjustments as appropriate. In anticipation of these revenue levels, we have already implemented various cost reductions, which we believe can keep us around break even in terms of profitability measured by adjusted EBITDA in the December quarter. However, it is unlikely we will exceed non-GAAP operating income break even in the December quarter.

Alain will now speak in more detail about the broader market and how Bookham is positioned to succeed under the related conditions. Alain?

Alain Couder

Thank you Jerry, and good afternoon to everyone. First, we are pleased to tell you that last quarter was the best quarter ever of Bookham with record revenue and adjusted EBITDA. As Jerry just mentioned, for the first time our telecom division had best gross margin of all divisions with positive adjusted EBITDA and positive non-GAAP operating income. This confirms that we said a year ago that with higher revenue in our Shenzhen facility we deliver better margin. We called it the leverage model in our vertical integration strategy. In six months, our telecom gross margin has improved by 8 percentage points. This progress is somewhat hidden in the frame of the overall business. Before the slowdown of the semiconductor equipment market, the non-telecom division gross margin was between 24% and 40%. This quarter it fell below the company’s average gross margin. Last quarter we announced that we were moving most of our San Jose manufacturing to Shenzhen. We also initiated a reduction in force in San Jose. We believe this action will lower our cost base for non-telecom in the March quarter and allows the photonic tools division to significantly improve its gross margin even at lower revenue than last year.

For the industrial products out of the Zurich lab we believe that we are taking market share and we are seeing growth for this fiscal year. We believe that the improvement of our telecom business and our ability to re-downturn [ph] like the downturn in semiconductor sector fully demonstrates our ability to execute and make a profit. As I've said many times, in addition to profitability, we are striving to innovate and make it easier for our customers to do business with us. We have results. First, (inaudible) customers. I'm told that we continue in our progress of working more efficiently with them. As a result of this, we continue to broaden our customer base. Second, our technology is in high demand by our customer and our partners. At the chip level, our indium phosphide QW technology, our gallium arsenide 980 pump, our terrestrial and submarine, our gallium arsenide direct diode, and our thin-film filters are recognized our best of breeds.

The same thing is true at the subsystem level for our small compact transponder for long haul and (inaudible) made up of semiconductor equipment manufacturer Spectra [ph] needed 45nm lithography and below. So we are doing everything right in a growing economy. But the economy is changing fast and I'm sure all of you know about that. So, let me give you our reading of the market from a Bookham viewpoint. The financial crisis is on everyone’s mind today, but even before that we saw the semiconductor equipment market slow down last spring followed by the telecom test and measurement market in early summer, the financial crisis makes a downturn a lot steeper, but we were already in a slowdown. With this information we took action last quarter to catch expenses across the board to lower our breaking point and preserve cash. We are monitoring the economic condition and we are working on other measures to make the company even more focused and more efficient.

Our view of (inaudible) market is as follows. Growth in bandwidth demand is slowing down, but we don’t see that excess capacity as being in store, which quite different from 2001. The slowdown happened first in the US and is now starting in Europe. Asia may be protected. How long is it going to last will depend in particular on how quickly the credit market will reopen and how much capital expenditure can be financed in 2009. This slow down is due to lower consumer spending, specifically in wireless and a reduction in fixed line traffic. We expect the enterprise market for communication products to go down. Financial services businesses are large user of information systems. They were buying large pipes to get boosting [ph] on response time across the world. When market demand slows unexpectedly, there's always some inventory buildup. We are seeing this with a few US customers. We believe the correction for this buildup will last no more than two quarters.

So, how do these conditions position Bookham in the long run? We believe that the action we took in our best of breed technology that we are well positioned to take advantage of this economy. Company with the best products takes market share in a down economy because when there is too much capacity in the industry customer will buy the best technology from the companies offering the best customer service. Bookham continues to be well positioned in this respect due to superior technology and excellent customer relationships. Times are tough. Our Chinese every year remind me that in Chinese the two causes for the world's crisis translate in English to danger and opportunity. We have cash, a strong management team, great technologies, and dedicated people delivering great products to our customers. We are ready to capture every opportunity. We believe we will weather the storm and come out of it stronger and with more market share.

I also expect the downturn to be an opportunity to accelerate the contradiction [ph] in the industry. As I discussed in previous calls, it is already happening in the chip level. For the 980 pumps, the industry is down to see a source supplier and indium phosphide is winning a D dry-cell technology for photogenic integration. We believe that the industry has no more than three to four critical [ph] suppliers and Bookham is one of them.

At the subsystem level we still have too many players. Some company will go out of business, some will merge, and the community should reduce their appetite for last multiple for their products. Bookham has played a lead role in the consolidation at the chip level and is well positioned to play similar role at the subsystem level as we control the core technologies. While we continue to execute towards profitability, we are looking at the opportunities. Thank you for the confidence in Bookham, and let’s open the call for questions.

Question-and-Answer Session

Operator

(Operator instructions) Our first question comes from the line of Paul Bonenfant with Morgan Keegan. Please go ahead.

Paul Bonenfant – Morgan Keegan

Yes, hi. Thank you. First a couple of housekeeping questions. I am wondering if you could tell us what the – I know you alluded to sequential and year over year growth, but what the telecom and non-telecom revenue was in the quarter? And also in the past I think you have given us the percent of revenue represented by your tunable products. I am wondering if you could give us that as well?

Jerry Turin

The telecom was 52.3 and industrial non-telecom was 14.3 and tunable was a slightly higher percentage of revenue than last quarter. We've been given that as we were trying to give people the indication of the ramp of the tunables products. Now that we are entering a more mature phase, still a growth phase, but I'm going shy away from giving specific product information as we typically don’t give that across other areas.

Paul Bonenfant – Morgan Keegan

Okay, fair enough. And last quarter you also talked about few customers that didn’t quite make the 10% level for material. Can you give us an update on that lists?

Jerry Turin

Go ahead Alain.

Alain Couder

This has – and, in fact, some of those customers revenue increase above 5%. So the broad base that's been building over the past two years is really in place, you know.

Paul Bonenfant – Morgan Keegan

Okay. Thank you. Now just to trying to understand your forecast for the revenue decline, it sounds like that is largely attributable to telecom, but I’m not sure that I understood and maybe you could provide just a little bit of color. It sounded like there was an inventory correction going on at customers. But it also sounded like I think later you said this was going to last about two quarters until you saw a, perhaps a rebound. And in addition to the added color there, I am wondering if you could help us understand what technologies or is this more an impact on your newer products versus legacy products.

Alain Couder

Yes, I can give you some color on that. First of all, we don’t have an inventory problem like we had in the past. We have only three customers with inventory buildup. And two of them should correct within a quarter and one in two quarters. So, this is not a major inventory buildup like we had seen in the past. Second, as in every downturn of the economy, you always see a new technology deployment slowdown and obviously the tunable in that space. So a last percentage of the reduction is revenue is in tunable while the other product line are still pretty stable compared to what we were seeing three months ago. Is that answer your question?

Paul Bonenfant – Morgan Keegan

Okay. Yes it does. And just have one additional if I may. I am wondering if you could tell us whether you are still targeting or maybe when you are now targeting positive non-GAAP operating income and operating cash flow. Given that this seems that it's being pushed out beyond the December quarter.

Alain Couder

I wish I could answer. We have a lot of uncertainty as you know in the economy at this point in time. So very clearly we are taking all the necessary measures to make that as soon as possible and when I know what the March revenue will be, we will give you an answer to that question. But giving you a precise answer right now, it is within a few quarters and not a long time. We have not a major setback. As you could see despite the large drop in revenue that we have in the balance of this quarter, we have been able to keep EBITDA around break even. We have taken very significant actions that are effective in the September quarter. And we are taking other actions that will be effective in the first half of 2009.

Paul Bonenfant – Morgan Keegan

Okay. Thank you for taking my questions.

Alain Couder

You are welcome.

Operator

Thank you. Our next question comes from the line of John Harmon with Needham & Company. Please go ahead.

John Harmon – Needham & Company

Hi, good afternoon.

Alain Couder

Hi, good afternoon.

John Harmon – Needham & Company

First of all, sorry, there was a noise in the background. You gave the telecom gross margin, but it wasn’t clear over the phone line.

Jerry Turin

Just that it was over the average, just slightly over the average for the company.

Alain Couder

And the best of the company. That means as you know, before we had in particular, photonic tool operations that our gross margin far above the average. With the slowdown in semiconductor this didn't happen anymore. So this quarter telecom gross margin was the best of all divisions, and also EBITDA and operating margin were clearly positive. So, we have in the September quarter a clearly profitable telecom business and that’s a big recovery as you can guess from the year ago.

John Harmon – Needham & Company

Thank you, you answer brings me to a couple of follow ups. Roughly how big is your exposure to semiconductor capital equipment or maybe how much was it down over the last couple of quarters?

Alain Couder

It’s basically down 60%. But that’s less than 10% of our business.

Jerry Turin

And that net has been baked in for at least a quarter even in June, we are already seeing signs of that. So we don't see a substantial decrease from that, but the question is how long does it continue forward at those lower levels.

John Harmon – Needham & Company

Okay. Thank you. And you talked about $6.5 million benefit from inter-company transfers –

Jerry Turin

Go ahead John.

John Harmon – Needham & Company

Are you expecting that in your guidance for the next quarter of sort of break even? In other words, now that falls outside of our EBITDA calculation, so that's below the line and that’s not factored into our guidance, that’s not something that we consider part of our operation? Is that benefit included in pro forma income in the quarter or did you take it out.

Jerry Turin

It's not included in the non-GAAP figures in our GAAP press release table.

John Harmon – Needham & Company

Congratulations on your first profitable quarter ever.

Alain Couder

Regardless, right. Thank you, John.

John Harmon – Needham & Company

And then last question, are you going to – with Cierra Photonics are you just going to close the Santa Rosa facility or just moving manufacturing out there to Shenzhen and keeping R&D?

Jerry Turin

No, John, let me clarify. That wasn't Cierra. That’s just a continuation of our San Jose photonics business that we announced in June we are going to start moving the manufacturing to Shenzhen. So we are not talking about our Santa Rosa facility.

Alain Couder

It has increased productivity very well in the past year and is making money. And we have excellent efficiency there. So we have no plan to move things for now.

John Harmon – Needham & Company

Remind us again, please, when that should be complete.

Alain Couder

It should be complete towards the end of December. March should be the first quarter that we see benefits in the margin line from operations taking place fully over there.

John Harmon – Needham & Company

Great. Thank you very much.

Operator

Thank you. (Operator instructions) Our next question comes from the line of Ajit Pai with Thomas Weisel Partners. Please go ahead.

Kent – Thomas Weisel Partners

Hi. This is Kent [ph] calling in for Ajit. I have a couple questions. First I wanted to ask in terms of the cost reduction initiatives, what is the expected – what is expected impact in the next quarter and over next couple of quarters, the dollar amount?

Alain Couder

We continue to believe that the price reduction is on the average of about 15% a year. So in order to continue to improve our gross margin we have a cost reduction plan to do better than that. We show [ph] in the 15% to 20% range.

Kent – Thomas Weisel Partners

Is there any impact on the OpEx line in terms of like over the next couple quarters outside of gross margin?

Alain Couder

We have been taking action this quarter in terms of expense reduction that impacts both the gross margin and the OpEx. And we are taking action that we’ll also continue next quarter. At the same time we want to protect R&D because we think that protecting R&D in the past few years has been extremely beneficial. We have a leader technology that is a big asset and it would be I think not wise on our part to deinvest in that part of the business.

Kent – Thomas Weisel Partners

Okay. Second question I had is if I look at the sequential growth in the telecom business in the current of 10%, what was it driven by? What products were the primary drivers in the quarter?

Alain Couder

We saw strength both in our terminal products and in our line solutions which includes 980 pumps and amps.

Kent – Thomas Weisel Partners

So, 980 pumps were up year over year and quarter over quarter?

Alain Couder

In fact, the biggest growth was in tunables. The second biggest growth was in amplifier and the third biggest growth was in 980 pump.

Kent – Thomas Weisel Partners

Okay, great. And the last question I had is in terms of net cash from operations in the quarter or the net cash in operations, how much was that in the quarter?

Jerry Turin

I'm not sure exactly what you are asking Kent. We had the $6 million receivables holdover. If you are excluding working capital our EBITDA was positive $2 million which is pretty much a proxy for cash from operations plus or minus your change in working capital. And we did have that $6 million swing because receivables scheduled for the last week, some customers held over and paid the first day of the following week. So those give the parameters, general parameters, of what our operating cash flow look like.

Kent – Thomas Weisel Partners

Yes, great. I just wanted to clarify that, that net cash loss from operations was $6 million in the quarter.

Jerry Turin

Yes. Including the receivables, right?

Kent – Thomas Weisel Partners

Yes. Great, thanks very much.

Operator

Thank you. Our next question comes from the line of Jon Gruber with Gruber & McBaine Capital Management. Please go ahead.

Jon Gruber – Gruber & McBaine Capital Management

Yes. Good quarter there. My question is telecom gross margin you said it’s above the 26, so let’s assume it’s 26.5. Remind me, what it last quarter?

Alain Couder

What I said is that two quarters ago it was 8 points less. So, we moved from –

Jon Gruber – Gruber & McBaine Capital Management

What about last quarter, what was it?

Alain Couder

It’s about in between, you know.

Jon Gruber – Gruber & McBaine Capital Management

Okay. So 26, 21 to 26.5 –

Alain Couder

And it’s 26 plus now and it was 18 plus six months ago and about in between, you know.

Jon Gruber – Gruber & McBaine Capital Management

And then what was the – how was the gross margin on the tunables. Did that go up commensurately?

Alain Couder

We did what we said we were going to do. That meant the tunable that was at the average right now.

Jon Gruber – Gruber & McBaine Capital Management

It's what?

Alain Couder

At average of telecom.

Jon Gruber – Gruber & McBaine Capital Management

Average of telecom.

Alain Couder

The tunables are not a drag anymore on the profitability of the telecom business.

Jon Gruber – Gruber & McBaine Capital Management

Now next question, submarine, how did we do there – underwater?

Jerry Turin

We were up quarter on quarter, up – the one particular customer that, we are strong on and that was up quarter on.

Jon Gruber – Gruber & McBaine Capital Management

And then Huawei – I didn't catch your big customers. Would you repeat that and how did Huawei do?

Jerry Turin

Nortel was 18% this quarter and it was 16% last quarter. And Huawei was 13% both quarters. And we commented that next quarter we expect both of them to be major customers with similar sorts of percentages. And as with last quarter we have around four customers around the 5% range as well below that.

Jon Gruber – Gruber & McBaine Capital Management

And then the – you said that two customers were over inventory one quarter worth and one customer was over inventory two quarters worth? Is that what you said?

Jerry Turin

Yes.

Jon Gruber – Gruber & McBaine Capital Management

Yes. Okay. Are those domestic or –?

Jerry Turin

Yes, they are North America.

Jon Gruber – Gruber & McBaine Capital Management

Thank you.

Operator

Thank you. Our next question comes from the line of Russ Piazza with Front Street Capital. Please go ahead, sir.

Russ Piazza – Front Street Capital

Good afternoon.

Alain Couder

Good afternoon.

Russ Piazza – Front Street Capital

Last quarter you mentioned that you are going to do a capital expansion to the capacity of your tunable products. I was kind of wondering what the status of that was and if you are cutting it back what capacity do you have at this point, and what would be your plans when volumes start to ramp back up again?

Jerry Turin

Well, from a spending point of view, we announced that we are going to spend $5 million on additional tunables capacity ramp spent in September and December. We now think that $5 million is going to come out to be a total of $4.5 million and is going to be phased to continue into March. At the end of the day, we still expect to increase our capacity by the similar amount just phased a little more slowly.

Russ Piazza – Front Street Capital

And so are you bumping up against some capacity as we speak or –?

Alain Couder

Yes we continue to expand our capacity because we still see in the next few quarters a growth in tunable.

Russ Piazza – Front Street Capital

Great. Thank you very much.

Operator

Thank you. And I do not show any further questions at this time. Please continue.

Jerry Turin

Okay. Thank you, everyone, for participating in today’s call. We look forward to speaking with you when we announce our December quarter results.

Operator

Ladies and gentlemen, this concludes the Bookham first quarter fiscal 2009 financial results conference call. Thank you for your participation and you may now disconnect.

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