EX-12.1 4 a121statementregardingcomp.htm EXHIBIT 12.1 Exhibit

OCLARO, INC.
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
The following table sets forth our ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends on a historical basis for the periods indicated. The ratios are calculated by dividing earnings by the fixed charges and combined fixed charges and preferred stock dividends.
 
  
Fiscal Year ended
 
Nine
Months
Ended
 
  
July 2,
 
June 30,
 
June 29,
 
June 28,
 
June 27,
 
March 26,
2011
2012
2013
2014
2015
2016
 
  
(Thousands, except ratios)
 
 
Income (loss) from continuing operations before income taxes
  
$
(44,779
)
 
$
(59,519
)
 
$
(120,269
)
 
$
(111,490
)
 
$
(47,906
)
 
$
(904
)
Fixed charges:
  
 
 
 
 
 
 
 
 
 
 
 
Interest expense
  
2,011

 
1,121

 
3,271

 
9,228

 
2,051

 
3,726

Estimate of interest within rental expense
  
430

 
455

 
630

 
430

 
475

 
301

Total fixed charges
  
2,441

 
1,576

 
3,901

 
9,658

 
2,526

 
4,027

 
 
 
 
 
 
 
Income (loss) as defined for ratio to fixed charges
  
$
(42,338
)
 
$
(57,943
)
 
$
(116,368
)
 
$
(101,832
)
 
$
(45,380
)
 
$
3,123

 
 
 
 
 
 
 
Ratio of earnings to fixed charges
  
(2
)
 
(2
)
 
(2
)
 
(2
)
 
(2
)
 
(3
)
Ratio of earnings to combined fixed charges and preferred stock dividends
  
(1
)
 
(1
)
 
(1
)
 
(1
)
 
(1
)
 
(1
)
______________

(1)
We have not issued any preferred stock as of the date of this prospectus. Therefore, there were no preferred stock dividends included in our calculation of ratio of earnings to combined fixed charges and preferred stock dividends for the periods indicated above. Accordingly, for these periods, our ratio of earnings to fixed charges equals our ratio of earnings to combined fixed charges and preferred stock dividends.

(2)
For the years ended July 2, 2011, June 30, 2012, June 29, 2013, June 28, 2014 and June 27, 2015, the ratio was less than 1:1. Additional earnings of $44.8 million, $59.5 million, $120.3 million, $111.5 million and $47.9 million, respectively, would have been needed to achieve coverage of 1:1 for the applicable years.

(3)
For the nine months ended March 26, 2016, the ratio was less than 1:1. Additional earnings of $0.9 million would have been needed to achieve coverage of 1:1 for the nine months ended March 26, 2016.

For purposes of computing the ratio of earnings to fixed charges, earnings consist of pre-tax income from continuing operations before equity in (earnings) loss from unconsolidated affiliates plus fixed charges, amortization of capitalized interest and distributions from equity investees less capitalized interest. Fixed charges consist of interest expensed and capitalized and the estimated interest component of rent expense.