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Bookham reports 3Q

Bookham Technology plc (Nasdaq: BKHM) said Wednesday that third quarter earnings were on target with First Call's expected loss of 7 cents a share.

Shares in the company were up 0.44 to 31.25.

Wit Soundview Analyst K. Slocum, who holds a "strong buy" rating on the stock, issued a bullish note on the stock Wednesday morning. Its results were 9 percent ahead of the firm's British Pound estimate.

The company said product sales grew 83 percent quarter over quarter, and Nortel accounted for 56 percent of revenue, less than the 59 percent last quarter. Bookham also said the company reported that it will completing a six-fold increase in its production capacity by yearend.

Revenues (including research and development funding) increased by 67 percent from the previous quarter from $6.8 million to $11.3 million, and up 1027 percent over the comparable quarter in 1999.

Revenues from shipments of DWDM products were up 45 percent as compared to the previous quarter, and the company said an aggressive ramp up of manufacturing capacity continues to proceed on target.