Product category:
Optical Transceivers, Transponders and Repeaters
News Release from: Finisar Corp
Edited by the Electronicstalk Editorial
Team on 15 June 2004
Growing revenues for Finisar
Finisar Corp has reported financial results for its fourth quarter and fiscal year ended 30th April 2004.
Finisar Corp has reported financial results for its fourth quarter and fiscal year ended 30th April 2004 Total revenues in the fourth quarter of fiscal 2004 of $57.0 million were up 23% on a sequential basis from $46.4 million in the third quarter and 43% from $39.8 million in the fourth quarter of the prior year
This article was originally published on Electronicstalk on 13 Nov 2007 at 8.00am (UK)
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Total revenues from the sale of optical subsystems of $48.7 million in the fourth quarter were up 19% on a sequential basis from $40.7 million in the third quarter and 46% from $33.4 million in the fourth quarter of the prior year.
Sales of network test and monitoring systems of $8.3 million in the fourth quarter were up 47% on a sequential basis from $5.7 million in the third quarter and 31% from $6.4 million in the fourth quarter of the prior year.
Revenues in the fourth quarter included approximately $6.7 million related to inclusion of two months of operations of the VCSEL fibre optics business acquired from Honeywell on 2nd March 2004.
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Excluding the impact of this acquisition, total revenues were up 8% on a sequential basis from the third quarter and 26% from the fourth quarter of the prior year.
Total revenues for fiscal 2004 of $185.6 million were up 11% from $166.5 million in the prior year.
Revenues from the sale of optical subsystems of $160.0 million for fiscal 2004 were up 17% from $136.8 million in the prior year.
Revenues from the sale of network test and monitoring systems of $25.6 million for fiscal 2004 were down 14% from $29.6 million in the prior year.
"Our LAN/SAN revenues were particularly strong this past quarter, up 15% sequentially excluding the additional revenues from the acquisition of Honeywell's VCSEL business unit", said Finisar President and CEO, Jerry Rawls.
"We were also pleased to see improved revenues from our network tools business in the past quarter thanks to an enthusiastic reception to our new XGig analyser for 4Gbit/s Fibre Channel and our Netwisdom monitoring and analysis solution for storage area networks".
"While the higher gross margins from network tools were offset by higher sales of optical products for LAN/SAN applications, we believe we will see an improvement in gross margins in our upcoming first quarter", added Rawls.
"This expected improvement is the result of supplying more of our own internal optical component needs as well as lower production costs resulting from a number of cost reduction efforts all of which should improve the underlying profitability of our optics product line".
The company reported a net loss of $24.5 million, or $0.11 per share, for the fourth quarter of fiscal 2004, compared with a net loss of $15.5 million, or $0.07 per share, in the third quarter and a net loss of $26.2 million, or $0.13 per share, in the fourth quarter of fiscal 2003.
Included in the results for the fourth quarter was a charge of $6.2 million for acquired in-process research and development associated with the acquisition of the Honeywell VCSEL business unit.
For the full fiscal year, the company reported a net loss of $113.8 million, or $0.53 per share, compared with a net loss of $159.2 million, or $0.82 per share, in the prior year before the accumulative effect of an accounting change.
The company reported gross profit of $9.4 million, or 16.5% of revenues, during the fourth quarter of fiscal 2004, compared with $9.0 million, or 19.4% of revenues, in the third quarter and $5.3 million, or 13.3% of revenues, in the fourth quarter of the prior year.
For the total year, gross profit was $22.8 million, or 12.3% of revenues, compared with $14.0 million, or 8.4% of revenues, in the prior year.
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