Product category:
Optical Transceivers, Transponders and Repeaters
News Release from: Finisar Corp
Edited by the Electronicstalk Editorial
Team on 08 September 2004
Finisar raises revenues despite "soft"
markets
Finisar Corp has reported its financial results for its first quarter ended 31st July 2004.
Finisar Corp has reported its financial results for its first quarter ended 31st July 2004 Total revenues in the first quarter of fiscal 2005 of $61.9 million were up 9% on a sequential basis from $57.0 million in the fourth quarter and 57% from $39.4 million in the first 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 $53.8 million in the first quarter were up 11% on a sequential basis from $48.7 million in the fourth quarter and 57% from $34.2 million in the first quarter of the prior year.
Sales of network test and monitoring systems of $8.1 million in the first quarter were down 3% on a sequential basis from $8.3 million in the fourth quarter but up 55% from $5.2 million in the first quarter of the prior year.
Revenues in the first quarter included a full quarter of operating results of the VCSEL business unit acquired from Honeywell on 2nd March 2004.
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Excluding the impact of this acquisition, total revenues were up 4% on a sequential basis from the fourth quarter and 33% from the first quarter of the prior year.
"Our revenues for the quarter increased as we had predicted at the beginning of the quarter".
"Achieving this increase was not easy because of the softness in our LAN/SAN business during the early portion of the quarter", said Jerry Rawls, Finisar's President and CEO.
"More recently, we have seen a resurgence of orders for both our LAN/SAN and metro business".
"This combined with the recent acquisition of Data Transit which fills a gap in our Network Tools business should result in another sequential increase in sales for next quarter".
"Gross margins on a non-GAAP basis improved to 26% in the first quarter from 22% last quarter", added Rawls.
"Higher operating expenses offset much of this improvement due in part to a number of nonrecurring charges related to new product introductions".
The company reported a net loss of $22.1 million, or $0.10 per share, for the first quarter of fiscal 2005, compared with a net loss of $24.5 million, or $0.11 per share, in the fourth quarter and a net loss of $41.2 million, or $0.20 per share, in the first quarter of fiscal 2004.
A gross profit of $10.6 million, or 17.1% of revenues, during the first quarter of fiscal 2005, compared with $9.4 million, or 16.5% of revenues, in the fourth quarter and a loss of $1.7 in the first quarter of the prior year.
Amortisation of acquired developed technology, amortisation of purchased intangibles, purchased research and development in-process, other acquisition costs and the cumulative effect of a change in accounting related to the adoption of SFAS 142 consist of merger-related costs associated with several acquisitions completed during fiscal 2001 through 2004.
The company reported a non-GAAP gross margin of 26.1% in the first quarter of fiscal 2005 compared with 21.9% in the prior quarter and 27.9% in the first quarter of the prior year.
The improvement on a sequential basis reflects higher revenue levels and the favourable impact of acquiring the VCSEL business unit from Honeywell in the fourth quarter as well as continued improvement in yields and reduced material costs.
The company reported a non-GAAP net loss of $14.3 million, or $.06 per share, in the first quarter compared to $14.2 million, or $.06 per share, in the fourth quarter and $12.6 million, or $.06 per share, in the first quarter of the prior year.
The company does not intend to recognise any further tax benefits until it returns to profitability.
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