Product category:
Optical Transceivers, Transponders and Repeaters
News Release from: Finisar Corp
Edited by the Electronicstalk Editorial
Team on 08 March 2005
Record revenues again for Finisar
Finisar Corp has reported its financial results for its third fiscal quarter ended 31st January 2005.
Finisar Corp has reported its financial results for its third fiscal quarter ended 31st January 2005 Total revenues in the third quarter of fiscal 2005 were $73.1 million, up 3% on a sequential basis from $71.0 million in the second quarter and 58% from $46.4 million in the third quarter of the prior year
This article was originally published on Electronicstalk on 13 Nov 2007 at 8.00am (UK)
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For the second consecutive quarter, the company's revenues set a new all time record.
Total revenues from the sale of optical subsystems were $63.4 million in the third quarter, up 6% on a sequential basis from $59.9 million in the second quarter and 56% from $40.7 million in the third quarter of the prior year.
Sales of network test and monitoring systems were $9.7 million in the third quarter, down 13% on a sequential basis from $11.1 million in the second quarter but up 70% from $5.7 million in the third quarter of the prior year.
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"While the third quarter marks another revenue record for the company, even more important was realising our stated objective of exceeding our EBITDA break-even point", said Jerry Rawls, Finisar's President and CEO.
"Obviously, that's only an interim objective as we strive to return to profitability".
"We believe the recent acquisition of Infineon's transceiver product lines and their transfer to our manufacturing operations in Malaysia will be an important step in making that happen".
"Our cash burn for the quarter was another positive aspect of this quarter's performance", added Rawls.
"Our cash balance at the end of January totaled $101.6 million, down only $2.6 million from $104.2 million at the end of October".
"This is before adding another $12 million to our cash reserves just after the end of the quarter from the sale-lease-back of one of our facilities in Sunnyvale, California".
The company reported a net loss of $33.0 million, or $0.15 per share, for the third quarter of fiscal 2005, compared with a net loss of $21.2 million, or $0.09 per share, in the second quarter and a net loss of $15.5 million, or $0.07 per share, in the third quarter of fiscal 2004.
The current quarter results included a write-down of $18.8 million associated with the impairment in value of our Sunnyvale facility that was sold and leased back subsequent to the end of the quarter.
The company's gross profit for the third quarter was $16.7 million, or 22.8% of total revenues, compared with 16.6% in the second quarter and 19.4% in the third quarter of fiscal 2004.
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