Finisar Announces Third Quarter Fiscal 2012 Financial Results
(firmenpresse) - SUNNYVALE, CA -- (Marketwire) -- 02/29/12 -- Finisar Corporation (NASDAQ: FNSR), a global technology leader for subsystems and components for fiber optic communications, today announced financial results for its third quarter of fiscal 2012 ended January 29, 2012.
"In our just completed fiscal third quarter, our revenues were $243.0 million, 0.6% greater than the preceding quarter. Sales of datacom products were strong. Gross margin was relatively unchanged from the preceding quarter, despite the impact of one month of the annual price reduction for telecom products. We held operating expenses below plan, so that operating income and operating margin increased relative to the preceding quarter," said Jerry Rawls, Finisar's executive Chairman of the Board.
"We continued to execute well on our product development plan and have delivered to customers a number of new innovative products," said Eitan Gertel, Finisar's Chief Executive Officer. "Production of our 100G ethernet transceivers and tunable XFP transceiver products continued to ramp during the quarter. In addition, we have started the qualification process for our high port count wavelength selective switch(WSS) modules with multiple customers. In our parallel optics product line we continue to see significant traction with several key OEM customers for our optical engine product. "
Revenues increased to $243.0 million, up $1.5 million, or 0.6%, from $241.5 million in the preceding quarter, driven by growth in sales of datacom products, partially offset by lower telecom product sales.
Compared to the preceding quarter, the sale of products for datacom applications increased by $5.1 million, or 4.0%, and the sale of products for telecom applications decreased by $3.7 million, or (3.3)%.
Gross margin was relatively unchanged from the preceding quarter at 29.3% on a GAAP basis and 31.8% on a non-GAAP basis. The impact of the one month of the annual price reductions for telecom products that typically take effect on January 1 was partially offset by favorable product mix.
GAAP operating income increased $2.5 million to $11.3 million, or 4.7% of revenues, compared to $8.8 million, or 3.7% of revenues in the preceding quarter, as we controlled operating expenses below plan.
Non-GAAP operating income increased $0.4 million to $24.0 million, or 9.9% of revenues, compared to $23.6 million, or 9.8% of revenues, in the preceding quarter.
Non-GAAP EBITDA increased $1.0 million to $35.2 million, or 14.5% of revenues, compared to $34.3 million, or 14.2% of revenues in the preceding quarter.
Cash and cash equivalents totaled $218.3 million at the end of the third quarter compared to $228.0 million at the end of the preceding quarter. The decline was primarily the result of increases in accounts receivable and inventory as well as a decrease in accounts payable as detailed below.
Accounts receivable increased $8.1 million over the preceding quarter.
Inventory turns were 3.0, compared to 3.2 in the preceding quarter, and overall inventory at the end of the third quarter increased $10.6 million over the preceding quarter, primarily driven by lower than expected revenues from the sale of telecom products.
Accounts payable decreased $4.8 million compared to the preceding quarter.
At the end of the third quarter, Finisar had approximately $40.0 million in principal amount of convertible notes outstanding with a conversion price of $10.675 per share.
At the end of the third quarter, our Ignis subsidiary also had outstanding debt equivalent to approximately $4.3 million, which is reflected in Finisar's consolidated balance sheet.
The Company indicated that it currently expects fourth fiscal quarter revenues to be in the range of $235 to $250 million; GAAP operating margin to be in the range of approximately 3.0% to 4.5%; non-GAAP operating margin to be in the range of 8.0% to 9.5% and non-GAAP earnings per diluted share to be in the range of approximately $0.18 to $0.22.
Finisar will discuss its financial results for the third quarter and current business outlook during its regular quarterly conference call scheduled for Wednesday, February 29, 2012, at 2:00 pm PST (5:00 pm EST). To listen to the call you may connect through the Finisar investor relations page at or dial 1-888-282-4591 (domestic) or (719) 457-1529 (international) and enter conference ID 8545316.
An audio replay will be available for two weeks following the call by dialing 1-888-203-1112 (domestic) or (719) 457-0820 and then following the prompts: enter conference ID 8545316 and provide your name, affiliation, and contact number. A replay of the webcast will be available shortly after the conclusion of the call on the Company's website until the next regularly scheduled earnings conference call.
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements included in this press release are based upon information available to Finisar as of the date hereof, and Finisar assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties which could cause actual results to differ materially from those projected. Examples of such risks include those associated with: the uncertainty of customer demand for Finisar's products; the rapidly evolving markets for Finisar's products and uncertainty regarding the development of these markets; Finisar's historical dependence on sales to a limited number of customers and fluctuations in the mix of products and customers in any period; ongoing new product development and introduction of new and enhanced products; challenges related to the integration of the Ignis acquisition and realizing anticipated benefits of improved access to a supply of tunable lasers; the challenges of rapid growth followed by periods of contraction; and intensive competition. Further information regarding these and other risks relating to Finisar's business is set forth in Finisar's annual report on Form 10-K (filed June 28, 2011) and quarterly SEC filings.
Finisar Corporation (NASDAQ: FNSR) is a global technology leader for fiber optic subsystems and components that enable high-speed voice, video and data communications for telecommunications, networking, storage, wireless, and cable TV applications. For more than 20 years, Finisar has provided critical optics technologies to system manufacturers to meet the increasing demands for network bandwidth and storage. Finisar is headquartered in Sunnyvale, California, USA with R&D, manufacturing sites, and sales offices worldwide. For additional information, visit .
FINISAR FINANCIAL STATEMENTS
The following financial tables are presented in accordance with GAAP.
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles, or GAAP, Finisar provides supplemental information regarding the Company's operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or which occur relatively infrequently and which management considers to be outside our core operating results. Some of these non-GAAP measures also exclude the ongoing impact of historical business decisions made in different business and economic environments. Management believes that tracking non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income and non-GAAP net income per share provides management and the investment community with valuable insight into our current operations, our ability to generate cash and the underlying business trends which are affecting our performance. These non-GAAP measures are used by both management and our Board of Directors, along with the comparable GAAP information, in evaluating our current performance and planning our future business activities. In particular, management finds it useful to exclude non-cash charges in order to better correlate our operating activities with our ability to generate cash from operations and to exclude non-recurring and infrequently incurred cash charges as a means of more accurately predicting our liquidity requirements. We believe that these non-GAAP measures, when used in conjunction with our GAAP financial information, also allow investors to better evaluate our financial performance in comparison to other periods and to other companies in our industry.
In calculating non-GAAP gross profit in this release, we have excluded the following items from cost of revenues in applicable periods:
Changes in excess and obsolete inventory reserve (predominantly non-cash charges or non-cash benefits);
Amortization of acquired technology (non-cash charges related to technology obtained in acquisitions);
Stock-based compensation expense (non-cash charges);
The cost of covering employee and employer tax liabilities (non-recurring cash charges) arising from the special investigation into our historical stock option granting practices;
Acquisition method accounting adjustment for sale of acquired inventory (non-cash charges); and
Reduction in force costs (non-recurring cash charges).
In calculating non-GAAP operating income in this release, we have excluded the same items to the extent they are classified as operating expenses, and have also excluded the following items in applicable periods:
Gain or loss on litigation settlements and resolutions and related costs (non-recurring cash charges or benefits);
Shareholder class action and derivative litigation costs (non-recurring cash expenses associated with the derivative litigation related to our historical stock option granting practices and related the class action and derivative litigation related to our March 8th, 2011 earnings announcement);
Acquisition related costs (non-recurring cash charges)
Amortization of purchased intangibles (non-cash charges);and
Restructuring costs (non-recurring cash charges).
In calculating non-GAAP income from continuing operations and non-GAAP income from continuing operations per share in this release, we have also excluded the following items in applicable periods:
Amortization of discount on convertible debt and imputed interest expense (non-cash charges);
Imputed interest expense related to restructuring (amortization of imputed interest expense associated with previously incurred restructuring costs);
Gains and losses on sales of assets (non-recurring or non-cash losses and cash gains related to the periodic disposal of assets no longer required for current activities);
Dollar denominated foreign exchange transaction losses (gains) (non-cash charges);
Loss related to minority and equity method investments (non-cash charges);
Debt extinguishment loss (non-recurring charges);
Fair value remeasurement of equity investment (non-cash gain from remeasurement of value of prior investment in an investee);
Differences between cash payable for income taxes and the provision for income taxes in accordance with GAAP, less discrete items; and
Other miscellaneous income and expenses (non-recurring charges).
In calculating non-GAAP income (loss) per share in this release, we have included the shares issuable upon conversion of our outstanding convertible notes and excluded the interest expenses associated with such notes in such periods where such treatment is dilutive to non-GAAP income (loss) per share.
A reconciliation of this non-GAAP financial information to the corresponding GAAP information is set forth below:
Kurt Adzema
Chief Financial Officer
408-542-5050
Victoria McDonald
Sr. Manager, Corporate Communications
408-542-4261
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