AFOP Reports Improved First Quarter, 2012 Financial Results With Sequential Growth and Guidance
April 23 2012 - 4:05PM
Alliance Fiber Optic Products, Inc. (Nasdaq:AFOP), an innovative
supplier of fiber optic components, subsystems and integrated
modules for the optical network equipment market, today reported
its financial results for the first quarter ended March 31, 2012.
Revenues for the first quarter of 2012 totaled $10,535,000, a 4%
increase from revenues of $10,137,000 reported in the previous
quarter, and a 12% increase from revenues of $9,450,000 reported in
the first quarter of 2011. The Company recorded net income for the
first quarter of 2012 of $921,000, or $0.10 per share based on 8.8
million shares outstanding, compared to $707,000, or $0.08 per
share based on 8.9 million shares outstanding, for the fourth
quarter of 2011. This compares to net income for the first quarter
of 2011 of $1,021,000, or $0.12 per share based on 8.8 million
shares outstanding.
Included in expenses for the quarter ended March 31, 2012 was
$247,000 of stock-based compensation. Included in expenses for the
quarter ended December 31, 2011 and the quarter ended March 31,
2011 were $249,000 and $83,000 of stock-based compensation
charges.
Peter Chang, President and Chief Executive Officer, commented,
"We are pleased with the financial performance and progress AFOP
made in the quarter ended March 31, 2012. With strong customer
demand across most market segments, we delivered improved quarterly
sales and higher margins, and generated increased profits in the
quarter. In addition, we lowered our inventory and increased our
cash and short-term and long-term investments while conducting our
on-going stock repurchase program."
"While macro-economic conditions are uncertain, demand for
bandwidth continues to increase and the fiber optic market
continues to show signs of recovery from YR2011. Based on input
from our customers, we expect revenues in the second quarter of
2012 to be above $11M. Additionally we remain optimistic about our
opportunity for revenue growth and profit improvements for the
remainder of 2012." concluded Mr. Chang.
Conference Call Management will host a
conference call at 1:30 p.m. Pacific time on April 23, 2012 to
discuss AFOP's first quarter 2012 financial results. To participate
in AFOP's conference call, please call 877-675-3572 at least ten
minutes prior to the call in order for the operator to connect
you. The confirmation number for the call
is 69605446. AFOP will also provide a live webcast of
its first quarter 2012 conference call at AFOP's website,
www.afop.com. An audio replay will be available
until May 23, 2012. The dial in numberfor the
replay is 855-859-2056 or 404-537-3406. The replay conference
ID is 69605446.
About AFOP Founded in 1995, Alliance Fiber
Optic Products, Inc. designs, manufactures and markets a broad
range of high performance fiber optic components and integrated
modules. AFOP's products are used by leading and emerging
communications equipment manufacturers to deliver optical
networking systems to the long-haul, enterprise, metropolitan and
last mile access segments of the communications network. AFOP
offers a broad product line of passive optical components including
interconnect systems, couplers and splitters, thin film CWDM
and DWDM components and modules, optical attenuators,
and micro-optics devices. AFOP is headquartered in Sunnyvale,
California, with manufacturing and product development capabilities
in the United States, Taiwan and China. AFOP's website is located
at http://www.afop.com. The Alliance Fiber Optic Products, Inc.
logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5578
Except for the historical information contained herein, the
matters set forth in this press release, including statements as to
our expectations regarding future revenue levels, our beliefs
regarding our opportunity for revenue growth and profit
improvements and the time periods thereof, and our beliefs
regarding business conditions, our customer base, and demand for
our products are forward looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to
risks and uncertainties that may cause actual results to differ
materially, including, but not limited to general economic
conditions and trends, the impact of competitive products and
pricing, timely introduction of new technologies, timely design
acceptance by our customers, the acceptance of new products and
technologies by our customers, customer demand for our products,
the timing of customer orders, loss of key customers, ability to
ramp new products into volume production, the costs associated with
running our operations, industry-wide shifts in supply and demand
for optical components and modules, industry overcapacity and
demand for bandwith, cost control initiatives, our ability to
obtain and maintain operational efficiencies, financial stability
in foreign markets, and other risks detailed from time to time in
our SEC reports, including AFOP's annual report on Form 10-K for
the year ended December 31, 2011. These forward-looking statements
speak only as of the date hereof. AFOP disclaims any intention or
obligation to update or revise any forward-looking statements.
ALLIANCE FIBER OPTIC
PRODUCTS, INC. |
Condensed Consolidated
Balance Sheets |
(in thousands) |
|
|
|
|
Mar. 31 |
Dec. 31, |
|
2012 |
2011 |
|
(Unaudited) |
|
ASSETS |
|
|
Current assets: |
|
|
Cash and short-term
investments |
$ 40,422 |
$ 39,588 |
Accounts receivable, net |
7,159 |
6,630 |
Inventories, net |
6,376 |
6,763 |
Other current assets |
1,158 |
714 |
Total current assets |
55,115 |
53,695 |
|
|
|
Long-term investments |
10,141 |
10,098 |
Property and equipment, net |
7,578 |
7,718 |
Other assets |
170 |
162 |
Total assets |
$ 73,004 |
$ 71,673 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
Current liabilities: |
|
|
Accounts payable |
$ 4,318 |
$ 3,647 |
Accrued expenses and other
liabilities |
3,453 |
3,721 |
Total current
liabilities |
7,771 |
7,368 |
|
|
|
Long-term liability |
696 |
691 |
Total liabilities |
8,467 |
8,059 |
|
|
|
Stockholders' equity |
64,537 |
63,614 |
Total liabilities and stockholders'
equity |
$ 73,004 |
$ 71,673 |
|
|
|
ALLIANCE FIBER OPTIC
PRODUCTS, INC. |
Condensed Consolidated
Statements of Operations |
(In thousands, except per share
amounts) |
(Unaudited) |
|
|
|
|
|
Three Months Ended |
|
Mar. 31, |
Dec. 31, |
Mar. 31, |
|
2012 |
2011 |
2011 |
|
|
|
|
Revenues |
$ 10,535 |
$ 10,137 |
$ 9,450 |
|
|
|
|
Cost of revenues |
7,091 |
6,998 |
6,415 |
Gross profit |
3,444 |
3,139 |
3,035 |
|
|
|
|
Operating expenses: |
|
|
|
Research and development |
807 |
825 |
718 |
Sales and marketing |
675 |
595 |
550 |
General and administrative |
1,082 |
1,046 |
1,028 |
Total operating
expenses |
2,564 |
2,466 |
2,296 |
|
|
|
|
Income from operations |
880 |
673 |
739 |
Interest and other income, net |
150 |
101 |
129 |
Net income before tax |
1,030 |
$ 774 |
868 |
Income tax |
109 |
67 |
(153) |
Net income |
$ 921 |
$ 707 |
$ 1,021 |
|
|
|
|
Net income per share: |
|
|
|
Basic |
$ 0.10 |
$ 0.08 |
$ 0.12 |
Diluted |
$ 0.10 |
$ 0.08 |
$ 0.11 |
|
|
|
|
Shares used in per share
calculation: |
|
|
Basic |
8,846 |
8,910 |
8,823 |
Diluted |
9,085 |
9,081 |
9,258 |
|
|
|
|
Included in costs and expenses
above: |
|
|
Stock based compensation
charges |
|
|
Cost of revenue |
$ 26 |
$ 25 |
$ 23 |
Research and development |
27 |
27 |
8 |
Sales and marketing |
59 |
60 |
15 |
General and administrative |
135 |
137 |
37 |
Total |
$ 247 |
$ 249 |
$ 83 |
CONTACT: Anita Ho
Acting Chief Financial Officer
Alliance Fiber Optic Products, Inc.
Phone: 408-736-6900 x168
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