UNITED
STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
____________
FORM 8-K
CURRENT
REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of Report
(Date of earliest event reported): February 4, 2015
ALLIANCE FIBER OPTIC PRODUCTS,
INC.
(Exact name of
registrant as specified in its charter)
| Delaware |
0-31857 |
77-0554122 |
| (State or other
jurisdiction |
(Commission |
(IRS
Employer |
| of
incorporation) |
File
Number) |
Identification
No.) |
| 275
Gibraltar Drive, Sunnyvale, California |
94089 |
| (Address of
principal executive offices) |
(Zip
Code) |
Registrant’s telephone
number, including area code: (408)
736-6900
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:
| ☐ |
|
Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
|
| ☐ |
|
Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
|
| ☐ |
|
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
|
| ☐ |
|
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial
Condition.
The information in this
Current Report is being furnished and shall not be deemed “filed” for the
purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise
subject to the liabilities of that Section. The information in this Current
Report shall not be incorporated by reference into any registration statement or
other document filed pursuant to the Securities Act of 1933, except as shall be
expressly set forth by specific reference in such a filing.
On February 4, 2015,
Alliance Fiber Optic Products, Inc. issued a press release announcing its
financial results for the quarter and year ended December 31, 2014. A copy of
the earnings release is furnished herewith as Exhibit 99.1.
Item 8.01. Other Events.
Alliance Fiber Optic
Products, Inc.’s (the “Company”) 2015 Annual Meeting of Stockholders will be
held on May 20, 2015 at such place and time as will be set forth in the
Company’s proxy statement relating to that meeting. A stockholder proposal not
included in the proxy statement for the 2015 Annual Meeting will be ineligible
for presentation at the meeting unless the stockholder gives timely notice of
the proposal in writing to the Company’s Secretary at the Company’s principal
executive offices and otherwise complies with the provisions of the Company’s
Bylaws. To be timely, the Company’s Bylaws provide that the Company must have
received the stockholder’s notice not less than 60 days nor more than 90 days
prior to the scheduled date of such meeting. However, if notice or prior public
disclosure of the date of the annual meeting is given or made to stockholders
less than 75 days prior to the meeting date, the Company must receive the
stockholder’s notice by the earlier of (i) the close of business on the 15th day
after the earlier of the day the Company mailed notice of the annual meeting
date or provided such public disclosure of the meeting date and (ii) two days
prior to the scheduled date of the annual meeting. For the Company’s 2015 Annual
Meeting of Stockholders, stockholders must submit written notice to the
Secretary in accordance with the foregoing Bylaw provisions no earlier than
February 19, 2015 and no later than March 21, 2015.
Item 9.01. Financial Statements and Exhibits.
| Exhibit |
|
Description |
| 99.1 |
|
Press Release
dated February 4, 2015 announcing fourth quarter and year end 2014
results. |
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
| Dated: February
4, 2015 |
|
|
|
|
|
ALLIANCE FIBER
OPTIC PRODUCTS, INC. |
| |
| |
|
|
By |
/s/ Anita K. Ho |
|
|
Name:
|
Anita K.
Ho |
|
|
Title: |
Acting Chief
Financial Officer |
EXHIBIT INDEX
| Exhibit |
|
|
| Number |
|
Description |
| 99.1 |
|
Press release
dated February 4, 2015 announcing fourth quarter and year end 2014
results. |
| Contact: |
|
|
|
|
|
|
| Keting Lin, IR
Associate |
|
|
|
|
|
| Alliance Fiber Optic Products, Inc. |
|
|
|
|
February 04, 2015 |
| Phone: 408-736-6900 x188 |
|
|
|
|
|
AFOP REPORTS RECORD
ANNUAL SALES AND OPERATING PROFITS FOR 2014.
WITH SEQUENTIAL GROWTH GUIDANCE
Sunnyvale, CA – February 4,
2015 - Alliance Fiber Optic Products, Inc. (Nasdaq GM: 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
fourth quarter and year ended December 31, 2014.
Revenues for the fourth
quarter of 2014 totaled $18,809,000, a 4% increase from revenues of $18,096,000
reported in the previous quarter and a 14% decrease from revenues of $21,804,000
reported in the fourth quarter of 2013. The Company recorded net income for the
fourth quarter of 2014 of $3,961,000, or $0.22 per share, compared to
$4,303,000, or $0.23 per share for the previous quarter, and compared to net
income for the fourth quarter of 2013 of $7,055,000, or $0.38 per share.
Included in net income for the fourth quarter of 2014, the third quarter of 2014
and the fourth quarter of 2013 are an income tax provision adjustment of
$216,000, and income tax benefit adjustments of $168,000 and $2,335,000
respectively, as a result of deferred income tax benefits and expenses based on
utilization of previous net operating loss. Excluding these adjustments, net
income in the fourth quarter of 2014 was $4,177,000, or $0.23 per share,
compared to net income in the previous quarter of $4,135,000, or $0.22 per share
and net income in the fourth quarter of 2013 of $4,720,000, or $0.26 per
share.
Revenues for the year ended
December 31, 2014 were $85,987,000, a 13% increase over revenues of $76,070,000
reported in the previous year. Operating income for the year ended December 31,
2014 was $21,603,000, compared with $17,101,000 for the previous year. The
Company recorded a net profit for the year ended December 31, 2014 of
$17,061,000, or $0.92 per share. This compares with a net profit of $18,808,000,
or $1.06 per share, for the year ended December 31, 2013. Included in net income
for the year ended December 31, 2014 and the year ended December 31, 2013 are an
income tax provision adjustment of $2,841,000 and an income tax benefit
adjustment of $2,335,000, respectively, as a result of deferred income tax
benefit and expenses based on utilization of net operating loss. Excluding these
adjustments, net income in the year ended December 31, 2014 was $19,902,000, or
$1.08 per share, compared to net income in the year ended December 31, 2013 of
$16,473,000, or $0.93 per share.
“Fiscal year 2014
represented a year of continued record setting growth for AFOP,” commented Peter
Chang, President and Chief Executive Officer. “Despite the softer second half of
2014, overall annual revenues grew 13% to a new record level. With our
operational efficiency, we achieved quarterly gross margins above the average of
our peers throughout the year, which resulted in improved annual gross margins,
from 38% in 2013 to 40% in 2014. More importantly, our operating profits
increased to record levels again in 2014. In addition,
AFOP increased shareholder
value during the year with the declaration of an annual dividend and the launch
of a stock buyback program in the last quarter. At the same time, our cash and
short-term and long-term investments grew from $57.1 million at the year-end of 2013 to $65.2 million at the year-end of 2014.
“While we are pleased with
the continued record financial performance for 2014, we are encouraged by the
business prospects in this coming year with the progress we have made with
customers and new products, and the continued strong demand in the global
Datacom markets. Based on our current bookings, we expect revenues in the first
quarter of 2015 to be in the range of $20 million to $22 million. We expect
continued sequential quarterly growth in the beginning of 2015, and we believe
the prospects remain good for another year of record revenue and profits in
2015.” concluded Mr. Chang.
Conference
Call
Management will host a
conference call at 1:30 p.m. PT on February, 4, 2015 to discuss AFOP’s Fourth
Quarter and Fiscal Year 2014 financial results as well as the outlook for the
First Quarter of 2015. 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 61558324. AFOP will also provide a live webcast of its Fourth
Quarter and Fiscal Year 2014 Earnings Conference call at AFOP’s website:
www.afop.com. The webcast replay will be available on AFOP’s website 90 minutes
after the live conference call.
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.
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, profits, margins, business prospects and the time periods thereof, our
beliefs regarding demand in data communications markets, growth in the fiber
optics industry, and our expectation regarding future 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, trends in demand for bandwidth, the rate of
conversion from copper to fiber technology, 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, our ability to ramp new products into volume production, the
mix of products sold and product pricing, the costs associated with running our
operations, industry-wide shifts in supply and demand for optical components and
modules, industry overcapacity and demand for bandwidth, the success of 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 quarterly report on Form
10-Q for the quarter ended September 30, 2014. 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)
(Unaudited)
|
Dec.
31, |
|
Dec.
31, |
|
2014 |
|
2013 |
| ASSETS |
|
|
|
|
|
| Current
assets: |
|
|
|
|
|
| Cash and
short-term investments |
$ |
54,580 |
|
$ |
46,679 |
| Accounts
receivable, net |
|
10,806 |
|
|
11,566 |
|
Inventories |
|
9,305 |
|
|
10,630 |
| Deferred
tax asset |
|
3,195 |
|
|
6,036 |
| Other
current assets |
|
2,058 |
|
|
1,745 |
|
Total current assets |
|
79,944 |
|
|
76,656 |
| |
| Long-term
investments |
|
10,635 |
|
|
10,453 |
| Property and
equipment, net |
|
13,868 |
|
|
13,258 |
| Other
assets |
|
212 |
|
|
198 |
|
Total assets |
$ |
104,659 |
|
$ |
100,565 |
| |
| |
| LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
| Current
liabilities: |
|
|
|
|
|
| Accounts
payable |
$ |
9,236 |
|
$ |
11,657 |
| Accrued
expenses and other current liabilities |
|
8,721 |
|
|
7,134 |
|
Total current liabilities |
|
17,957 |
|
|
18,791 |
| Long-term
liabilities |
|
602 |
|
|
600 |
|
Total liabilities |
|
18,559 |
|
|
19,391 |
| Stockholders'
equity |
|
86,100 |
|
|
81,174 |
|
Total liabilities and stockholders' equity |
$ |
104,659 |
|
$ |
100,565 |
ALLIANCE FIBER OPTIC
PRODUCTS, INC.
Condensed Consolidated Statements of
Operations
(In thousands,
except per share amounts)
(Unaudited)
|
Three Months Ended |
|
Year Ended |
|
Dec.
31, |
|
Sep.
30, |
|
Dec.
31, |
|
Dec.
31, |
|
Dec.
31, |
|
2014 |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
| Revenues |
$ |
18,809 |
|
|
$ |
18,096 |
|
|
$ |
21,804 |
|
$ |
85,987 |
|
|
$ |
76,070 |
| |
| Cost
of revenues |
|
11,339 |
|
|
|
10,957 |
|
|
|
13,230 |
|
|
51,770 |
|
|
|
46,952 |
| Gross
profit |
|
7,470 |
|
|
|
7,139 |
|
|
|
8,574 |
|
|
34,217 |
|
|
|
29,118 |
| |
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research
and development |
|
1,096 |
|
|
|
1,068 |
|
|
|
1,006 |
|
|
4,340 |
|
|
|
3,702 |
| Selling,
marketing and administrative |
|
1,954 |
|
|
|
1,924 |
|
|
|
2,337 |
|
|
8,274 |
|
|
|
8,315 |
|
Total operating expenses |
|
3,050 |
|
|
|
2,992 |
|
|
|
3,343 |
|
|
12,614 |
|
|
|
12,017 |
| |
| Income from operations |
|
4,420 |
|
|
|
4,147 |
|
|
|
5,231 |
|
|
21,603 |
|
|
|
17,101 |
| Interest and other income, net |
|
209 |
|
|
|
226 |
|
|
|
239 |
|
|
769 |
|
|
|
708 |
| Net
income before tax |
|
4,629 |
|
|
|
4,373 |
|
|
$ |
5,470 |
|
$ |
22,372 |
|
|
$ |
17,809 |
| Benefit (provision) for income taxes |
|
(668 |
) |
|
|
(70 |
) |
|
|
1,585 |
|
|
(5,311 |
) |
|
|
999 |
| Net
income |
$ |
3,961 |
|
|
$ |
4,303 |
|
|
|
7,055 |
|
$ |
17,061 |
|
|
$ |
18,808 |
| |
| Net
income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.22 |
|
|
$ |
0.23 |
|
|
$ |
0.38 |
|
$ |
0.92 |
|
|
$ |
1.06 |
|
Diluted |
$ |
0.21 |
|
|
$ |
0.23 |
|
|
$ |
0.37 |
|
$ |
0.90 |
|
|
$ |
1.02 |
| |
| Shares used in per share calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
18,366 |
|
|
|
18,629 |
|
|
|
18,382 |
|
|
18,488 |
|
|
|
17,785 |
|
Diluted |
|
18,727 |
|
|
|
19,103 |
|
|
|
19,198 |
|
|
18,935 |
|
|
|
18,481 |
| |
| Included in costs and expenses above: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock based compensation charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of
revenue |
$ |
113 |
|
|
$ |
87 |
|
|
$ |
158 |
|
$ |
492 |
|
|
$ |
373 |
| Research
and development |
|
44 |
|
|
|
44 |
|
|
|
83 |
|
|
234 |
|
|
|
232 |
| Selling,
marketing and administrative |
|
321 |
|
|
|
305 |
|
|
|
422 |
|
|
1,435 |
|
|
|
1,312 |
|
Total |
$ |
478 |
|
|
$ |
436 |
|
|
$ |
663 |
|
$ |
2,161 |
|
|
$ |
1,917 |
ALLIANCE FIBER OPTIC
PRODUCTS, INC.
Reconciliations from GAAP to Non-GAAP
(In thousands, except per share amounts)
(Unaudited)
|
Three Months Ended |
|
Year Ended |
|
Dec.
31, |
|
Sep.
30, |
|
Dec.
31, |
|
Dec.
31, |
|
Dec.
31, |
|
2014 |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
| Gross Profit
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
gross profit |
$ |
7,470 |
|
|
|
$ |
7,139 |
|
|
|
$ |
8,574 |
|
|
|
$ |
34,217 |
|
|
|
$ |
29,118 |
|
|
| Stock-based compensation expense |
|
113 |
|
|
|
|
87 |
|
|
|
|
158 |
|
|
|
|
492 |
|
|
|
|
373 |
|
|
| Adjusted (non-GAAP) gross profit |
$ |
7,583 |
|
|
|
$ |
7,226 |
|
|
|
$ |
8,732 |
|
|
|
$ |
34,709 |
|
|
|
$ |
29,491 |
|
|
| Adjusted (non-GAAP) gross margin |
|
40.3 |
|
% |
|
|
39.9 |
|
% |
|
|
40.0 |
|
% |
|
|
40.4 |
|
% |
|
|
38.8 |
|
% |
| Operating Expense Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
operating expenses |
$ |
3,050 |
|
|
|
$ |
2,992 |
|
|
|
$ |
3,343 |
|
|
|
$ |
12,614 |
|
|
|
$ |
12,017 |
|
|
| Stock-based compensation expense |
|
365 |
|
|
|
|
349 |
|
|
|
|
505 |
|
|
|
|
1,669 |
|
|
|
|
1,544 |
|
|
| Adjusted (non-GAAP) operating expenses |
$ |
2,685 |
|
|
|
$ |
2,643 |
|
|
|
$ |
2,838 |
|
|
|
$ |
10,945 |
|
|
|
$ |
10,473 |
|
|
| Income from Operations Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
income from operations |
$ |
4,420 |
|
|
|
$ |
4,147 |
|
|
|
$ |
5,231 |
|
|
|
$ |
21,603 |
|
|
|
$ |
17,101 |
|
|
| Adjustments related to gross profit |
|
113 |
|
|
|
|
87 |
|
|
|
|
158 |
|
|
|
|
492 |
|
|
|
|
373 |
|
|
| Adjustments related to operating expense |
|
365 |
|
|
|
|
349 |
|
|
|
|
505 |
|
|
|
|
1,669 |
|
|
|
|
1,544 |
|
|
| Adjusted (non-GAAP) income from operations |
$ |
4,898 |
|
|
|
$ |
4,583 |
|
|
|
$ |
5,894 |
|
|
|
$ |
23,764 |
|
|
|
$ |
19,018 |
|
|
| Adjusted (non-GAAP) operating margin |
|
26.0 |
|
% |
|
|
25.3 |
|
% |
|
|
27.0 |
|
% |
|
|
27.6 |
|
% |
|
|
25.0 |
|
% |
| Net Income Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
net income |
$ |
3,961 |
|
|
|
$ |
4,303 |
|
|
|
$ |
7,055 |
|
|
|
$ |
17,061 |
|
|
|
$ |
18,808 |
|
|
| Adjustments related to gross profit |
|
113 |
|
|
|
|
87 |
|
|
|
|
158 |
|
|
|
|
492 |
|
|
|
|
373 |
|
|
| Adjustments related to operating expense |
|
365 |
|
|
|
|
349 |
|
|
|
|
505 |
|
|
|
|
1,669 |
|
|
|
|
1,544 |
|
|
| Income tax (benefit) provision adjustments |
|
216 |
|
|
|
|
(168 |
) |
|
|
|
(2,335 |
) |
|
|
|
2,841 |
|
|
|
|
(2,335 |
) |
|
| Adjusted (non-GAAP) net income |
$ |
4,655 |
|
|
|
$ |
4,571 |
|
|
|
$ |
5,383 |
|
|
|
$ |
22,063 |
|
|
|
$ |
18,390 |
|
|
| Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
18,366 |
|
|
|
|
18,629 |
|
|
|
|
18,382 |
|
|
|
|
18,488 |
|
|
|
|
17,785 |
|
|
|
Diluted |
|
18,727 |
|
|
|
|
19,103 |
|
|
|
|
19,198 |
|
|
|
|
18,935 |
|
|
|
|
18,481 |
|
|
| Net Income per Common
Share - Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP as
reported |
$ |
0.22 |
|
|
|
$ |
0.23 |
|
|
|
$ |
0.38 |
|
|
|
$ |
0.92 |
|
|
|
$ |
1.06 |
|
|
| Non-GAAP as
adjusted |
$ |
0.25 |
|
|
|
$ |
0.25 |
|
|
|
$ |
0.29 |
|
|
|
$ |
1.19 |
|
|
|
$ |
1.03 |
|
|
| Net Income per Common Share - Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP as
reported |
$ |
0.21 |
|
|
|
$ |
0.23 |
|
|
|
$ |
0.37 |
|
|
|
$ |
0.90 |
|
|
|
$ |
1.02 |
|
|
| Non-GAAP as
adjusted |
$ |
0.25 |
|
|
|
$ |
0.24 |
|
|
|
$ |
0.28 |
|
|
|
$ |
1.17 |
|
|
|
$ |
1.00 |
|
|
| Non-GAAP
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net income |
$ |
4,655 |
|
|
|
$ |
4,571 |
|
|
|
$ |
5,383 |
|
|
|
$ |
22,063 |
|
|
|
$ |
18,390 |
|
|
| Depreciation expense |
|
658 |
|
|
|
|
748 |
|
|
|
|
662 |
|
|
|
|
2,798 |
|
|
|
|
2,175 |
|
|
| Interest income |
|
(197 |
) |
|
|
|
(198 |
) |
|
|
|
(178 |
) |
|
|
|
(755 |
) |
|
|
|
(686 |
) |
|
| Income tax expense |
|
452 |
|
|
|
|
238 |
|
|
|
|
750 |
|
|
|
|
2,470 |
|
|
|
|
1,336 |
|
|
| Non-GAAP EBITDA |
$ |
5,568 |
|
|
|
$ |
5,359 |
|
|
|
$ |
6,617 |
|
|
|
$ |
26,576 |
|
|
|
$ |
21,215 |
|
|
Use of Non-GAAP
Financial Information
The company provides
Non-GAAP gross margin, Non-GAAP net income, Non-GAAP basic and diluted net
income per share and EBITDA as supplemental information. In computing these
non-GAAP financial measures, the company excludes certain items included under
GAAP, including stock-based compensation expense and income tax provision
adjustments. In computing EBITDA, the company also excludes interest income,
provision for (benefit from) income taxes and depreciation
expense.
Management uses these
Non-GAAP financial measures to evaluate the operating performance of the
business and aid in period-to-period comparability. Management also uses the
Non-GAAP financial measures for planning and forecasting and measuring results
against its forecast. Using several measures to evaluate the business allows the
company and investors to assess the
company’s relative performance. The Non-GAAP financial measures provided herein
may not provide information that is directly comparable to that provided by
other companies in our industry, as other companies may calculate such financial
results differently. The company’s Non-GAAP financial measures are not
measurements of financial performance under GAAP, and should not be considered
as alternatives to the financial measures derived in accordance with GAAP. The
company does not consider these Non-GAAP financial measures to be a substitute
for, or superior to, the information provided by GAAP financial results. A
reconciliation of the Non-GAAP financial measures to the most directly
comparable GAAP financial measures is provided in the financial schedules
portion of this press release.
Alliance Fiber Optic (NASDAQ:AFOP)
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