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 18, 2016
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) |
Registrants 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 18, 2016,
Alliance Fiber Optic Products, Inc. issued a press release announcing its
financial results for the quarter and year ended December 31, 2015. 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) 2016 Annual Meeting of Stockholders will be
held on May 20, 2016 at such place and time as will be set forth in the
Companys proxy statement relating to that meeting. A stockholder proposal not
included in the proxy statement for the 2016 Annual Meeting will be ineligible
for presentation at the meeting unless the stockholder gives timely notice of
the proposal in writing to the Companys Secretary at the Companys principal
executive offices and otherwise complies with the provisions of the Companys
Bylaws. To be timely, the Companys Bylaws provide that the Company must have
received the stockholders 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
stockholders 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 Companys 2016 Annual
Meeting of Stockholders, stockholders must submit written notice to the
Secretary in accordance with the foregoing Bylaw provisions no earlier than
February 20, 2016 and no later than March 21, 2016.
Item 9.01. Financial Statements and Exhibits.
Exhibit |
|
Description |
|
99.1 |
|
Press Release dated February 18, 2016
announcing fourth quarter and year end 2015
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 18, 2016
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 18, 2016
announcing fourth quarter and year end 2015
results. |
Contact: |
|
Keting Lin, IR
Associate |
|
Alliance
Fiber Optic Products, Inc. |
February 18, 2016 |
Phone:
408-736-6900 x188 |
|
AFOP REPORTS ANNUAL SALES
AND OPERATING PROFITS FOR 2015.
WITH SEQUENTIAL GROWTH GUIDANCE
Sunnyvale, CA February
18, 2016 - 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, 2015.
Revenues for the fourth
quarter of 2015 totaled $16,421,000, a 9% decrease from revenues of $18,060,000
reported in the previous quarter and a 13% decrease from revenues of $18,809,000
reported in the fourth quarter of 2014. The Company recorded net income for the
fourth quarter of 2015 of $787,000, or $0.05 per share, compared to $3,653,000,
or $0.20 per share for the previous quarter, and compared to net income for the
fourth quarter of 2014 of $1,409,000, or $0.08 per share.
Revenues for the year ended
December 31, 2015 were $81,189,000, a 6% decrease over revenues of $85,987,000
reported in the previous year. Operating income for the year ended December 31,
2015 was $19,194,000, compared with $21,603,000 for the previous year. The
Company recorded a net profit for the year ended December 31, 2015 of
$13,038,000, or $0.74 per basic share. This compares with a net profit of
$14,508,000, or $0.78 per basic share, for the year ended December 31,
2014.
Fiscal year 2015
represented a year of continued profitability and investment for AFOP,
commented Peter Chang, President and Chief Executive Officer. With the softer
second half of 2015, overall annual revenues were off 6% from 2014s record
performance. With our operational efficiency, we achieved annual and quarterly
gross margins above the average of our peers throughout the year, which resulted
in improved annual Non-GAAP based gross margins, from 40% in 2014 to 41% in
2015. In addition, AFOP increased shareholder value during the year through a
stock buyback program to reduce the number of outstanding shares by over 2.5
million, while still maintaining a strong balance sheet.
While we are pleased with
the continued profitable financial performance for 2015, we are encouraged with
the business prospects in this coming year with the progress we have made with
customers, new products, and the continued strong demand in the global fiber
optics markets. In the first quarter of 2016, we expect revenues to be in the
range of $17M to $19M. Earnings per share in the first quarter of 2016 will improve with fewer outstanding
shares from the stock buyback program in 2015 and no foreign
subsidiary annual tax adjustment. In addition, we are encouraged by the
prospects of continuous sequential quarterly growth, which would result in a
year of record revenue and profits in the full year 2016. concluded Mr. Chang.
Conference
Call
Management will host a
conference call at 1:30 p.m. PT on February 18, 2016 to discuss AFOPs Fourth
Quarter and Fiscal Year 2015 financial results as well as the outlook for the
First Quarter of 2016. 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 22256438. AFOP will also provide a live webcast of its Fourth
Quarter and Fiscal Year 2015 Earnings Conference call at AFOPs website:
www.afop.com. The webcast replay will be available on AFOPs 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, business prospects and the time periods thereof, our beliefs
regarding demand in the global market, 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, 2015. 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.
Consolidated Balance Sheets
(in thousands)
(Unaudited)
|
|
Dec.
31, |
|
Dec.
31, |
|
|
2015 |
|
2014 |
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash
and short-term investments |
|
$ |
23,988 |
|
$ |
54,580 |
Accounts
receivable, net |
|
|
12,547 |
|
|
10,806 |
Inventories,
net |
|
|
10,919 |
|
|
9,305 |
Deferred
tax assets |
|
|
3,848 |
|
|
3,690 |
Other
current assets |
|
|
2,121 |
|
|
2,077 |
Total
current assets |
|
|
53,423 |
|
|
80,458 |
|
Long-term
investments |
|
|
10,821 |
|
|
10,635 |
Property and
equipment, net |
|
|
16,183 |
|
|
13,868 |
Other
assets |
|
|
206 |
|
|
212 |
Total
assets |
|
$ |
80,633 |
|
$ |
105,173 |
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts
payable |
|
$ |
6,059 |
|
$ |
9,236 |
Accrued
expenses and other current liabilities |
|
|
9,510 |
|
|
8,699 |
Total
current liabilities |
|
|
15,569 |
|
|
17,935 |
Long-term
liabilities |
|
|
2,194 |
|
|
978 |
Total
liabilities |
|
|
17,763 |
|
|
18,913 |
Stockholders'
equity |
|
|
62,870 |
|
|
86,260 |
Total
liabilities and stockholders' equity |
|
$ |
80,633 |
|
$ |
105,173 |
ALLIANCE FIBER OPTIC
PRODUCTS, INC.
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, |
|
|
2015 |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Revenues |
|
$ |
16,421 |
|
|
$ |
18,060 |
|
|
$ |
18,809 |
|
|
$ |
81,189 |
|
|
$ |
85,987 |
|
|
Cost of
revenues |
|
|
9,770 |
|
|
10,963 |
|
|
|
11,339 |
|
|
|
48,154 |
|
|
|
51,770 |
|
Gross profit |
|
|
6,651 |
|
|
7,097 |
|
|
|
7,470 |
|
|
|
33,035 |
|
|
|
34,217 |
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
1,090 |
|
|
1,009 |
|
|
|
1,096 |
|
|
|
4,411 |
|
|
|
4,340 |
|
Selling, marketing and
administrative |
|
|
2,259 |
|
|
2,373 |
|
|
|
1,954 |
|
|
|
9,430 |
|
|
|
8,274 |
|
Total
operating expenses |
|
|
3,349 |
|
|
3,382 |
|
|
|
3,050 |
|
|
|
13,841 |
|
|
|
12,614 |
|
|
Income from
operations |
|
|
3,302 |
|
|
3,715 |
|
|
|
4,420 |
|
|
|
19,194 |
|
|
|
21,603 |
|
Interest and
other income, net |
|
|
87 |
|
|
|
148 |
|
|
|
209 |
|
|
|
623 |
|
|
|
769 |
|
Net income
before tax |
|
|
3,389 |
|
|
3,863 |
|
|
|
4,629 |
|
|
$ |
19,817 |
|
|
$ |
22,372 |
|
Provision
for income taxes |
|
|
(2,602 |
) |
|
|
(210 |
) |
|
|
(3,220 |
) |
|
|
(6,779 |
) |
|
|
(7,864 |
) |
Net
income |
|
$ |
787 |
|
|
$ |
3,653 |
|
|
$ |
1,409 |
|
|
$ |
13,038 |
|
|
$ |
14,508 |
|
|
Net income
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.05 |
|
|
$ |
0.20 |
|
|
$ |
0.08 |
|
|
$ |
0.74 |
|
|
$ |
0.78 |
|
Diluted |
|
$ |
0.05 |
|
|
$ |
0.20 |
|
|
$ |
0.08 |
|
|
$ |
0.73 |
|
|
$ |
0.77 |
|
|
Shares used
in per share calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
17,055 |
|
|
17,850 |
|
|
|
18,366 |
|
|
|
17,648 |
|
|
|
18,488 |
|
Diluted |
|
|
17,315 |
|
|
18,227 |
|
|
|
18,727 |
|
|
|
17,945 |
|
|
|
18,935 |
|
|
Included in
costs and expenses above: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based
compensation charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
$ |
118 |
|
|
$ |
137 |
|
|
$ |
113 |
|
|
$ |
513 |
|
|
$ |
492 |
|
Research and
development |
|
|
41 |
|
|
|
51 |
|
|
|
44 |
|
|
|
196 |
|
|
|
234 |
|
Selling, marketing and
administrative |
|
|
657 |
|
|
|
666 |
|
|
|
321 |
|
|
|
2,227 |
|
|
|
1,435 |
|
Total |
|
$ |
816 |
|
|
$ |
854 |
|
|
$ |
478 |
|
|
$ |
2,936 |
|
|
$ |
2,161 |
|
ALLIANCE FIBER OPTIC
PRODUCTS, INC.
Reconciliations from GAAP to Non-GAAP
(In thousands, except per share amounts)
(Unaudited)
|
|
Three Months
Ended |
|
Twelve Months
Ended |
|
|
Dec. 31, |
|
Sep. 30, |
|
Dec. 31, |
|
Dec. 31, |
|
Dec. 31, |
|
|
2015 |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Gross Profit Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit |
|
$ |
6,651 |
|
|
|
$ |
7,097 |
|
|
|
$ |
7,470 |
|
|
|
$ |
33,035 |
|
|
|
$ |
34,217 |
|
|
Stock-based
compensation expense |
|
|
118 |
|
|
|
|
137 |
|
|
|
|
113 |
|
|
|
|
513 |
|
|
|
|
492 |
|
|
Adjusted
(non-GAAP) gross profit |
|
$ |
6,769 |
|
|
|
|
7,234 |
|
|
|
$ |
7,583 |
|
|
|
$ |
33,548 |
|
|
|
$ |
34,709 |
|
|
Adjusted
(non-GAAP) gross margin |
|
|
41.2 |
|
% |
|
|
40.1 |
|
% |
|
|
40.3 |
|
% |
|
|
41.3 |
|
% |
|
|
40.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expense Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
operating expenses |
|
$ |
3,349 |
|
|
|
$ |
3,382 |
|
|
|
$ |
3,050 |
|
|
|
$ |
13,841 |
|
|
|
$ |
12,614 |
|
|
Stock-based
compensation expense |
|
|
698 |
|
|
|
|
717 |
|
|
|
|
365 |
|
|
|
|
2,423 |
|
|
|
|
1,669 |
|
|
Adjusted
(non-GAAP) operating expenses |
|
$ |
2,651 |
|
|
|
$ |
2,665 |
|
|
|
$ |
2,685 |
|
|
|
$ |
11,418 |
|
|
|
$ |
10,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Operations
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income
from operations |
|
$ |
3,302 |
|
|
|
$ |
3,715 |
|
|
|
$ |
4,420 |
|
|
|
$ |
19,194 |
|
|
|
$ |
21,603 |
|
|
Adjustments
related to gross profit |
|
|
118 |
|
|
|
|
137 |
|
|
|
|
113 |
|
|
|
|
513 |
|
|
|
|
492 |
|
|
Adjustments
related to operating expense |
|
|
698 |
|
|
|
|
717 |
|
|
|
|
365 |
|
|
|
|
2,423 |
|
|
|
|
1,669 |
|
|
Adjusted
(non-GAAP) income from operations |
|
$ |
4,118 |
|
|
|
$ |
4,569 |
|
|
|
$ |
4,898 |
|
|
|
$ |
22,130 |
|
|
|
$ |
23,764 |
|
|
Adjusted
(non-GAAP) operating margin |
|
|
25.1 |
|
% |
|
|
25.3 |
|
% |
|
|
26.0 |
|
% |
|
|
27.3 |
|
% |
|
|
27.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income |
|
$ |
787 |
|
|
|
$ |
3,653 |
|
|
|
$ |
1,409 |
|
|
|
$ |
13,038 |
|
|
|
$ |
14,508 |
|
|
Adjustments
related to gross profit |
|
|
118 |
|
|
|
|
137 |
|
|
|
|
113 |
|
|
|
|
513 |
|
|
|
|
492 |
|
|
Adjustments
related to operating expense |
|
|
698 |
|
|
|
|
717 |
|
|
|
|
365 |
|
|
|
|
2,423 |
|
|
|
|
1,669 |
|
|
Income tax
provision adjustments |
|
|
(760 |
) |
|
|
|
(310 |
) |
|
|
|
2,768 |
|
|
|
|
994 |
|
|
|
|
5,394 |
|
|
Adjusted
(non-GAAP) net income |
|
$ |
843 |
|
|
|
$ |
4,197 |
|
|
|
$ |
4,655 |
|
|
|
$ |
16,968 |
|
|
|
$ |
22,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
17,055 |
|
|
|
|
17,850 |
|
|
|
|
18,366 |
|
|
|
|
17,648 |
|
|
|
|
18,488 |
|
|
Diluted |
|
|
17,315 |
|
|
|
|
18,227 |
|
|
|
|
18,727 |
|
|
|
|
17,945 |
|
|
|
|
18,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Common Share -
Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
as reported |
|
$ |
0.05 |
|
|
|
$ |
0.20 |
|
|
|
$ |
0.08 |
|
|
|
$ |
0.74 |
|
|
|
$ |
0.78 |
|
|
Non-GAAP
as adjusted |
|
$ |
0.05 |
|
|
|
$ |
0.24 |
|
|
|
$ |
0.25 |
|
|
|
$ |
0.96 |
|
|
|
$ |
1.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Common Share -
Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
as reported |
|
$ |
0.05 |
|
|
|
$ |
0.20 |
|
|
|
$ |
0.08 |
|
|
|
$ |
0.73 |
|
|
|
$ |
0.77 |
|
|
Non-GAAP
as adjusted |
|
$ |
0.05 |
|
|
|
$ |
0.23 |
|
|
|
$ |
0.25 |
|
|
|
$ |
0.95 |
|
|
|
$ |
1.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income |
|
$ |
843 |
|
|
|
$ |
4,197 |
|
|
|
$ |
4,655 |
|
|
|
$ |
16,968 |
|
|
|
$ |
22,063 |
|
|
Depreciation
expense |
|
|
814 |
|
|
|
|
685 |
|
|
|
|
658 |
|
|
|
|
2,837 |
|
|
|
|
2,798 |
|
|
Interest
income |
|
|
(143 |
) |
|
|
|
(182 |
) |
|
|
|
(197 |
) |
|
|
|
(717 |
) |
|
|
|
(755 |
) |
|
Income tax
expense |
|
|
3,362 |
|
|
|
|
520 |
|
|
|
|
452 |
|
|
|
|
5,785 |
|
|
|
|
2,470 |
|
|
Non-GAAP
EBITDA |
|
$ |
4,876 |
|
|
|
$ |
5,220 |
|
|
|
$ |
5,568 |
|
|
|
$ |
24,873 |
|
|
|
$ |
26,576 |
|
|
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 companys 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 companys
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.
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