Alliance Fiber Optic Products, Inc. (NASDAQ CM: 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 second quarter ended June
30, 2009.
Revenues for the second quarter of 2009 totaled $7,723,000, a 1%
increase from revenues of $7,643,000 recorded in the first quarter
of 2009 and 25% decrease compared with revenues of $10,323,000 for
the second quarter of 2008. The Company recorded net income for the
second quarter of 2009 of $432,000. This compares to net income for
the first quarter of 2009 of $302,000 and $1,081,000 for the second
quarter of 2008.
Included in expenses for the quarter ended June 30, 2009 was
$22,000 of stock-based compensation charges under FAS 123(R).
Included in expenses for the quarter ended June 30, 2008 and the
quarter ended March 31, 2009 were $46,000 and $28,000 of
stock-based compensation charges under SFAS 123(R),
respectively.
Peter Chang, President and Chief Executive Officer, commented,
�Despite the difficult worldwide economic situation, we managed to
grow our revenue slightly in the second quarter. With almost the
same revenue level as Q1, we improved our gross margin and reduced
our overall operating expenses, which resulted in a significantly
higher operating profit of $292,000 in the 2nd quarter, compared
with an operating profit of $90,000 the 1st quarter. This is our
thirteenth consecutive profitable quarter.�
�During the quarter, we also strengthened our balance sheet.
Compared with last quarter, our inventory level was reduced, we
reclassified our long-term investments and ARS rights to current
and increased our cash and investments, including our ARS rights,
by $1,061,000 to $40,763,000. In addition, we began to receive some
cash redemptions on our auction rate securities.�
�Regarding the third quarter of 2009, we expect that revenues
will grow slightly and that the Company will achieve another
consecutive profitable quarter. In the meantime, we intend to keep
investing in new products, working together with our customers to
secure new growth opportunities and position AFOP for when the
economy begins to recover.� concluded Mr. Chang.
Conference Call
Management will host a conference call at 1:30 p.m. Pacific Time
on July 22, 2009 to discuss AFOP�s second quarter 2009 financial
results. To participate in AFOP�s conference call, please call
877-407-9210 at least ten minutes prior to the call in order for
the operator to connect you. The confirmation number for the call
is�327575. AFOP will also provide a live webcast of its second
quarter 2009 conference call at AFOP�s website: www.afop.com. An
audio replay will be available until August 5, 2009. The dial in
for the replay is 877-660-6853. The replay pass-codes (account #
286; conference ID#: 327575) are both required for the replay.
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 DWDM components and modules, fixed and variable optical
attenuators, and depolarizers. 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
future market demand, and our expectations regarding second quarter
2009 results, including our expectations regarding our second
quarter 2009 revenues and profitability, and the basis for our
expectations, 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, order trends and customer demand,
the timing of customer orders, loss of key customers, ability to
ramp new products into volume production, industry-wide shifts in
supply and demand for optical components and modules, industry
overcapacity, failure of cost control initiatives, 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 March 31, 2009. 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) � � Jun. 30, � Dec.
31, 2009 2008 ASSETS (Unaudited) Current assets: Cash and
short-term investments $ 38,970 $ 23,954 Other current asset - ARS
Right 1,793 - Accounts receivable 5,062 4,708 Inventories 4,816
5,614 Other current assets � 594 � 379 Total current assets 51,235
34,655 � Long-term investments - 13,718 Other asset - ARS Right -
2,582 Property and equipment, net 4,382 4,653 Other assets � 189 �
190 Total assets $ 55,806 $ 55,798 � � LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,005
$ 3,572 Accrued expenses � 3,128 � 3,374 Total current liabilities
6,133 6,946 � Long-term liabilities Other long-term liabilities �
830 � 891 Total long term liabilities 6,963 7,837 � Stockholders'
equity 48,843 47,961 � � Total liabilities and stockholders' equity
$ 55,806 $ 55,798
ALLIANCE FIBER OPTIC PRODUCTS, INC.
Condensed Consolidated Statements of Operations (In
thousands, except per share amounts) (Unaudited) � � � � � � Three
Months Ended Six Months Ended Jun. 30, Mar. 31, Jun. 30, Jun. 30,
Jun. 30, 2009 2009 2008 2009 2008 � Revenues $ 7,723 $ 7,643 $
10,323 $ 15,366 $ 19,724 � Cost of revenues � 5,322 � 5,345 � 7,069
� 10,667 � 13,524 Gross profit 2,401 2,298 3,254 4,699 6,200 �
Operating expenses: Research and development 762 729 895 1,491
1,793 Sales and marketing 577 634 645 1,211 1,313 General and
administrative � 770 � 845 � 893 � 1,615 � 1,787 Total operating
expenses 2,109 2,208 2,433 4,317 4,893 � Income from operations 292
90 821 382 1,307 Interest and other income, net � 172 � 222 � 281 �
394 � 677 Net income before tax $ 464 $ 312 $ 1,102 $ 776 $ 1,984
Income tax � 32 � 10 � 21 � 42 � 83 Net income $ 432 $ 302 $ 1,081
$ 734 $ 1,901 � Net income per share: Basic $ 0.01 $ 0.01 $ 0.03 $
0.02 $ 0.05 Diluted $ 0.01 $ 0.01 $ 0.03 $ 0.02 $ 0.04 � Shares
used in per share calculation: Basic 41,979 41,872 41,574 41,926
41,483 Diluted 42,115 41,897 42,674 41,969 42,659 � Included in
costs and expenses above: Stock based compensation charges Cost of
revenue $ 11 $ 14 $ 20 $ 25 $ 42 Research and development 5 6 9 11
19 Sales and marketing 2 4 6 6 13 General and administrative � 4 �
4 � 11 � 8 � 23 Total $ 22 $ 28 $ 46 $ 50 $ 97
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