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 first quarter ended March
31, 2010.
Revenues for the first quarter of 2010 totaled $8,406,000, a 12%
increase from revenues of $7,517,000 reported in the previous
quarter, and a 10% increase from revenues of $7,643,000 reported in
the first quarter of 2009. The Company recorded net income for the
first quarter of 2010 of approximately $641,000, or $0.02 per share
based on 42.5 million shares outstanding, compared to $428,000, or
$0.01 per share based on 42.2 million shares outstanding, for the
fourth quarter of 2009. This compares to net income for the first
quarter of 2009 of $302,000, or $0.01 per share based on 41.9
million shares outstanding.
Included in expenses for the quarter ended March 31, 2010 was
approximately $33,000 of stock-based compensation, compared to
$28,000 of stock-based compensation charges for the quarter ended
March 31, 2009.
Peter Chang, President and Chief Executive Officer, commented,
“We are pleased to begin the new decade with a demanding and
growing quarter. Besides sequential revenue growth and improved
gross margin, operating profits and net profits, we have seen many
encouraging activities with our key customers. Even with more
capital investment to meet increasing customer demands during the
quarter, our balance sheet remains strong. At the end of the first
quarter, our cash and short-term investments, together with our ARS
Right, was about $41 million, after the cash dividend payment in
January, 2010.”
“Going forward, we feel that demand remains strong across all
our businesses. Based on current backlog, we expect that revenues
for the coming quarter will grow by ten percent. Additionally, with
our continued focus on operational efficiencies, we are optimistic
about both revenue and profit growth in the remainder of 2010.”
concluded Mr. Chang.
Conference Call
Management will host a conference call at 1:30 p.m. Pacific Time
on April 22, 2010 to discuss AFOP’s first quarter 2010
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 349010. AFOP will also provide a live webcast of
its first quarter 2010 conference call at AFOP’s website
www.afop.com. An audio replay will be available until May 5,
2010. The dial in number for the replay is
877-660-6853 or 201-612-7415. The replay passcodes (account #
286; conference ID#: 349010) 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 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 and profit levels, and
growth, and the potential timing thereof, our beliefs regarding
business conditions, our customer base and customer demand, our
expectations regarding current or future orders and the impact of
those orders on our business, and our ability to continue to focus
on our operational efficiencies or our successes in doing so, 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, 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-K for the year ended
December 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) Mar.
31 Dec. 31, 2010 2009 (Unaudited) ASSETS Current
assets: Cash and short-term investments $ 39,418 $ 40,493 Other
current asset - ARS 1,762 1,778 Accounts receivable 5,430 4,952
Inventories 5,861 4,984 Other current assets 615 515
Total current assets 53,086 52,722 Property and equipment,
net 4,797 4,434 Other assets 126 233 Total assets $
58,009 $ 57,389 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $ 4,611 $ 3,701 Accrued
expenses and other liabilities 2,804 3,936 Total
current liabilities 7,415 7,637 Long-term liability
812 813 Total liabilities 8,227 8,450 Stockholders'
equity 49,782 48,939 Total liabilities and
stockholders' equity $ 58,009 $ 57,389
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,
2010 2009 2009 Revenues $ 8,406 $ 7,517
$ 7,643 Cost of revenues 5,711 5,151
5,345 Gross profit 2,695 2,366 2,298
Operating expenses: Research and development 709 760 729 Sales and
marketing 561 535 634 General and administrative 933
817 845
Total operating expenses
2,203 2,112 2,208 Income from operations 492 254 90 Interest
and other income, net 150 196 222 Net income
before tax 642 $ 450 312 Income tax 1 22 10
Net income $ 641 $ 428 $ 302 Net income per share: Basic $
0.02 $ 0.01 $ 0.01 Diluted $ 0.01 $ 0.01 $ 0.01 Shares used
in per share calculation: Basic 42,467 42,213 41,872 Diluted 43,241
42,876 41,897 Included in costs and expenses above: Stock
based compensation charges Cost of revenue $ 12 $ 12 $ 14 Research
and development 5 5 6 Sales and marketing 4 3 4 General and
administrative 12 13 4 Total $ 33 $ 33 $ 28
Alliance Fiber Optic (NASDAQ:AFOP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Alliance Fiber Optic (NASDAQ:AFOP)
Historical Stock Chart
From Jul 2023 to Jul 2024