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 third quarter ended September 30,
2005. Revenues for the third quarter of 2005 were $5,269,000, which
represents a 2% increase over revenues of $5,178,000 reported in
the previous quarter, and an increase of 44% over revenues of
$3,665,000 reported in the third quarter of 2004. The Company
recorded a net loss for the third quarter of 2005 of $558,000, or
$0.01 per share based on 39.4 million shares outstanding. This
compares to a net loss for the second quarter of 2005 of $720,000,
or $0.02 per share based on 39.3 million shares outstanding, and a
net loss for the third quarter of 2004 of $2,390,000, or $0.06 per
share based on 39.0 million shares outstanding. There were no
deferred stock compensation charges for either the quarter ended
September 30, 2005 or the quarter ended June 30, 2005. Included in
the net loss for the quarter ended September 30, 2004 are deferred
stock compensation charges of $69,000. Peter Chang, President and
Chief Executive Officer, commented, "We are encouraged by the
continued improvement in our overall financial results in the third
quarter of 2005. Revenues improved sequentially once again,
expenses were under control, and we moved closer to achieving
breakeven on the bottom line. Third quarter 2005 revenue grew by
44% from a year ago, and by 2% from last quarter. Our net loss
before income taxes fell to $558,000, or $0.01 per share in the
quarter, a substantial improvement over the net loss of $2.4
million in the year ago quarter, and the net loss of $720,000 in
the second quarter of 2005. "As the business environment
strengthens in our market, this should lead toward modest growth in
the quarters ahead," concluded Mr. Chang. Conference Call
Management will host a conference call at 1:30 p.m. Pacific Time on
October 26, 2005 to discuss AFOP's third quarter 2005 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 172274. AFOP will also provide a live webcast of its third
quarter 2005 conference call at AFOP's website www.afop.com. A
replay will be available until November 2. The dial in for the
replay is (877) 660-6853. The replay passcode is account # 286;
conference ID # 172274. Both are 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 our future prospects and growth,
including revenue growth and improvement in overall financial
results, and the strengthening of the business environment in
AFOP's market, 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, 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 SEC reports,
including AFOP's most recent Form 10-QSB for the quarter ended June
30, 2005. 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. -0- *T ALLIANCE FIBER
OPTIC PRODUCTS, INC. Condensed Consolidated Balance Sheets (in
thousands) (Unaudited) Sept. 30, Dec. 31, 2005 2004 ----------
--------- ASSETS Current assets: Cash and short-term investments
$29,401 $31,456 Accounts receivable 3,014 2,322 Inventories 3,416
3,998 Other current assets 656 653 ---------- --------- Total
current assets 36,487 38,429 Property and equipment, net 4,814
5,603 Other assets 134 121 ---------- --------- Total assets
$41,435 $44,153 ========== ========= LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Accounts payable $1,842 $2,205 Accrued
expenses and other liabilities 2,231 2,480 ---------- ---------
Total current liabilities 4,073 4,685 Long-term liabilities 865 826
---------- --------- Total liabilities 4,938 5,511 Stockholders'
equity 36,497 38,642 ---------- --------- Total liabilities and
stockholders' equity $41,435 $44,153 ========== ========= ALLIANCE
FIBER OPTIC PRODUCTS, INC. Condensed Consolidated Statements of
Operations (In thousands, except per share amounts) (Unaudited)
Three Months Nine Months Ended Ended ------------------------
----------------- Sept. Jun. Sept. Sept. Sept. 30, 30, 30, 30, 30,
2005 2005 2004 2005 2004 ------- ------- -------- -------- --------
Revenues $5,269 $5,178 $3,665 $15,453 $9,905 Cost of revenues 4,141
4,077 3,159 12,293 9,458 ------- ------- -------- -------- --------
Gross profit 1,128 1,101 506 3,160 447 ------- ------- --------
-------- -------- Operating expenses: Research and development 784
882 1,474 2,618 4,477 Sales and marketing 519 560 469 1,653 1,484
General and administrative 756 713 927 2,219 2,599 ------- -------
-------- -------- -------- Total operating expenses 2,059 2,155
2,870 6,490 8,560 Loss from operations (931) (1,054) (2,364)
(3,330) (8,113) Interest and other income, net 373 334 (26) 1,240
358 ------- ------- -------- -------- -------- Net loss $(558)
$(720) $(2,390) $(2,090) $(7,755) ======= ======= ======== ========
======== Net loss per share - basic and diluted $(0.01) $(0.02)
$(0.06) $(0.05) $(0.20) Weighted average shares outstanding 39,405
39,259 38,970 39,228 38,492 *T
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