AFOP Reports Improved Second Quarter, 2012 Financial Results With Sequential Growth
July 24 2012 - 3:05PM
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 second quarter ended June 30, 2012.
Revenues for the second quarter of 2012 totaled $11,527,000, a
9% increase from revenues of $10,535,000 reported in the previous
quarter, and a 8% increase from revenues of $10,655,000 reported in
the second quarter of 2011. The Company recorded net income for the
second quarter of 2012 of $1,232,000, or $0.14 per share based on
8.8 million shares outstanding, compared to $921,000, or $0.10 per
share based on 8.8 million shares outstanding, for the first
quarter of 2012. This compares to net income for the second quarter
of 2011 of $1,249,000, or $0.14 per share based on 8.9 million
shares outstanding.
Included in expenses were stock-based compensation amounts of
$271,000 for the quarter ended June 30, 2012, $247,000 for the
quarter ended March 31, 2012 and $171,000 for the quarter ended
June 30, 2011.
Peter Chang, President and Chief Executive Officer, commented,
"We are very pleased with the financial performance and progress
AFOP made in the quarter ended June 30, 2012. With strong customer
demand, we delivered quarterly sales higher than our original
guidance. With efficiency improvement and favorable product mix, we
achieved higher margins, and generated increased profits in the
quarter. In addition, our cash and short-term and long-term
investments increased, while we continued our on-going stock
repurchase program."
"Based on input from our customers, we expect that revenues in
the third quarter of 2012 to be higher than the last quarter.
Additionally, we remain optimistic about our opportunity for
revenue growth and profit improvements for the remainder of 2012 as
well," concluded Mr. Chang.
Conference Call
Management will host a conference call at 1:30 p.m. Pacific Time
on July 24, 2012 to discuss AFOP's second quarter 2012 financial
results. To participate in AFOP's conference call, 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 96041630. AFOP will also provide a live webcast of its second
quarter 2012 conference call at AFOP's website, www.afop.com. An
audio replay will be available until August 24, 2012. The dial in
number for the replay is 855-859-2056 or 404-537-3406. The replay
conference ID is 96041630.
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.
The Alliance Fiber Optic Products, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5578
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, our beliefs
regarding our opportunity for revenue growth and profit
improvements and the time periods thereof, our beliefs regarding
business conditions, our customer base, and demand for our products
and our ability to continue to achieve efficiency improvements and
a favorable product mix 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 bandwith, 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 bandwith, 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 March 31, 2012. 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, |
|
2012 |
2011 |
ASSETS |
(Unaudited) |
|
Current assets: |
|
|
Cash and short-term
investments |
$ 41,076 |
$ 39,588 |
Accounts receivable |
7,698 |
6,630 |
Inventories |
6,573 |
6,763 |
Other current assets |
1,193 |
714 |
Total current assets |
56,540 |
53,695 |
|
|
|
Long-term investments |
10,185 |
10,098 |
Property and equipment, net |
7,469 |
7,718 |
Other assets |
189 |
162 |
Total assets |
$ 74,383 |
$ 71,673 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
Current liabilities: |
|
|
Accounts payable |
$ 5,233 |
$ 3,647 |
Accrued expenses and other
current liabilities |
3,669 |
3,721 |
Total current liabilities |
8,902 |
7,368 |
|
|
|
Long-term liabilities: |
|
|
Other long-term
liabilities |
673 |
691 |
Total liabilities |
9,575 |
8,059 |
|
|
|
Stockholders' equity |
64,808 |
63,614 |
|
|
|
Total liabilities and
stockholders' equity |
$ 74,383 |
$ 71,673 |
|
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, |
|
2012 |
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
|
Revenues |
$ 11,527 |
$ 10,535 |
$ 10,655 |
$ 22,062 |
$ 20,105 |
|
|
|
|
|
|
Cost of revenues |
7,618 |
7,091 |
7,202 |
14,709 |
13,617 |
Gross profit |
3,909 |
3,444 |
3,453 |
7,353 |
6,488 |
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
Research and development |
839 |
807 |
804 |
1,646 |
1,522 |
Sales and marketing |
662 |
675 |
566 |
1,337 |
1,116 |
General and administrative |
1,120 |
1,082 |
1,015 |
2,202 |
2,043 |
Total operating expenses |
2,621 |
2,564 |
2,385 |
5,185 |
4,681 |
|
|
|
|
|
|
Income from operations |
1,288 |
880 |
1,068 |
2,168 |
1,807 |
|
|
|
|
|
|
Interest and other income, net |
160 |
150 |
174 |
310 |
303 |
Net income before tax |
$ 1,448 |
$ 1,030 |
$ 1,242 |
$ 2,478 |
$ 2,110 |
|
|
|
|
|
|
Income tax |
216 |
109 |
(7) |
325 |
(160) |
Net income |
$ 1,232 |
$ 921 |
$ 1,249 |
$ 2,153 |
$ 2,270 |
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
Basic |
$ 0.14 |
$ 0.10 |
$ 0.14 |
$ 0.24 |
$ 0.26 |
Diluted |
$ 0.14 |
$ 0.10 |
$ 0.14 |
$ 0.24 |
$ 0.25 |
|
|
|
|
|
|
Shares used in per share
calculation: |
|
|
|
|
Basic |
8,820 |
8,846 |
8,852 |
8,833 |
8,838 |
Diluted |
9,000 |
9,085 |
9,068 |
9,020 |
9,178 |
|
|
|
|
|
|
Included in costs and expenses
above: |
|
|
|
|
Stock based compensation
charges |
|
|
|
|
Cost of revenue |
$ 32 |
$ 26 |
$ 23 |
$ 58 |
$ 46 |
Research and development |
33 |
27 |
11 |
60 |
19 |
Sales and marketing |
64 |
59 |
39 |
123 |
54 |
General and administrative |
142 |
135 |
98 |
277 |
135 |
Total |
$ 271 |
$ 247 |
$ 171 |
$ 518 |
$ 254 |
CONTACT: Anita Ho
Acting Chief Financial Officer
Alliance Fiber Optic Products, Inc.
Phone: 408-736-6900 x168
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