AFOP Reports 100% Year Over Year Profit Increase in 1st Quarter, 2013 With Record Quarterly Sales Guidance for Q2, 2013
24 April 2013 - 6:05AM
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 first quarter ended March 31, 2013.
Revenues for the first quarter of 2013 totaled $12,153,000, a
15% increase from revenues of $10,535,000 reported in the first
quarter of 2012, and flat from revenues of $12,159,000 reported in
the previous quarter. The Company recorded net income for the first
quarter of 2013 of $1,850,000, or $0.22 per share based on 8.6
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 fourth quarter of 2012
of $5,597,000, or $0.64 per share based on 8.7 million shares
outstanding. Included in net income for the fourth quarter of 2012
was a one-time tax benefit of approximately $3.7 million. Excluding
this tax benefit, earnings were $0.22 per share in the fourth
quarter of 2012.
Included in expenses were stock-based compensation of $280,000
for the quarter ended March 31, 2013, $247,000 for the quarter
ended March 31, 2012 and $280,000 for the quarter ended December
31, 2012.
Peter Chang, President and Chief Executive Officer, commented,
"We are very pleased with the financial performance and progress
AFOP made in the quarter ended March 31, 2013. With strong customer
demand, and timely recovery by our Asia operations after the
Chinese New Year shutdown, we delivered higher than originally
guided quarterly sales. With our focus on operational excellence,
we achieved a record gross margin level, above 36%, which resulted
in a 100% increase in profits, compared with a year ago
quarter."
"More importantly, customers demand remains strong after March.
Based on input from our customers and current expectations
regarding orders, we expect revenues to increase to a record level
above $14M in the second quarter of 2013, which would represent
more than 20% growth from the year ago quarter. With such a strong
beginning, we are encouraged by the prospect of delivering both
record revenues and record profits for the year of 2013." concluded
Mr. Chang.
Conference Call
Management will host a conference call at 1:30 p.m. Pacific Time
on April 23, 2013 to discuss AFOP's first quarter 2013 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 31645147. AFOP will also provide a live webcast of its first
quarter 2013 conference call at AFOP's website, www.afop.com. The
webcast replay will be available on AFOP's 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 and profits and
the time periods thereof, our operational excellence and ability to
sustain the same, and our expectations regarding customer demand,
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 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 Annual Report on Form
10-K for the year ended December 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) |
|
|
|
|
Mar. 31 |
Dec. 31, |
|
2013 |
2012 |
|
(Unaudited) |
|
ASSETS |
|
|
Current assets: |
|
|
Cash and short-term investments |
$ 31,863 |
$ 33,275 |
Accounts receivable, net |
9,090 |
8,046 |
Inventories, net |
7,598 |
6,933 |
Deferred tax asset |
1,234 |
1,234 |
Other current assets |
1,187 |
1,166 |
Total current assets |
50,972 |
50,654 |
|
|
|
Long-term investments |
10,318 |
10,274 |
Property and equipment, net |
7,687 |
7,708 |
Deferred tax asset |
2,468 |
2,468 |
Other assets |
247 |
249 |
Total assets |
$ 71,692 |
$ 71,353 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 6,183 |
$ 6,591 |
Accrued expenses and other
liabilities |
3,760 |
4,115 |
Total current liabilities |
9,943 |
10,706 |
|
|
|
Long-term liability |
598 |
616 |
Total liabilities |
10,541 |
11,322 |
|
|
|
Stockholders' equity |
61,151 |
60,031 |
Total liabilities and stockholders'
equity |
$ 71,692 |
$ 71,353 |
|
|
|
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, |
|
2013 |
2012 |
2012 |
|
|
|
|
Revenues |
$ 12,153 |
$ 12,159 |
$ 10,535 |
|
|
|
|
Cost of revenues |
7,745 |
7,929 |
7,091 |
Gross profit |
4,408 |
4,230 |
3,444 |
|
|
|
|
Operating expenses: |
|
|
|
Research and development |
813 |
831 |
807 |
Sales and marketing |
712 |
652 |
675 |
General and administrative |
1,116 |
1,085 |
1,082 |
Total operating expenses |
2,641 |
2,568 |
2,564 |
|
|
|
|
Income from operations |
1,767 |
1,662 |
880 |
Interest and other income, net |
133 |
223 |
150 |
Income before benefit (provision) for income
taxes |
1,900 |
$ 1,885 |
1,030 |
Benefit (provision) for income taxes |
(50) |
3,712 |
(109) |
Net income |
$ 1,850 |
$ 5,597 |
$ 921 |
|
|
|
|
Net income per share: |
|
|
|
Basic |
$ 0.22 |
$ 0.64 |
$ 0.10 |
Diluted |
$ 0.21 |
$ 0.63 |
$ 0.10 |
|
|
|
|
Shares used in per share calculation: |
|
|
|
Basic |
8,595 |
8,736 |
8,846 |
Diluted |
8,906 |
8,935 |
9,085 |
|
|
|
|
Included in costs and expenses above: |
|
|
|
Stock based compensation charges |
|
|
|
Cost of revenue |
$ 35 |
$ 33 |
$ 26 |
Research and development |
33 |
33 |
27 |
Sales and marketing |
66 |
67 |
59 |
General and administrative |
146 |
147 |
135 |
Total |
$ 280 |
$ 280 |
$ 247 |
CONTACT: Anita Ho
Acting Chief Financial Officer
Alliance Fiber Optic Products, Inc.
Phone: 408-736-6900 x168
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