News

30 January 2009

 

Oplink’s revenues fall 12.5%

For its fiscal second-quarter 2009 (to end-December 2008), photonic component, module and subsystem maker Oplink Communications Inc of Fremont, CA, USA has reported revenue of $37.6m (down 12.5% on last quarter’s $43m and 23% on $48.9m a year ago).

However, this excluded $805,000 related to deferred shipments of products for Nortel Networks (which filed for bankruptcy protection on 14 January). Otherwise, revenue would have been $38.4m (down 11% and 21%, respectively).

Net loss has grown from $3.4m last quarter to $10.5m. However, this included $10.8m for the impairment of goodwill and other costs associated mainly with the acquisition in October 2007 of Optical Communication Products Inc (OCP) of Woodland Hills, CA, USA.

Excluding this plus $1.4m in stock-based compensation and $954,000 in amortization of intangibles, non-GAAP net income was $2.6m, down only slightly from $3.2m last quarter (which excluded a $4.1m provision for excess and obsolete inventory, $1.6m in stock-based compensation and $954,000 in amortization of intangible assets).

During the quarter, Oplink generated $3.4m in cash from operations, repurchased $2.3m in common stock, and closed the quarter with cash, cash equivalents and short- and long-term investments of $146.8m (down only slightly from $142m at the end of June).

“With continued integration efforts and cost control measures, we are closely aligning our operating expenses with lower near-term revenue expectations,” says president & CEO Joe Liu. “While we are cautious about near-term carrier spending and the overall economy, we remain optimistic about long-term demand for our products and services as well as maintaining our leadership in passive optics,” he adds.

For its fiscal third-quarter 2009 (to end March), Oplink expects revenue of $28-32m (down 15-25%).

See related items:

Oplink controlling costs during near-term economic concerns

Oplink’s earnings rebound as revenue falls less than expected

Search: Oplink Photonic components

Visit: www.oplink.com