Product category: Optical Transceivers, Transponders and Repeaters
News Release from: Finisar Corp
Edited by the Electronicstalk Editorial Team on 13 June 2006
Optimism abounds at Finisar
Finisar Corporation has reported financial results for its fourth quarter and fiscal year ended 30th April 2006
Q4 revenues of $102.4 million were up 9.5% sequentially and up 36.8% from the fourth quarter of the prior year. These results were in the upper range of management's revenue guidance of $97-$104 million for the quarter. The company has now recorded 11 consecutive quarters of revenue growth, the last seven of which have set new records.
This article was originally published on Electronicstalk on 13 June 2006 at 8.00am (UK)
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Net income was $0.01 per diluted share compared with net income of $0.03 per share in the third quarter (which included a large nonrecurring gain on the sale of an investment), and a net loss of $0.15 per share in the fourth quarter of the prior year.
Gross margins of 33.7% were up from 30.2% in the third quarter and 13.6% in the fourth quarter of the prior year.
Cash and short-term investments, plus other long-term investments which can be readily converted into cash, totaled $118.8 million at 30th April 2006, up from $116.3 million at the end of last quarter.
Further reading
Finisar acquires Azna and Kodeos Communications
Acquisitions add key technologies involving advanced modulation and electronic signal processing for cost-effectively extending the reach and tunability of transceivers and transponders
Testing platform for all major storage protocols
6Gbyte/s SAS/SATA (Serial Attached SCSI/Serial ATA) analyser and tester is incorporated into the Xgig testing platform
The company has reclassified certain of its investments as long-term based on its intent to hold these securities until maturity, although they can be readily sold if required.
For the year end, revenues of $364.3 million grew 29.7% from $280.8 million in the prior year.
This marks the fourth consecutive year of revenue growth, the last two of which set new records for the company.
A net loss of $0.09 per share compares to a net loss of $0.49 per share in the prior year.
Gross margins of 27.1% were up from 17.5% in the prior year.
Cash and short-term investments, plus other long-term investments which can be readily converted into cash, totaled $118.8 million at 30th April 2006, up from $102.4 million at 30th April 2005.
'Fiscal 2006 marked an important turning point for our company', said Jerry Rawls, Finisar's Chairman of the Board, President and CEO.
'We worked our way back from one of the most difficult market downturns in history and succeeded in achieving our plan for returning to profitability'.
'Our growth in optics revenues during the past year was driven by a 41% increase in our LAN/SAN business, while our sales to the metro access market increased 27%'.
'This revenue growth combined with our vertically integrated business model produced gross margins that exceeded the expectations of many in our industry'.
'We also continued to invest in R and D, producing a number of new products that will help us maintain technological leadership and fuel future revenue growth'.
'We remain very optimistic about our future'.
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