Financial Data
SUMMARY FINANCIAL DATA
(IN THOUSANDS, EXCEPT PER SHARE DATA)
The following summary financial data should be read together with
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" and our financial statements and the notes thereto included
elsewhere in this prospectus. The statement of operations data for the fiscal
years ended April 30, 1997, 1998 and 1999 are derived from, and are qualified by
reference to, our audited financial statements included elsewhere in this
prospectus. The statement of operations data for the years ended April 30, 1995
and 1996 are derived from unaudited financial statements not included in this
prospectus. The statement of operations data for the three month periods ended
July 31, 1998 and 1999 and the balance sheet data as of July 31, 1999 are
derived from, and are qualified by reference to, our unaudited financial
statements included elsewhere in this prospectus.
THREE MONTHS ENDED
FISCAL YEAR ENDED APRIL 30, JULY 31,
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1995 1996 1997 1998 1999 1998 1999
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STATEMENT OF OPERATIONS DATA:
Revenues..................... $ 2,684 $ 5,660 $ 8,457 $ 22,067 $ 35,471 $ 6,794 $ 13,879
Gross profit................. 1,822 2,538 5,019 13,362 19,957 4,128 7,627
Income from operations....... 654 700 1,374 7,094 5,651 1,603 2,247
Net income................... 433 463 947 4,358 3,077 1,053 1,300
Net income per share (1):
Basic...................... $ 0.01 $ 0.01 $ 0.02 $ 0.10 $ 0.08 $ 0.03 $ 0.04
Diluted.................... $ 0.01 $ 0.01 $ 0.02 $ 0.10 $ 0.07 $ 0.03 $ 0.03
Shares used in per share
calculations (1):
Basic...................... 44,000 44,000 44,000 43,753 36,860 41,800 29,464
Diluted.................... 44,000 44,000 44,000 43,753 44,937 41,800 42,610
JULY 31, 1999
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PRO PRO FORMA
ACTUAL FORMA(2) AS ADJUSTED(3)
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BALANCE SHEET DATA:
Cash and cash equivalents........................ $ 5,404 $ 5,404 $
Working capital.................................. 14,007 14,007
Total assets..................................... 24,459 24,459
Long-term debt................................... 11,019 11,019
Convertible redeemable preferred stock........... 26,259 --
Total stockholders' equity (deficit)(4).......... (19,950) 3,669
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(1) See Note 1 to our financial statements for a description of the computation
of the number of shares and net income per share.
(2) The pro forma amounts give effect to the conversion of all outstanding
shares of our convertible redeemable preferred stock into 8,981,897 shares
of our common stock and 12,039,486 shares of our redeemable preferred stock.
(3) The pro forma as adjusted amounts reflect pro forma amounts, as further
adjusted to reflect the sale of shares of common stock by
Finisar in this offering, at an assumed initial public offering price of $
per share and after deducting the estimated underwriting
discount and estimated offering expenses, and our receipt and application of
the net proceeds, including the repayment of our term loan and redemption of
all outstanding shares of redeemable preferred stock upon the closing of
this offering. See "Use of Proceeds" and "Capitalization."
(4) Total stockholders' equity (deficit) reflects retained earnings of $10.8
million prior to giving effect to the repurchase of shares of our common
stock for $31.7 million in November 1998.
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