Optical Communication Products Inc. Announces Financial Results for Quarter Ended Dec. 31, 2000
CHATSWORTH, Calif.--(BUSINESS WIRE)--Jan. 30, 2001--Optical Communication Products Inc. (Nasdaq:OCPI - news), a manufacturer of fiber optic subsystems and modules for metropolitan area networks and high-speed premises networks, today reported financial results for the quarter ended Dec. 31, 2000, which is the first quarter of OCP's fiscal year ending Sept. 30, 2001.
Revenue for the first quarter of fiscal 2001 increased 183 percent to $41.9 million from $14.8 million for the same period in fiscal 2000, and increased 28 percent compared with $32.8 million for the fourth quarter of fiscal 2000.
Net income for the first quarter of 2001 increased 232 percent to $10.8 million from $3.3 million for the same period in fiscal 2000, and increased 28 percent from the fourth quarter of fiscal 2000.
Earnings per diluted share for the first quarter of fiscal 2001 increased 233 percent to 10 cents per share, compared with 3 cents per share for the same period in fiscal 2000, and increased 11 percent from the fourth quarter of fiscal 2000.
Net income for the first quarter of 2001 included approximately $533,000 of interest income, net of related income tax expense, derived from investment of the net proceeds of the company's initial public offering which was completed on Nov. 3, 2000.
``We are extremely proud of the results that our team has achieved in our first fiscal quarter of 2001,'' said Dr. Muoi Van Tran, OCP's chairman and chief executive officer. ``Our revenue growth in this quarter is again an indication of the continuing strong demand for our products which serve metropolitan area networks and high-speed premises networks.
``We are also working to continuously expand our manufacturing capacity to satisfy our customers' needs. On the new product introduction front, we are starting to ship the OC-48 transponders which we announced recently. The transponder product family is an example of OCP's commitment to offer our customers a more integrated module solution with ease of use to shorten their time to market.''
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