Finisar revises earnings that Wit SoundView were comfortable with one month ago.
Thursday July 26, 4:09 pm Eastern Time
Press Release
Finisar to Host Conference Call and Webcast Today to Discuss Revised Outlook for the First Quarter Ending July 31, 2001
SUNNYVALE, Calif.--(BUSINESS WIRE)--July 26, 2001--Finisar Corporation (Nasdaq:FNSR - news) today announced that revenue and earnings for the fiscal first quarter ending July 31, 2001, will be lower than previously projected. The Company now expects first quarter revenues will be approximately $33 to $35 million. As a result, pro forma net income excluding merger related costs, the amortization of deferred stock compensation and any remaining gain related to the Company's sale of its Opticity product line, will also be less than expected.
``We expected this to be our most challenging quarter,'' said Jerry Rawls, Finisar's President and CEO. ``Unfortunately, in the last few weeks, we have had a number of customers defer orders and shipments that were planned for the quarter. Therefore, it looks like our revenue will be down about $8 million from the low end of our guidance at the beginning of this quarter. The shortfall is spread across all of our product lines and markets. In the meantime, we are pushing ahead on a broad front to complete development of a number of new products while we work to become qualified as a supplier to many new customers.''
The Company will host a conference call to discuss its expectations for the quarter after the close of market today, Thursday, July 26, 2001, at 5:30 p.m. EDT (2:30 p.m. PDT). The conference call may be accessed via the Internet by connecting to the Company's web site, Investors Section Overview at www.finisar.com approximately 10 minutes before the start time. The conference call will be open to questions from analysts who currently follow the company.
A replay of the webcast will be available after the conclusion of the call on the Company's web site on the Investors section Audio Archive page. An audio replay of the conference call will be made available beginning two hours after the conference call for two weeks. The replay dial-in number is (800) 839-6713 or (402) 220-2306 (Conference ID No. 4380001).
About Finisar: Finisar Corporation (Nasdaq:FNSR - news) is a technology leader for fiber optic subsystems and network performance test systems which enable high-speed data communications over Gigabit Ethernet local area networks (LANs), Fibre Channel storage area networks (SANs), and metropolitan access networks (MANs). Finisar is focused on the application of digital fiber optics to provide a broad line of high-performance, reliable, value-added optical subsystems for networking and storage equipment manufacturers. Finisar's headquarters are located at 1308 Moffett Park Drive, Sunnyvale, CA 94089. For more information, visit the Company's web site at finisar.com.
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