OPLINK COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, June 30,
2002 2001
(Unaudited) (A)
ASSETS
Current assets:
Cash, cash equivalents and
short-term investments $231,374 $246,473
Accounts receivable, net 6,057 17,178
Inventories 6,914 21,739
Prepaid expenses and other current assets 4,101 8,501
Total current assets 248,446 293,891
Property and equipment, net 63,393 92,086
Intangible assets 542 667
Other assets 1,257 1,258
Total assets $313,638 $387,902
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $7,917 $21,596
Accrued liabilities and other
current liabilities 19,770 23,311
Total current liabilities 27,687 44,907
Non-current liabilities 6,498 4,988
Total liabilities 34,185 49,895
Stockholders' equity 279,453 338,007
Total liabilities and
stockholders' equity $313,638 $387,902
(A)The June 30, 2001 consolidated balance sheet has been derived from
audited financial statements at that date.
OPLINK COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
March 31, March 31,
2002 2001 2002 2001
Revenues $9,598 $36,042 $30,236 $111,560
Cost of revenues 9,244 45,465 41,760 100,981
Gross profit (loss) 354 (9,423) (11,524) 10,579
Operating expenses:
Research and
development 3,204 4,888 10,595 13,523
Sales and marketing 2,304 2,955 6,394 17,312
General and
administrative 1,713 4,777 5,611 11,152
Restructuring costs
and other
special charges -- -- 25,643 --
Merger fees 1,425 -- 1,425 --
Non-cash
compensation expense 1,773 5,022 3,183 23,631
Amortization of goodwill 42 984 126 2,950
Total operating
expenses 10,461 18,626 52,977 68,568
Loss from operations (10,107) (28,049) (64,501) (57,989)
Interest and other
income, net 1,703 2,820 4,351 6,970
Net loss $(8,404) $(25,229) $(60,150) $(51,019)
Basic and diluted
net loss per share $(0.05) $(0.16) $(0.37) $(0.45)
Basic and diluted
weighted average
shares outstanding 163,735 157,668 162,055 112,481
OPLINK COMMUNICATIONS, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
March 31, March 31,
2002 2001 2002 2001
Revenues $9,598 $36,042 $30,236 $111,560
Cost of revenues 9,244 45,465 31,353 100,981
Gross profit (loss) 354 (9,423) (1,117) 10,579
Operating expenses:
Research and
development 3,204 4,888 10,595 13,523
Sales and marketing 2,304 2,955 6,394 8,488
General and
administrative 1,713 4,777 5,611 11,152
Total operating
expenses 7,221 12,620 22,600 33,163
Loss from operations (6,867) (22,043) (23,717) (22,584)
Interest and other
income, net 1,032 2,820 3,680 7,441
Net loss $(5,835) $(19,223) $(20,037) $(15,143)
Basic and diluted
net loss per share $(0.04) $(0.12) $(0.12) $(0.10)
Basic and diluted
weighted average
shares outstanding 163,735 157,668 162,055 150,253
The pro forma net loss for the three months ended March 31, 2002 excludes
the amortization of deferred compensation of $1.8 million, amortization of
goodwill of $42,000, costs associated with the recently announced proposed
merger of Oplink and Avanex of $1.4 million and gain on sale of excess
fixed assets of $671,000.
The pro forma net loss for the nine months ended March 31, 2002 excludes
the amortization of deferred compensation of $3.2 million, amortization of
goodwill of $126,000, costs associated with the recently announced
proposed merger of Oplink and Avanex of $1.4 million, gain on sale of
excess fixed assets of $671,000, provision for excess inventory of $10.4
million and restructuring charges of $25.6 million.
Pro forma net income for the three months ended March 31, 2001 excludes
the amortization of deferred compensation of $5.0 million and amortization
of goodwill of $1.0 million.
Pro forma net income for the nine months ended March 31, 2001 excludes the
amortization of deferred compensation of $23.6 million, amortization of
goodwill of $3.0 million, sales and marketing expense of $8.8 million
representing the fair value of the discount feature of the convertible
note payable to Cisco Systems and interest expense of $471,000 on the
convertible note payable to Cisco Systems. |
