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Technology Stocks : Finisar - FNSR

FNSR 23.77

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Sep 24 5:00 PM EST

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To: Kirk © who wrote (438)

3/5/2015 4:11:10 PM

From: Kirk ©

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More from investor.finisar.com

March 5, 2015

Finisar Announces Third Quarter Revenues of $306.3 Million, 3.1% Growth Over Prior Quarter

SUNNYVALE, CA -- (Marketwired) -- 03/05/15 --

Finisar Corporation (NASDAQ: FNSR), a global technology leader for subsystems and components for fiber optic communications, today announced financial results for its third quarter of fiscal 2015, ended January 25, 2015.

COMMENTARY
"Revenues for our third fiscal quarter were $306.3 million, an increase of $9.3 million compared to the prior quarter," said Jerry Rawls,Finisar's executive Chairman of the Board. "Revenue growth was primarily driven by the demand for 40 gigabit and 100 gigabit transceivers for datacom applications, as well as transceivers for wireless applications."

"Although our gross margins declined primarily as a result of our annual telecom price reductions and low yields on a new optical engine product, we significantly decreased our operating expenses resulting in a minimal impact to our earnings," said Eitan Gertel, Finisar'sChief Executive Officer.

FINISAR FINANCIAL STATEMENTS The following financial tables are presented in accordance with GAAP.


Finisar Corporation
Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)

			Three Months Ended						Nine Months Ended						Three Months Ended
			January 25, 2015			January 26, 2014			January 25, 2015			January 26, 2014			October 26, 2014
Revenues			$	306,283		$	294,018		$	930,902		$	850,808		$	296,981
Cost of revenues				221,173			187,368			659,183			546,638			210,625
Impairment of acquired developed technology and other long-lived assets				5,722			-			5,722			-			-
Amortization of acquired developed technology				1,435			961			4,304			3,735			1,435
Gross profit				77,953			105,689			261,693			300,435			84,921
Gross margin				25.5	%		35.9	%		28.1	%		35.3	%		28.6	%
Operating expenses:
	Research and development			48,782			46,734			150,972			135,223			51,184
	Sales and marketing			10,926			10,911			34,378			35,038			11,487
	General and administrative			14,062			14,353			57,553			38,081			28,772
	Impairment of acquired developed technology and other long-lived assets			45			-			45			-			-
	Amortization of purchased intangibles			737			595			2,235			1,785			737
		Total operating expenses		74,552			72,593			245,183			210,127			92,180
Income (loss) from operations				3,401			33,096			16,510			90,308			(7,259	)
Interest income				321			335			1,275			834			342
Interest expense				(2,686	)		(1,663	)		(8,687	)		(2,582	)		(2,867	)
Other income (expenses), net				2,051			(1,873	)		58			(890	)		33
Income (loss) before income taxes and non-controlling interest				3,087			29,895			9,156			87,670			(9,751	)
Provision for income taxes				1,409			2,827			4,596			4,816			1,610
Income (loss) before non-controlling interest				1,678			27,068			4,560			82,854			(11,361	)
Adjust for net loss attributable to non-controlling interest				-			(7	)		-			183			-
Net income (loss) attributable to Finisar Corporation			$	1,678		$	27,061		$	4,560		$	83,037		$	(11,361	)

Net income (loss) per share attributable to Finisar Corporation common stockholders:

	Basic		$	0.02		$	0.28		$	0.05		$	0.87		$	(0.11	)
	Diluted		$	0.02		$	0.26		$	0.04		$	0.82		$	(0.11	)

Shares used in computing net income per share - basic				103,563			96,394			100,475			95,649			99,621
Shares used in computing net income per share - diluted				105,990			104,361			103,825			103,491			99,621

Finisar Corporation
Consolidated Balance Sheets
(in thousands)

			January 25, 2015			October 26, 2014			July 27, 2014			April 27, 2014
			(Unaudited)			(Unaudited)			(Unaudited)
ASSETS
Current assets:
	Cash and cash equivalents		$	198,344		$	186,952		$	287,455		$	303,101
	Short-term held-to-maturity investments			290,520			290,478			209,927			209,922
	Accounts receivable, net			210,116			213,721			231,312			225,020
	Accounts receivable, other			41,540			34,573			41,595			33,749
	Inventories			277,862			284,789			270,122			259,759
	Prepaid expenses and other assets			37,265			38,065			38,582			33,022
		Total current assets		1,055,647			1,048,578			1,078,993			1,064,573
Property, equipment and improvements, net				304,547			306,331			301,020			273,328
Purchased intangible assets, net				29,336			31,508			33,680			34,141
Goodwill				106,735			106,735			106,735			106,115
Minority investments				2,647			2,547			2,317			2,117
Other assets				22,444			22,528			20,907			17,272
		Total assets	$	1,521,356		$	1,518,227		$	1,543,652		$	1,497,546

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
	Accounts payable		$	123,895		$	113,235		$	143,224		$	119,439
	Accrued compensation			30,632			35,354			28,215			38,541
	Other accrued liabilities			31,854			33,529			27,568			31,533
	Deferred revenue			11,240			12,358			16,872			16,659
	Short term debt			175			187			247			243
	Current portion of convertible notes						36,665			40,015			40,015
		Total current liabilities		197,796			231,328			256,141			246,430
Long-term liabilities:
	Convertible notes, net of current portion			219,072			216,775			214,496			212,253
	Other non-current liabilities			24,184			24,900			24,042			22,804
		Total liabilities		441,052			473,003			494,679			481,487
Stockholders' equity:
	Common stock			104			100			100			97
	Additional paid-in capital			2,537,231			2,485,133			2,469,687			2,456,110
	Accumulated other comprehensive income			(1,418	)		17,282			25,116			20,025
	Accumulated deficit			(1,455,613	)		(1,457,291	)		(1,445,930	)		(1,460,173	)
		Total stockholders' equity		1,080,304			1,045,224			1,048,973			1,016,059
Total liabilities and stockholders' equity			$	1,521,356		$	1,518,227		$	1,543,652		$	1,497,546

Note - Balance sheet amounts as of April 27, 2014 are derived from the audited consolidated financial statements as of the date.

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