NeoPhotonics Reports First Quarter 2015 Financial Results
SAN JOSE, Calif.--(BUSINESS WIRE)--
NeoPhotonics Corporation (NPTN), a leading designer and manufacturer of hybrid photonic integrated optoelectronic modules and subsystems for bandwidth-intensive, high-speed communications networks, today announced financial results for its first quarter ended March 31, 2015.
“We are very pleased with our first quarter results that clearly demonstrate our leadership in 100G product solutions and strong execution toward our goal of delivering sustained profitability,” said Tim Jenks, NeoPhotonics Chairman and CEO. “We’ve delivered a third consecutive quarter of non-GAAP profitability and we’re particularly excited about the strengthening of our market position within the 100G market with our acquisition in January of the tunable laser products of EMCORE, which has enhanced our position as the market share leader for both 100G coherent receivers and 100G narrow line-width tunable lasers,” continued Mr. Jenks.
First Quarter Summary
Revenue was $81.4 million, up $13.2 million, or 19.4%, from the first quarter of 2014, and up $2.4 million, or 3.0%, from the prior quarter
Gross margin was 29.6%, upfrom 20.2% in the first quarter of 2014, and up from 28.7% in the prior quarter
Non-GAAP gross margin was 31.3%, up from 22.0% in the first quarter of 2014, and upfrom 30.3% in the prior quarter
Net income was $0.1 million, up from a loss of $12.6 million in the first quarter of 2014, and downfrom $1.6 million in the prior quarter
Non-GAAP net income was $4.2 million, up from a loss of $9.5 million in the first quarter of 2014, and down from $6.3 million in the prior quarter
Diluted earnings per share was slightly above positive earnings at $0.00, an improvement from a loss of $0.40 in the first quarter of 2014, and downfrom earnings of $0.05 in the prior quarter
Non-GAAP diluted earnings per share was $0.13, up from a loss of $0.30 in the first quarter of 2014, and down from earnings of $0.19 in the prior quarter
Adjusted EBITDA was $9.9 million, an improvement from a loss of $4.2 million in the first quarter of 2014, and down from $11.6 million in the prior quarter
At March 31, 2015, cash and cash equivalents, short-term investments and restricted cash and investments, together totaled $74.3 million, up $10.0 million from $64.3 million at December 31, 2014. Restricted cash and investments at March 31, 2015 was $4.0 million, down from $21.3 million at December 31, 2014.
Outlook for the Quarter Ending June 30, 2015
The Company’s expectations for the second quarter 2015 are:
Revenue in the range of $83 million to $89 million
Non-GAAP gross margin in the range of 28% to 32%
Diluted net income / loss per share in the range of a 1 cent loss to 8 cents of earnings, and
Non-GAAP diluted earnings per share in the range of 9 cents to earnings of 18 cents
The Non-GAAP outlook for the second quarter of 2015 excludes the expected amortization of intangibles and other assets of approximately $2.0 million and the anticipated impact of stock-based compensation of approximately $1.8 million, of which $0.2 million is estimated for cost of goods sold.
Non-GAAP and Adjusted EBITDA Measures vs. GAAP Financial Measures
The Company’s Non-GAAP and Adjusted EBITDA measures exclude certain GAAP financial measures, and a reconciliation of the Non-GAAP and Adjusted EBITDA financial measures to the most directly comparable GAAP financial measures is provided in the financial schedules portion at the end of this press release. These non-GAAP financial measures differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. NeoPhotonics believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business. |
