FINISAR IS FOR REAL and alot cheaper than SCMR with similar earnings{16vs19M}...........SUNNYVALE, Calif.--(BUSINESS WIRE)--Nov. 18, 1999--Finisar Corporation
(Nasdaq: FNSR - news), a leading provider of fiber optic subsystems and network
performance test systems, today reported financial results for the second quarter and first half of fiscal 2000, ended October
31, 1999.
Revenues for the second quarter of fiscal 2000 totaled $16.1 million, up 117% from $7.4 million for the second quarter of the
prior year. The company recorded a net loss of $387,000, or $.01 per share for the second quarter of fiscal 2000, including a
non-cash charge of $1.7 million for the amortization of deferred compensation in connection with the grant of stock options to
employees prior to the Company's initial public offering on November 12, 1999. This compares to net income of $748,000, or
$.02 per diluted share, for the second quarter of the prior year, including $99,000 of deferred compensation amortization.
Revenues for the first half of fiscal 2000 were $30.0 million, up 111% compared to $14.2 million for the first half of fiscal
1999. Net income for the first half of fiscal 2000 was $866,000, or $.02 per diluted share, including $2.0 million in amortization
of deferred compensation charges. This compares to net income of $1.8 million, or $.04 per diluted share, in the first half of
fiscal 1999.
Excluding the amortization of deferred compensation, net income for the second quarter and first half of fiscal 2000 would have
been $1.3 million and $2.9 million, respectively, compared to $847,000 and $1.9 million, respectively, for the comparable
periods of fiscal 1999.
Sales of optical subsystems accounted for $10.8 million in revenues for the second quarter of fiscal 2000, a 137% increase
over the same quarter of the prior year, while sales of test systems increased by 85% to $5.2 million. On a year-to-date basis,
sales of optical subsystems of $20.3 million increased by 147% compared to the same period of the prior year while sales of
test instruments increased by 62% to $9.6 million.
On November 12, 1999, Finisar commenced trading of its common stock on the Nasdaq National Market following the sale of
9,305,000 shares of common stock in an initial public offering at $19 per share. The Company sold 8,605,233 of the shares
while 699,767 shares were sold by selling stockholders. Cash proceeds to Finisar from the offering, net of the underwriters'
discount, totaled approximately $152 million.
Safe Harbor Under the Private Securities Litigation Reform Act of 1995: The results of operations for the three and six month
periods ended October 31, 1999 are not necessarily indicative of the results that may be expected for the full fiscal year ending
April 30, 2000, or any other future period. Period-to-period comparisons of results of operations should not be relied upon as
indications of future performance. Other risks are detailed in the Company's registration statement on Form S-1 as filed with
the Securities and Exchange Commission in conjunction with the Company's initial public offering.
About Finisar: Finisar Corporation (NASDAQ: FNSR - news) is a leading provider of fiber optic subsystems and network
performance test systems which enable high-speed data communications over local area networks, or LANs, and storage area
networks, or SANs. The Company is focused on providing a broad line of high-performance, reliable, value-added optical
subsystems for networking and storage equipment manufacturers that develop and market systems based on Gigabit Ethernet
and Fibre Channel protocols. In addition, the Company designs and sells network performance test systems which assist
manufacturers in the efficient design of reliable, high-speed data networks and the testing and monitoring of the performance of
these systems. The Company's operations are located at 1308 Moffett Park Drive, Sunnyvale, CA 94089. For more
information, visit the Company's web site at finisar.com or call investor relations at 408-548-0948. |
