FNSR...Finisar Corporation Announces Financial Results for Second Quarter and First Half of Fiscal 2000
finisar.com
SUNNYVALE, Calif., Nov 18, 1999 (BUSINESS WIRE) -- Finisar Corporation
(Nasdaq: FNSR), 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) 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. |
