Finisar Announces Second Fiscal Quarter 2016 Financial Results
SUNNYVALE, CA--(Marketwired - December 10, 2015) - Finisar Corporation ( FNSR), a global technology leader for subsystems and components for fiber optic communications, today announced financial results for its second quarter of fiscal 2016, ended November 1, 2015.
COMMENTARY
"Revenues for our second fiscal quarter were $321.1 million compared to $314.0 million in the prior quarter; an increase of approximately 2.3%. This increase was primarily driven by growth in 100 gigabit Ethernet transceivers and 10 gigabit tunable transceivers and wavelength selective switches for telecom WDM applications," said Jerry Rawls, Finisar's Chief Executive Officer.
| | | | FINANCIAL HIGHLIGHTS - Second Quarter Ended November 1, 2015 | | | | | | Summary GAAP Results | | Second | | | First | | | | | Quarter | | | Quarter | | | | | Ended | | | Ended | | | | | November 1, 2015 | | | August 2, 2015 | | | | | (in thousands, except per share amounts) | | | | | | | | | | | | | Revenues | | $ | 321,136 | | | $ | 314,030 | | | Gross margin | | | 27.7 | % | | | 27.8 | % | | Operating expenses | | $ | 79,723 | | | $ | 80,316 | | | Operating income (loss) | | $ | 9,368 | | | $ | 7,061 | | | Operating margin | | | 2.9 | % | | | 2.2 | % | | Net income (loss) | | $ | 6,644 | | | $ | 3,393 | | | Income per share-basic | | $ | 0.06 | | | $ | 0.03 | | | Income per share-diluted | | $ | 0.06 | | | $ | 0.03 | | | | | | | | | | | | | Basic shares | | | 106,635 | | | | 105,286 | | | Diluted shares | | | 107,493 | | | | 108,107 | | | | | | | | | | | | | Summary Non-GAAP Results (a) | | Second | | | First | | | | | Quarter | | | Quarter | | | | | Ended | | | Ended | | | | | November 1, 2015 | | | August 2, 2015 | | | | | (in thousands, except per share amounts) | | | | | | | | | | | Revenues | | $ | 321,136 | | | $ | 314,030 | | | Gross margin | | | 30.0 | % | | | 30.2 | % | | Operating expenses | | $ | 68,025 | | | $ | 68,406 | | | Operating income | | $ | 28,274 | | | $ | 26,511 | | | Operating margin | | | 8.8 | % | | | 8.4 | % | | Net income | | $ | 26,857 | | | $ | 24,532 | | | Income per share-basic | | $ | 0.25 | | | $ | 0.23 | | | Income per share-diluted | | $ | 0.25 | | | $ | 0.23 | | | | | | | | | | | | | Basic shares | | | 106,635 | | | | 105,286 | | | Diluted shares | | | 107,493 | | | | 108,107 | | | | | | | | | | | |
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| (a) | In evaluating the operating performance of Finisar's business, Finisar management utilizes financial measures that exclude certain charges and credits required by U.S. generally accepted accounting principles, or GAAP, that are considered by management to be outside Finisar's core operating results. A reconciliation of Finisar's non-GAAP financial measures to the most directly comparable GAAP measures, as well as additional related information, can be found under the heading "Finisar Non-GAAP Financial Measures" below. |
Financial Statement Highlights for the Second Quarter of Fiscal 2016:
Revenues increased to $321.1 million, an increase of $7.1 million, or 2.3%, from $314.0 million in the preceding quarter.Sales of products for datacom applications increased by $0.5 million, or 0.2%, compared to the preceding quarter, primarily driven by growth in 100 gigabit transceivers offset by a decline in 40 gigabit transceivers, after a record quarter for 40 gigabit transceivers in the preceding quarter.Sales of products for telecom applications increased by $6.6 million, or 8.2%, compared to the preceding quarter, primarily driven by growth in 10 gigabit tunable transceivers and wavelength selective switches.GAAP gross margin was 27.7% compared to 27.8% in the preceding quarter.Non-GAAP gross margin was 30.0% compared to 30.2% in the prior quarter.GAAP operating expenses were $79.7 million compared to $80.3 million in the prior quarter.Non-GAAP operating expenses were $68.0 million, or 21.2% of revenues compared to $68.4 million, or 21.8% of revenues, in the prior quarter.GAAP operating income increased by $2.3 million, to $9.4 million or 2.9% of revenues, compared to $7.1 million or 2.2% of revenues in the preceding quarter, primarily due to the higher revenue level.Non-GAAP operating income increased by $1.8 million to $28.2 million, or 8.8% of revenues, compared to $26.5 million, or 8.4% of revenues, in the preceding quarter.Cash, cash equivalents and short term investments increased $25.1 million to $520.8 million at the end of the second quarter, compared to $495.7 million at the end of the preceding quarter.
OUTLOOK
The Company indicated that for the third quarter of fiscal 2016 it currently expects revenues in the range of $300 to $320 million, non-GAAP gross margin of approximately 30%, non-GAAP operating margin of approximately 7.5% to 8.5%, and non-GAAP earnings per diluted share in the range of approximately $0.19 to $0.25.
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