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Finisar announces fourth quarter and fiscal 2008 results
SUNNYVALE, CA, Jun 12, 2008 - Finisar Corporation (NASDAQ: FNSR), a technology leader in gigabit fiber optic solutions for high-speed data networks, today announced financial results for its fourth quarter and fiscal year ended April 30, 2008.
Financial Results
- Fourth quarter revenues of $121.0 million, a new record for the Company, increased 7% from $112.7 million in the third quarter and 25% from $96.6 million in the fourth quarter of the prior year. These results were in line with the Company's preannouncement on May 16, 2008 wherein management indicated that fourth quarter revenues would be approximately $120 million.
- Optics revenues of $111.4 million increased 8% from $103.0 million in the third quarter and 26% from $88.2 million in the prior year; while Network Tools revenues of $9.6 million declined slightly from $9.8 million in the prior quarter and increased 15% from $8.4 million in the fourth quarter of the prior year.
- Revenues of $31.2 million from products for 10/40 Gbps applications increased 7% from $29.1 million in the prior quarter and 110% from $14.9 million in the fourth quarter of the prior year.
- Revenues of $50.6 million from products for 1-8 Gbps LAN/SAN applications increased 12% from $45.4 million in the prior quarter and 11% from $45.7 million in the fourth quarter of the prior year.
- Gross margin of 32.9% compares to 33.4% in the third quarter and 32.3% in the fourth quarter of the prior year.
- Net loss of $8.7 million, or $.03 per share, compares to a net loss of $10.6 million, or $.03 per share, in the third quarter and a net loss of $16.0 million, or $.05 per share, in the fourth quarter of the prior year.
- Cash and short-term investments, plus other long-term investments which can be readily converted into cash, of $116.4 million decreased $6.0 million from $122.4 million at January 27, 2008, but also reflects a reduction in outstanding debt of $14.2 million during the quarter and $2.5 million in minority investments. Excluding these items, cash would have increased to approximately $133 million in the fourth quarter. The Company has classified certain of its investments as long-term based on its intent to hold these securities until maturity, although they can be readily sold if required.
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