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Finisar achieves record quarterly revenues

The manufacturer of III-V subsystems and components for fibre optic communications is celebrating its latest results
Finisar Corporation has announced financial results for its first fiscal quarter ended July 28th, 2013.

"I am pleased to report first quarter revenues were $266.1 million, an all-time record for Finisar. This was an increase of $22.7 million, or 9.3 percent, over the prior quarter and an increase of $45.5 million, or 20.7 percent over the first quarter of the prior year. Revenues exceeded the guidance of $245 million to $260 million that we provided early in the first quarter and grew for the fourth consecutive quarter," said Jerry Rawls, Finisar's executive Chairman of the Board.

He added, "The growth in revenues in the first quarter came primarily from increased sales of 10G, 40G and 100G Ethernet transceivers for datacom applications. As a result of these higher than expected revenues, a favourable product mix and operating leverage, we also were able to achieve gross margin and earnings per diluted share that exceeded our original guidance range,"

"During the quarter, we continued to invest significantly in technology and product development. Our new products for 100 gigabit parallel and serial applications for either single mode and multi mode fiber applications continue to have strong customer demand. We also expect our new platform of high density dual and single WSS will extend our leadership in the WSS market in both the component and ROADM linecard form," said Eitan Gertel, Finisar's Chief Executive Officer.

Business Outlook

The company indicated that it currently expects revenues for the second quarter of fiscal 2014 to be in the range of $277 to $292 million and GAAP operating margin to be in the range of approximately 9.7 percent to 10.7 percent.

 An audio replay of a conference call discussing the results can be accessed on the company's website until the next regularly scheduled earnings conference call.

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