News Article
Finisar Preliminary Financial Results Exceed Prior Guidance
Expected revenues are up approximately 15.7% from the prior quarter and up 65.0% from the prior year
Finisar Corporation, a global technology leader for subsystems and components for fiber optics communications, has announced that, on the basis of preliminary financial results, the Company expects to report revenues in the range of $240 to $241 million for its second fiscal quarter ended October 31, 2010.
Finisar's previously communicated revenue guidance for the quarter was $215 to $230 million. The revenue results are preliminary and subject to adjustment; however, in the absence of material adjustment, second quarter revenues will set a new record for the Company and represent the sixth consecutive quarter of double-digit, sequential revenue growth.
In addition, as a result of these higher than expected revenues and the product mix experienced during the second quarter, the Company expects non-GAAP gross margin to be approximately 35.5% and non-GAAP operating margin to be approximately 16.5% to 17.0%, exceeding the previously communicated operating margin guidance of 14% to 15%. Non-GAAP earnings per share are expected to be in the range of $0.41 to $0.43 for the quarter.
While a complete assessment of cost of revenues and operating expenses is not yet available, based on past experience, results under GAAP are expected to include additional non-cash and infrequently occurring charges.
Revenue growth in the second quarter as compared to the prior quarter was driven by increased demand for a broad range of LAN/SAN and metro/telecom products.
The Company indicated that it currently expects revenues for its third fiscal quarter ending January 30, 2011 to be in the range of $247 to $262 million.
Finisar will discuss its financial results for the second quarter and current business outlook in greater detail during its regular quarterly conference call scheduled for Wednesday, December 1, 2010, at 2:00pm PST (5:00pm EST).
To listen to the call you may connect through the Finisar investor relations page at http://investor.finisar.com/ or dial
1-888-211-7360 (domestic) or (913) 981-5554 (international)
and enter conference ID 9676444.
An audio replay will be available for two weeks following the call by dialing
1-888-203-1112 (domestic) or (719) 457-0820
and then following the prompts: enter conference ID 9676444 and provide your name, affiliation, and contact number.
A replay of the webcast will be available shortly after the conclusion of the call on the Company's website until the next regularly scheduled earnings conference call.
Finisar Corporation is a global technology leader for fiber optic subsystems and components that enable high-speed voice, video and data communications for telecommunications, networking, storage, wireless, and cable TV applications.
For more than 20 years, Finisar has provided critical optics technologies to system manufacturers to meet the increasing demands for network bandwidth and storage. Finisar is headquartered in Sunnyvale, California, USA with R&D, manufacturing sites, and sales offices worldwide. For additional information, visit www.finisar.com.
