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Infinera net losses swell from $2.7 million to $19.4 million

Development of its recently launched indium phosphide based DTN-X remains on track with trials in Q1 and volume production expected to start in Q2 2012

Infinera Corporation, a provider of InP based digital optical communications systems, has released financial results for the fourth quarter and fiscal year ended December 31, 2011.

GAAP revenues for the quarter were $112.0 million compared to $117.1 million in the fourth quarter of 2010. GAAP gross margins for the quarter were 40% compared to 49% in the fourth quarter of 2010.

GAAP net loss for the quarter was $(19.4) million, or $(0.18) per share, compared to a net loss of $(2.7) million, or $(0.03) per share, in the fourth quarter of 2010. GAAP revenues for the year were $404.9 million compared to $454.4 million in 2010.

GAAP gross margins for the year were 41% compared to 45% in 2010. GAAP net loss for the year was $(81.7) million, or $(0.78) per share compared to $(27.9) million, or $(0.28) per share in 2010.

“Our fourth quarter revenue performance was higher than our expectations, and reflects continued solid demand from customers for Infinera’s unique digital optical networks including cable, Tier One and bandwidth wholesale service providers,” said Tom Fallon, president and chief executive officer. “We benefitted from unanticipated year-end budget spending by a number of customers and were able to execute to our disaster recovery process following the historic flooding in Thailand.”

The company indicated that the development of its recently launched DTN-X remains on track with trials in Q1, expected volume production starting in Q2 and initial revenue recognition expected for the second half of calendar year 2012. Four lab trials with Tier One carriers have been scheduled in Q1 2012, and the company is in the process of preparing for the production ramp of the product.

“Customer interest in our new DTN-X since its launch has been very strong,” said Fallon. “We believe this interest is in recognition of the unique advantage that Infinera’s integrated platform brings to market – the only platform offering integrated DWDM and OTN switching functionality without compromise.”

Infinera hosted a conference call for analysts and investors to discuss its fourth quarter and fiscal year 2011 results and first quarter. An archived version will be available on the website for 90 days. To hear the replay, parties in the United States and Canada should call 1-800-925-5459. International parties can access the replay at 1-203-369-3851.
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