AFOP Reports 1st Quarter 2005 Results; Revenues up 68% Year-over-Year.SUNNYVALE Sunnyvale, city (1990 pop. 117,229), Santa Clara co., W Calif., near San Francisco; settled 1849, inc. 1912. A city in Silicon Valley, its many manufactures include semiconductors; machinery and instruments; electrical, electronic, and aerospace products; , Calif. -- Alliance Fiber Optic Products, Inc. (Nasdaq:AFOP AFOP Alliance Fiber Optic Products, Inc. AFOP Association of Farmworker Opportunity Programs AFOP Association Française des industries de l'Optique et de la Photonique AFOP and for other purposes AFOP acute fibrinous and organizing pneumonia ), an innovative supplier of fiber optic components, subsystems and integrated modules for the optical network equipment market, today reported its financial results for the first quarter ended March 31, 2005. Revenues for the first quarter of 2005 totaled $5,006,000, which represents an 8% increase over revenues of $4,653,000 reported in the previous quarter, and an increase of 68% over revenues of $2,989,000 reported in the first quarter of 2004. The Company recorded a net loss for the first quarter of 2005 of $812,000, or $0.02 per share based on 39.0 million shares outstanding. This compares to a net loss for the fourth quarter of 2004 of $1,587,000, or $0.04 per share based on 38.9 million shares outstanding, and a net loss for the first quarter of 2004 of $2,806,000, or $0.07 per share based on 37.8 million shares outstanding. There were no deferred stock compensation charges for the quarter ended March 31, 2005. Included in the net loss for the quarter ended December December: see month. 31, 2004 are deferred stock compensation charges of $1,000 and an asset impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge of $331,000. Included in the net loss for the quarter ended March 31, 2004 are deferred stock compensation charges of $129,000. Peter Chang Chang (chăng) or Yangtze (yăng`sē`, yäng`dzŭ`), Mandarin Chang Jiang, longest river of China and of Asia, c.3,880 mi (6,245 km) long, rising in the Tibetan highlands, SW Qinghai prov. , President and Chief Executive Officer, commented, "We are pleased with our results for the first quarter of 2005. Revenues grew by 68% from prior year first quarter as we continued to grow our customer base and make further progress in product development and manufacturing technologies. We also continued our prudent financial control, especially with the reduction of operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . This expense reduction contributed to another quarter of improved bottom line performance with a net loss 49% lower than the previous quarter. We ended the quarter with a solid balance sheet including cash and equivalents of $30.1 million." "We are encouraged by our performance this quarter, and by the overall strengthening of the fiber optics fiber optics, transmission of digitized messages or information by light pulses along hair-thin glass fibers. Each fiber is surrounded by a cladding having a high index of refractance so that the light is internally reflected and travels the length of the fiber market. Based upon currently available data, we believe that the year is off to a good start, and we expect modest revenue growth going forward," concluded Mr. Chang. Conference Call Management will host a conference call at 1:30 p.m. Pacific Time on April 27, 2005 to discuss AFOP's first quarter 2005 financial results. To participate in AFOP's conference call, please call (800) 374-0514 at least ten minutes prior to the call in order for the operator to connect you. The confirmation number for the call is 5360434. AFOP will also provide a live webcast of its first quarter 2005 conference call at AFOP's website www.afop.com. The dial in for the instant replay is (800) 642-1687; confirmation number 5360434. About AFOP Founded in 1995, Alliance Fiber Optic Products, Inc. designs, manufactures and markets a broad range of high performance fiber optic components and integrated modules. AFOP's products are used by leading and emerging communications equipment manufacturers to deliver optical networking Communications between computers, telephones and other electronic devices using light. An optical network is far more reliable and has far greater potential transmission capacity than networking in the electrical domain. See optical fiber. systems to the long-haul long haul n. 1. A long distance: It is a long haul from New York to Los Angeles. 2. A long period of time: Over the long haul the candidates performed well. , enterprise, metropolitan and last mile access segments of the communications network The transmission channels interconnecting all client and server stations as well as all supporting hardware and software. . AFOP offers a broad product line of passive optical components including interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. systems, couplers and splitters, thin film DWDM (Dense WDM) The term given to wavelength division multiplexing (WDM) when significantly more channels were being added. Since WDM is increasingly more "dense" all the time, both terms are used synonymously. See WDM. DWDM - wavelength division multiplexing components and modules, fixed and variable optical attenuators An optical attenuator is a device used to reduce the power level of an optical signal, either in free space or in an optical fiber. They are commonly used in fiber optic communications. , and depolarizers. AFOP is headquartered in Sunnyvale, California Sunnyvale ([sʌniveil]) is a city in Santa Clara County, California, United States. It is one of the major cities that make up the Silicon Valley. As of the 2000 census, the city population was 131,760. , with manufacturing and product development capabilities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Taiwan Taiwan (tī`wän`), Portuguese Formosa, officially Republic of China, island nation (2005 est. pop. 22,894,000), 13,885 sq mi (35,961 sq km), in the Pacific Ocean, separated from the mainland of S China by the 100-mi-wide (161-km) Taiwan and China. AFOP's website is located at http://www.afop.com. Except for the historical information contained herein, the matters set forth in this press release, including statements as to our future prospects, future financial results, including as to revenues and net loss, and market trends, are forward looking statements within the meaning of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are subject to risks and uncertainties that may cause actual results to differ materially, including, but not limited to our ability to integrate the assets that we acquired from Ritek and to achieve the anticipated benefits, general economic conditions and trends, the impact of competitive products and pricing, timely introduction of new technologies, timely design acceptance by our customers, the acceptance of new products and technologies by our customers, loss of key customers, ability to ramp new products into volume production, industry-wide shifts in supply and demand for optical components and modules, industry overcapacity o·ver·ca·pac·i·ty n. Too great a capacity for production of commodities or delivery of services in relation to actual need: the problem of overcapacity in many large industries. , failure of cost control initiatives, financial stability in foreign markets, and other risks detailed from time to time in SEC reports, including AFOP's most recent Form 10-KSB for the year ended December 31, 2004. These forward-looking statements speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . AFOP disclaims any intention or obligation to update or revise any forward-looking statements.
ALLIANCE FIBER OPTIC PRODUCTS, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
Mar. 31 Dec. 31,
2005 2004
--------- ---------
ASSETS
Current assets:
Cash and short-term investments $30,129 $31,456
Accounts receivable 2,550 2,322
Inventories 3,644 3,998
Other current assets 708 653
--------- ---------
Total current assets 37,031 38,429
Property and equipment, net 5,508 5,603
Other assets 124 121
--------- ---------
Total assets $42,663 $44,153
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $2,170 $2,205
Accrued expenses and other liabilities 2,001 2,480
--------- ---------
Total current liabilities 4,171 4,685
Long-term liabilities 817 826
--------- ---------
Total liabilities 4,988 5,511
Stockholders' equity 37,675 38,642
--------- ---------
Total liabilities and stockholders'
equity $42,663 $44,153
========= =========
ALLIANCE FIBER OPTIC PRODUCTS, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
-----------------------------
Mar. 31, Dec. 31, Mar. 31,
2005 2004 2004
--------- --------- ---------
Revenues $5,006 $4,653 $2,989
Cost of revenues 4,075 3,715 3,114
--------- --------- ---------
Gross profit/(loss) 931 938 (125)
--------- --------- ---------
Operating expenses:
Research and development 952 1,078 1,531
Sales and marketing 574 564 490
General and administrative 750 823 901
Asset impairment charge - 331 -
--------- --------- ---------
Total operating expenses 2,276 2,796 2,922
Loss from operations (1,345) (1,858) (3,047)
Interest and other income, net 533 271 241
--------- --------- ---------
Loss before income taxes (812) (1,587) (2,806)
Income tax provision - - -
--------- --------- ---------
Net loss $(812) $(1,587) $(2,806)
========= ========= =========
Net loss per share - basic and diluted $(0.02) $(0.04) $(0.07)
Weighted average shares outstanding 39,017 38,882 37,801
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