AFOP Reports 1st Quarter 2006 Results.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 NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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, 2006. The Company's GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). results reflect the adoption of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 123(R) regarding the expensing of stock-based compensation. Revenues for the first quarter of 2006 totaled $5,221,000, a 4% increase from revenues of $5,006,000 recorded in the first quarter of 2005 and compared with $5,510,000 for the fourth quarter. The Company recorded a net loss for the first quarter of 2006 of $373,000, or $0.01 per share, and improved over a net loss for the first quarter of 2005 of $812,000, or $0.02 per share. This compares to a net loss for the fourth quarter of 2005 of $527,000, or $0.01 per share. Included in the net loss for the quarter ended March 31, 2006 was $77,000 of stock-based compensation charges under SFAS 123(R). There were no deferred stock compensation charges for the quarter ended March 31, 2005. 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, "Our first quarter results reflect our continued focus on operating efficiencies. Despite a slight decline in revenues from last quarter, we reduced the net loss by 29% from the previous quarter. When compared to the year ago period, revenues increased by 4%, our gross margin percentage improved to 26% as compared to 19%, and the net loss was reduced by 54%, again highlighting our strong focus on expense control. Our balance sheet remains strong with cash and cash equivalents essentially unchanged from year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. at $29 million." "Although the first quarter revenues were slightly below Q4, 2005, we believe the decline was temporary as orders from those affected customers have resumed at previous levels. Based on input from our customers, we expect that revenues will improve by 5 to 10 percent in the second quarter of 2006. Additionally, as we continue our focus on operational efficiencies, we are targeting further reduction in the net loss in the coming quarters," concluded Mr. Chang. Conference Call Management will host a conference call at 1:30 p.m. Pacific Time on May 1, 2006 to discuss AFOP's first quarter 2006 financial results. To participate in AFOP's conference call, please call 877-407-9210 at least ten minutes prior to the call in order for the operator to connect you. The confirmation number for the call is 200276. AFOP will also provide a live webcast of its first quarter 2006 conference call at AFOP's website www.afop.com. An audio replay will be available until May 8. The dial in for the replay is 877-660-6853. The replay passcodes (account # 286; conference ID#: 200276) are both required for the replay. 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, our ability to control expenses, our ability to improve operational efficiencies, our order trends and customer activity, and expected revenue growth and reduction in net loss, 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 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, customer demand, the timing of customer orders, 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 our SEC reports, including AFOP's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2005. 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,
2006 2005
------------ ------------
ASSETS
Current assets:
Cash and short-term investments $29,264 $29,407
Accounts receivable 3,186 3,570
Inventories 3,926 3,670
Other current assets 708 634
------------ ------------
Total current assets 37,084 37,281
Property and equipment, net 4,352 4,564
Other assets 132 105
------------ ------------
Total assets $41,568 $41,950
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $2,437 $2,342
Accrued expenses and other liabilities 2,177 2,428
------------ ------------
Total current liabilities 4,614 4,770
Long-term liability 849 859
------------ ------------
Total liabilities 5,463 5,629
Stockholders' equity 36,105 36,321
------------ ------------
Total liabilities and
stockholders' equity $41,568 $41,950
============ ============
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,
2006 2005 2005
---------- ---------- ----------
Revenues $5,221 $5,510 $5,006
Cost of revenues 3,884 4,070 4,075
---------- ---------- ----------
Gross profit 1,337 1,440 931
---------- ---------- ----------
Operating expenses:
Research and development 759 816 952
Sales and marketing 586 524 574
General and administrative 763 790 750
---------- ---------- ----------
Total Operating Expenses 2,108 2,130 2,276
Loss from operations (771) (690) (1,345)
Interest and other income, net 398 163 533
---------- ---------- ----------
Net loss $(373) $(527) $(812)
========== ========== ==========
Net loss per share --
basic and diluted $(0.01) $(0.01) $(0.02)
Weighted average shares outstanding 39,771 39,630 39,017
Included in costs and
expenses above:
Stock based compensation charges
Cost of revenue $23 $- $-
Research and development 14 - -
Sales and marketing 12 - -
General and administrative 28 - -
---------- ---------- ----------
Total $77 $- $-
========== ========== ==========
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion