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Finisar公司2013财年第一季度财务业绩

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  • 日期: 2013-12-06
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标签: Finisar公司2013财年第一季度财务业绩

        2012年9月4日,光纤通信子系统和组件的全球技术领导者Finisar公司公布了截至2012年7月29日2013财年第一季度财务业绩。

September 4, 2012 Finisar Announces First Fiscal Quarter Financial Results SUNNYVALE, CA -- (Marketwire) -- 09/04/12 -- Finisar Corporation (NASDAQ: FNSR), a global technology leader for subsystems and components for fiber optic communications, today announced financial results for its first fiscal quarter ended July 29, 2012. COMMENTARY "As expected, our first quarter of fiscal year 2013 was challenging. This was primarily the result of sluggish macroeconomic conditions, especially in Europe, as well as the slowing of economic growth in China. Generally telecom spending throughout the world has been soft. In addition, we had two fewer shipping days in the first quarter than in the previous quarter," said Jerry Rawls, Finisar's executive Chairman of the Board. "However, I am happy to report that we expect revenue growth to resume in the second quarter. In addition, we expect to hold operating expenses relatively flat, excluding the impact of a full quarter of the RED-C acquisition. Thus, we expect operating income will grow in the second quarter." "During the quarter, we continued to ramp a significant number of new products for both the datacom and telecom markets. We expect these new products to help drive our future revenue growth and market share expansion. During the last quarter, we acquired RED-C Optical Networks to broaden our product lines primarily for telecom applications by adding key amplification technologies," said Eitan Gertel, Finisar's Chief Executive Officer. "These technologies are considered critical for ROADM line cards and are increasingly important in cost-effectively extending the reach of transceivers and transponders, especially for 100 Gb/s and 40 Gb/s coherent transmission, and low latency networks. We expect that the integration of RED-C technology into Finisar products will enable us to offer our customers a much higher level of product integration with increased cost effectiveness. The combination should accelerate our market share growth." FINANCIAL HIGHLIGHTS - FIRST QUARTER ENDED July 29, 2012 Summary GAAP Results First Quarter Fourth Quarter Ended Ended July 29, 2012 April 30, 2012 -------------- -------------- (in thousands, except per share amounts) Revenues Gross margin Operating expenses Operating income (loss) Operating margin Income (loss) $ 220,526 $ 239,910 26.2% 27.3% $ 62,994 $ 53,369 $ (5,197) $ 12,111 (2.4)% 5.0% $ (6,197) $ 18,015 Income (loss) per share-basic Income (loss) per share-diluted Basic shares Diluted shares $ (0.07) $ $ (0.07) $ 0.20 0.19 91,988 91,988 91,349 98,528 Summary Non-GAAP Results (a) Revenues Gross margin Operating expenses Operating income Operating margin Income Income per share-basic Income per share-diluted Basic shares Diluted shares Fourth First Quarter Quarter Ended Ended April 30, July 29, 2012 2012 -------------- -------------- (in thousands, except per share amounts) $ 220,526 $ 239,910 30.3% 31.4% $ 54,710 $ 54,552 $ 12,000 $ 20,856 5.4% 8.7% $ 10,871 $ 20,234 $ 0.12 $ 0.22 $ 0.12 $ 0.21 91,988 94,204 91,349 98,528 _____________ (a) In evaluating the operating performance of Finisar's business, Finisar management utilizes financial measures that exclude certain charges and credits required by U.S. generally accepted accounting principles, or GAAP, that are considered by management to be outside Finisar's core operating results. A reconciliation of Finisar's non-GAAP financial measures to the most directly comparable GAAP measures, as well as additional related information, can be found under the heading "Finisar Non-GAAP Financial Measures" below. Operating Statement Highlights for the first quarter of fiscal 2013: q Revenues decreased to $220.5 million, down $19.4 million, or 8.1%, from $239.9 million in the preceding quarter primarily as a result of current macroeconomic conditions, especially in Europe, as well as the slowing of economic growth in China. Generally telecom spending throughout the world has been soft. In addition, there were two fewer shipping days in the first quarter than in the previous quarter. q Compared to the preceding quarter, the sale of products for datacom applications decreased by $6.6 million, or (4.5)%, and the sale of products for telecom applications decreased by $12.8 million, or (13.6)%. q Gross margin was 26.2% on a GAAP basis and 30.3% on a non-GAAP basis, compared to 27.3% and 31.4%, respectively, in the preceding quarter primarily due to the impact of lower revenue levels relative to fixed manufacturing costs. q GAAP operating income (loss) decreased $17.3 million to $(5.2) million, or (2.4)% of revenues, compared to $12.1 million of operating income, or 5.0% of revenues, in the preceding quarter. q Non-GAAP operating income decreased $8.9million to $12.0 million, or 5.4% of revenues, compared to $20.9 million, or 8.7% of revenues, in the preceding quarter primarily due to lower revenue levels. q Non-GAAP EBITDA decreased $9.3 million to $24.9 million, or 11.3% of revenues, compared to $34.2 million, or 14.2% of revenues, in the preceding quarter. Balance Sheet Highlights for the first quarter of fiscal 2013: q Cash and cash equivalents totaled $220.4 million at the end of the first quarter, compared to $234.5 million at the end of the preceding quarter. q During the first quarter, Finisar completed the acquisition of RED-C Optical Networks Inc. for a total of $23.7 million in initial cash consideration. q During the first quarter, Finisar repaid the remaining outstanding debt balance of $3.2 million at our Ignis subsidiary. q At the end of the first quarter, Finisar had approximately $40.0 million in principal amount of convertible notes outstanding with a conversion price of $10.675 per share. OUTLOOK The Company currently expects revenues for the second quarter of fiscal 2013 to be in the range of $225 to $240 million; GAAP operating margin to in the range of approximately 0.0% to 1.5%; non-GAAP operating margin to be in the range of approximately 5.7% to 7.2% and non-GAAP earnings per diluted share to be in the range of approximately $0.12 to $0.16. CONFERENCE CALL Finisar will discuss its financial results for the first quarter and current business outlook during its regular quarterly conference call scheduled for Tuesday, September 4, 2012, at 2:00 pm PDT (5:00 pm EDT). To listen to the call you may connect through the Finisar investor relations page at http://investor.finisar.com/ or dial 1-866-293-8969 (domestic) or (913) 312-0671 (international) and enter conference ID 2107413. 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 2107413 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. SAFE HARBOR UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements included in this press release are based upon information available to Finisar as of the date hereof, and Finisar assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties which could cause actual results to differ materially from those projected. Examples of such risks include those associated with: the uncertainty of customer demand for Finisar's products; the rapidly evolving markets for Finisar's products and uncertainty regarding the development of these markets; Finisar's historical dependence on sales to a limited number of customers and fluctuations in the mix of products and customers in any period; ongoing new product development and introduction of new and enhanced products; challenges related to the integration of the recently completed RED-C acquisition; the challenges of rapid growth followed by periods of contraction; and intensive competition. Further information regarding these and other risks relating to Finisar's business is set forth in Finisar's annual report on Form 10-K (filed June 29, 2012) and quarterly SEC filings. ABOUT FINISAR Finisar Corporation (NASDAQ: FNSR) 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. FINISAR FINANCIAL STATEMENTS The following financial tables are presented in accordance with GAAP. Finisar Corporation Consolidated Statements of Operations (in thousands, except per share data) Revenues Cost of revenues Amortization of acquired developed technology Gross profit Gross margin Operating expenses: Research and development Sales and marketing Three Months Ended ------------------------------------- July 29, July 31, April 30, 2012 2011 2012 ----------- ----------- ----------- (Unaudited) ------------------------------------- $ 220,526 $ 228,226 $ 239,910 161,457 160,223 172,915 1,272 1,522 1,515 ----------- ----------- ----------- 57,797 66,481 65,480 26.2% 29.1% 27.3% 38,169 10,674 35,396 9,586 37,430 10,114 General and administrative 13,342 13,952 4,928 Amortization of purchased intangibles 809 779 897 Restructuring recoveries - (322) - ----------- ----------- ----------- Total operating expenses 62,994 59,391 53,369 ----------- ----------- ----------- Income (loss) from operations (5,197) 7,090 12,111 Interest income 196 160 662 Interest expense (647) (911) (805) Loss on debt extinguishment - (419) - Other income, net 81 4,663 4,587 ----------- ----------- ----------- Income (loss) before income taxes and non-controlling interest (5,567) 10,583 16,555 Provision for income taxes 642 548 (787) ----------- ----------- ----------- Income (loss) before non-controlling interest (6,209) 10,035 17,342 Adjust for net loss attributable to non-controlling interest 12 107 673 ----------- ----------- ----------- Net income (loss) attributable to Finisar Corporation $ (6,197) $ 10,142 $ 18,015 =========== =========== =========== Net income (loss) per share attributable to Finisar Corporation common stockholders: Basic $ (0.07) $ 0.11 $ 0.20 Diluted $ (0.07) $ 0.11 $ 0.19 Shares used in computing net income (loss) per share - basic Shares used in computing net income (loss) per share - diluted 91,988 90,221 91,349 91,988 93,527 98,528 Finisar Corporation Consolidated Balance Sheets (in thousands) ASSETS Current assets: Cash and cash equivalents Accounts receivable, net Accounts receivable, other Inventories Prepaid expenses Total current assets Property, equipment and improvements, net Purchased intangible assets, net Goodwill Minority investments Other assets July 29, April 30, 2012 2012 ----------- ----------- (Unaudited) ----------- ----------- $ 220,409 $ 234,544 179,441 167,760 14,972 21,004 208,168 218,432 24,430 25,482 ----------- ----------- 647,420 667,222 165,837 163,817 43,049 45,177 97,994 81,431 884 884 7,393 10,896 Total assets ----------- ----------$ 962,577 $ 969,427 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued compensation Other accrued liabilities Deferred revenue Current portion of long-term debt Total current liabilities Long-term liabilities: Convertible notes, net of current portion Other non-current liabilities Deferred tax liabilities Total liabilities Stockholders' equity: Common stock Additional paid-in capital Accumulated other comprehensive income Accumulated deficit Finisar Corporation stockholders' equity Non-controlling interest Total stockholders' equity Total liabilities and stockholders' equity $ 71,295 $ 72,339 22,210 27,090 21,456 20,871 9,775 8,970 - 3,150 ----------- ----------- 124,736 132,420 40,015 40,015 16,274 15,175 2,433 1,972 ----------- ----------- 183,458 189,582 93 91 2,321,064 2,309,219 22,356 28,720 (1,572,703) (1,566,506) ----------- ----------- 770,810 771,524 8,309 8,321 ----------- ----------- 779,119 779,845 ----------- ----------- $ 962,577 $ 969,427 =========== =========== Note - Balance sheet amounts as of April 30, 2012 are derived from the audited consolidated financial statements as of the date. FINISAR NON-GAAP FINANCIAL MEASURES In addition to reporting financial results in accordance with U.S. generally accepted accounting principles, or GAAP, Finisar provides supplemental information regarding the Company's operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or which occur relatively infrequently and which management considers to be outside our core operating results. Some of these non-GAAP measures also exclude the ongoing impact of historical business decisions made in different business and economic environments. Management believes that tracking non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income and non-GAAP net income per share provides management and the investment community with valuable insight into our current operations, our ability to generate cash and the underlying business trends which are affecting our performance. These non-GAAP measures are used by both management and our Board of Directors, along with the comparable GAAP information, in evaluating our current performance and planning our future business activities. In particular, management finds it useful to exclude non-cash charges in order to better correlate our operating activities with our ability to generate cash from operations and to exclude certain cash charges as a means of more accurately predicting our liquidity requirements. We believe that these non-GAAP measures, when used in conjunction with our GAAP financial information, also allow investors to better evaluate our financial performance in comparison to other periods and to other companies in our industry. In calculating non-GAAP gross profit in this release, we have excluded the following items from cost of revenues in applicable periods: q Changes in excess and obsolete inventory reserve (predominantly non-cash charges or non-cash benefits); q Amortization of acquired technology (non-cash charges related to technology obtained in acquisitions); q Stock-based compensation expense (non-cash charges); q Acquisition method accounting adjustment for sale of acquired inventory (non-cash charges); q Expense related to recent flooding in Thailand (non-recurring charges); and q Reduction in force costs (non-recurring cash charges). In calculating non-GAAP operating income in this release, we have excluded the same items to the extent they are classified as operating expenses, and have also excluded the following items in applicable periods: q Gain or loss on litigation settlements and resolutions and related costs (non-recurring cash charges or benefits); q Shareholder class action and derivative litigation costs (non-recurring cash expenses associated with the derivative litigation related to our historical stock option granting practices and related to the class action and derivative litigation related to our March 8, 2011 earnings announcement); q Acquisition related costs (non-recurring cash charges); q Amortization of purchased intangibles (non-cash charges); and q Restructuring costs and recoveries (non-recurring cash charges). In calculating non-GAAP income from continuing operations and non-GAAP income from continuing operations per share in this release, we have also excluded the following items in applicable periods: q Interest income on legal settlements and resolutions (non-recurring benefits) q Gains and losses on sales of assets (non-recurring or non-cash losses and cash gains related to the periodic disposal of assets no longer required for current activities); q Dollar denominated foreign exchange transaction losses (gains) (non-cash charges or benefits); q Gain on fair value re-measurement of contingent consideration liability (non-recurring benefits); q Other miscellaneous expenses (income) (non-recurring charges or benefits); q Loss related to minority and equity method investments (non-cash charges); q Debt extinguishment loss (non-recurring charges); q Fair value re-measurement of equity investment (non-cash gain from re-measurement of value of prior investment in an investee); and q Differences between cash payable for income taxes and the provision for income taxes in accordance with GAAP, less discrete items. In calculating non-GAAP income per share in this release, we have included the shares issuable upon conversion of our outstanding convertible notes and excluded the interest expenses associated with such notes in such periods where such treatment is dilutive to non-GAAP income (loss) per share. A reconciliation of this non-GAAP financial information to the corresponding GAAP information is set forth below: Finisar Corporation Reconciliation of Results of Operations under GAAP and non-GAAP (in thousands, except per share data) Three Months Ended ------------------------------------- July 29, July 31, April 30, 2012 2011 2012 ----------- ----------- ----------- (Unaudited) ------------------------------------- GAAP to non-GAAP reconciliation of gross profit: Gross profit - GAAP $ 57,797 $ 66,481 $ 65,480 Gross margin - GAAP 26.2% 29.1% 27.3% Adjustments: Cost of revenues Change in excess and obsolete inventory reserve 4,866 1,090 5,027 Amortization of acquired technology 1,272 1,522 1,515 Stock compensation 1,486 1,859 1,139 Acquisition method accounting adjustment for sale of acquired inventory 641 1,854 963 Flood-related expense - - 1,222 Reduction in force costs 648 552 62 ----------- ----------- ----------- Total cost of revenue adjustments 8,913 6,877 9,928 ----------- ----------- ----------- Gross profit - non-GAAP 66,710 73,358 75,408 ----------- ----------- ----------- Gross margin - non-GAAP 30.3% 32.1% 31.4% GAAP to non-GAAP reconciliation of operating income: Operating income (loss) - GAAP (5,197) 7,090 12,111 Operating margin - GAAP -2.4% 3.1% 5.0% Adjustments: Total cost of revenue adjustments 8,913 6,877 9,928 Research and development Reduction in force costs 177 - 35 Stock compensation 2,986 2,361 2,288 Sales and marketing Reduction in force costs - - 36 Stock compensation 1,077 864 727 General and administrative Reduction in force costs 15 98 41 Stock compensation 2,829 2,008 1,768 Acquisition related costs 325 1,089 - Litigation settlements and resolutions and related costs 23 100 (7,422) Shareholder class action and derivative litigation costs 43 - 447 Amortization of purchased intangibles 809 779 897 Restructuring recoveries - (322) - ----------- ----------- ----------- Total cost of revenue and operating expense adjustments Operating income - non-GAAP Operating margin - non-GAAP 17,197 13,854 8,745 ----------- ----------- ----------- 12,000 20,944 20,856 ----------- ----------- ----------- 5.4% 9.2% 8.7% GAAP to non-GAAP reconciliation of income attributable to Finisar Corporation: Income (loss) attributable to Finisar Corporation - GAAP Adjustments: Total cost of revenue and operating expense adjustments Interest income from legal settlement Imputed interest related to restructuring Other (income) expense, net Loss (gain) on sale of assets Loss related to minority and equity method investments Gain on fair value remeasurement of contingent consideration liability Other miscellaneous income Foreign exchange transaction loss (gain) Debt extinguishment loss Fair value remeasurement of equity investment Provision for income taxes Income tax provision adjustments (6,197) 17,197 - 62 (19) (160) (4) (8) 10,142 13,854 - 70 1 619 - (148) 419 (5,429) - 18,015 8,745 (434) 133 3 - (4,853) (424) 506 (3) (1,454) Total adjustments Net income attributable to Finisar Corporation - non-GAAP ----------- ----------- ----------- 17,068 9,386 2,219 ----------- ----------- ----------- 10,871 19,528 20,234 ----------- ----------- ----------- Non-GAAP income attributable to Finisar Corporation $ 10,871 $ 19,528 $ 20,234 Add: interest expense for dilutive convertible notes - 539 539 ----------- ----------- ----------- Adjusted non-GAAP income attributable to Finisar Corporation $ 10,871 $ 20,067 $ 20,773 =========== =========== =========== Non-GAAP income per share attributable to Finisar Corporation common stockholders Basic $ Diluted $ Shares used in computing non-GAAP income per share attributable to Finisar Corporation common stockholders Basic Diluted 0.12 $ 0.12 $ 91,988 94,204 0.22 $ 0.21 $ 90,221 97,275 0.22 0.21 91,349 98,528 Non-GAAP EBITDA Non-GAAP income attributable to Finisar Corporation $ 10,871 $ 19,528 $ 20,234 Depreciation expense Amortization Interest expense Income tax expense Non-GAAP EBITDA Investor Contact: Kurt Adzema Chief Financial Officer 408-542-5050 or Investor.relations@finisar.com 12,711 10,595 12,583 236 208 227 389 681 444 650 548 667 ----------- ----------- ----------- $ 24,857 $ 31,560 $ 34,155 =========== =========== =========== Press contact: Victoria McDonald Sr. Manager, Corporate Communications 408-542-4261 Source: Finisar News Provided by Acquire Media
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