Alliance Fiber Optic (NASDAQ:AFOP)
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Alliance Fiber Optic Products, Inc. (NASDAQ:AFOP), 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 results reflect the adoption of SFAS 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, 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 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 systems to the long-haul, enterprise, metropolitan and last
mile access segments of the communications network. AFOP offers a
broad product line of passive optical components including
interconnect systems, couplers and splitters, thin film DWDM
components and modules, fixed and variable optical attenuators, and
depolarizers. AFOP is headquartered in Sunnyvale, California, with
manufacturing and product development capabilities in the United
States, 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"
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements 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, 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 for the year ended December
31, 2005. These forward-looking statements speak only as of the date
hereof. AFOP disclaims any intention or obligation to update or revise
any forward-looking statements.
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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 $- $-
========== ========== ==========
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