Alliance Fiber Optic (NASDAQ:AFOP)
Historical Stock Chart
From Jul 2019 to Jul 2024
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 third quarter ended September
30, 2005.
Revenues for the third quarter of 2005 were $5,269,000, which
represents a 2% increase over revenues of $5,178,000 reported in the
previous quarter, and an increase of 44% over revenues of $3,665,000
reported in the third quarter of 2004. The Company recorded a net loss
for the third quarter of 2005 of $558,000, or $0.01 per share based on
39.4 million shares outstanding. This compares to a net loss for the
second quarter of 2005 of $720,000, or $0.02 per share based on 39.3
million shares outstanding, and a net loss for the third quarter of
2004 of $2,390,000, or $0.06 per share based on 39.0 million shares
outstanding.
There were no deferred stock compensation charges for either the
quarter ended September 30, 2005 or the quarter ended June 30, 2005.
Included in the net loss for the quarter ended September 30, 2004 are
deferred stock compensation charges of $69,000.
Peter Chang, President and Chief Executive Officer, commented, "We
are encouraged by the continued improvement in our overall financial
results in the third quarter of 2005. Revenues improved sequentially
once again, expenses were under control, and we moved closer to
achieving breakeven on the bottom line. Third quarter 2005 revenue
grew by 44% from a year ago, and by 2% from last quarter. Our net loss
before income taxes fell to $558,000, or $0.01 per share in the
quarter, a substantial improvement over the net loss of $2.4 million
in the year ago quarter, and the net loss of $720,000 in the second
quarter of 2005.
"As the business environment strengthens in our market, this
should lead toward modest growth in the quarters ahead," concluded Mr.
Chang.
Conference Call
Management will host a conference call at 1:30 p.m. Pacific Time
on October 26, 2005 to discuss AFOP's third quarter 2005 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
172274. AFOP will also provide a live webcast of its third quarter
2005 conference call at AFOP's website www.afop.com. A replay will be
available until November 2. The dial in for the replay is (877)
660-6853. The replay passcode is account # 286; conference ID #
172274. Both are 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 and growth, including revenue growth and
improvement in overall financial results, and the strengthening of the
business environment in AFOP's market, 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 SEC reports, including AFOP's most
recent Form 10-QSB for the quarter ended June 30, 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.
-0-
*T
ALLIANCE FIBER OPTIC PRODUCTS, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
Sept. 30, Dec. 31,
2005 2004
---------- ---------
ASSETS
Current assets:
Cash and short-term investments $29,401 $31,456
Accounts receivable 3,014 2,322
Inventories 3,416 3,998
Other current assets 656 653
---------- ---------
Total current assets 36,487 38,429
Property and equipment, net 4,814 5,603
Other assets 134 121
---------- ---------
Total assets $41,435 $44,153
========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,842 $2,205
Accrued expenses and other liabilities 2,231 2,480
---------- ---------
Total current liabilities 4,073 4,685
Long-term liabilities 865 826
---------- ---------
Total liabilities 4,938 5,511
Stockholders' equity 36,497 38,642
---------- ---------
Total liabilities and stockholders' equity $41,435 $44,153
========== =========
ALLIANCE FIBER OPTIC PRODUCTS, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Nine Months Ended
Ended
------------------------ -----------------
Sept. Jun. Sept. Sept. Sept.
30, 30, 30, 30, 30,
2005 2005 2004 2005 2004
------- ------- -------- -------- --------
Revenues $5,269 $5,178 $3,665 $15,453 $9,905
Cost of revenues 4,141 4,077 3,159 12,293 9,458
------- ------- -------- -------- --------
Gross profit 1,128 1,101 506 3,160 447
------- ------- -------- -------- --------
Operating expenses:
Research and development 784 882 1,474 2,618 4,477
Sales and marketing 519 560 469 1,653 1,484
General and administrative 756 713 927 2,219 2,599
------- ------- -------- -------- --------
Total operating expenses 2,059 2,155 2,870 6,490 8,560
Loss from operations (931) (1,054) (2,364) (3,330) (8,113)
Interest and other income,
net 373 334 (26) 1,240 358
------- ------- -------- -------- --------
Net loss $(558) $(720) $(2,390) $(2,090) $(7,755)
======= ======= ======== ======== ========
Net loss per share - basic
and diluted $(0.01) $(0.02) $(0.06) $(0.05) $(0.20)
Weighted average shares
outstanding 39,405 39,259 38,970 39,228 38,492
*T