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 fourth quarter ended December
31, 2005.
Revenues for the fourth quarter of 2005 totaled $5,510,000, which
represents a 5% increase over revenues of $5,269,000 reported in the
previous quarter, and an increase of 18% over revenues of $4,653,000
reported in the fourth quarter of 2004. The Company recorded a net
loss for the fourth quarter of 2005 of $526,000, or $0.01 per share
based on 39.6 million shares outstanding. This compares to a net loss
for the third quarter of 2005 of $558,000, or $0.01 per share based on
39.4 million shares outstanding, and a net loss for the fourth quarter
of 2004 of $1,587,000, or $0.04 per share based on 38.7 million shares
outstanding.
Revenues for fiscal year 2005 totaled $20,963,000, which
represents a 44% increase over revenues of $14,558,000 reported in the
previous year. The Company recorded a net loss for fiscal year 2005 of
$2,616,000 or $0.07 per share based on 39.3 million shares
outstanding. This compares to a net loss for the previous year of
$9,343,000 or $0.24 per share based on 38.5 million shares
outstanding.
There were no deferred stock compensation charges for either the
quarter ended December 31, 2005 or the quarter ended September 30,
2005. Included in the net loss for the quarter ended December 31, 2004
are deferred stock compensation charges of $1,000 and an asset
impairment charge of $331,000.
There were no deferred stock compensation charges for the year
ended December 31, 2005. Included in the net loss for the year ended
December 31, 2004 are deferred stock compensation charges of $286,000
and an asset impairment charge of $331,000.
"The fourth quarter capped a year of consistent improvement for
AFOP," commented Peter Chang, President and Chief Executive Officer.
"Revenues grew for the 7th consecutive quarter, while expenses
remained under control, leading to a greatly enhanced bottom line. The
net loss for the fourth quarter fell by 6% from last quarter, and by
67% from a year ago. In addition, our gross margin steadily improved
throughout the year, ending at 26.1% in the fourth quarter. It is also
important to note that while our net loss for the fourth quarter
improved by 6% sequentially, our operating net loss was 26% better
than last quarter. Finally, our cash and cash equivalents remained
essentially unchanged from the prior quarter, at $29 million."
"In 2005 we made solid progress in broadening our product and
technology platform. As business conditions continue to improve, we
remain encouraged about the opportunities we see in the year ahead,"
concluded Mr. Chang.
Conference Call
Management will host a conference call at 1:30 p.m. Pacific Time
on February 1, 2006 to discuss AFOP's fourth quarter and full year
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 187465. AFOP will also provide a live webcast of its fourth
quarter and full year 2005 conference call at AFOP's website
www.afop.com. A replay will be available until February 8. The dial in
for the instant replay is (877) 660-6853. The replay passcodes
(account#: 286; conference ID#: 187465) 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, 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 most recent Form
10-QSB for the quarter ended September 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.
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ALLIANCE FIBER OPTIC PRODUCTS, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
Dec. 31, Dec. 31,
2005 2004
------------ ------------
ASSETS
Current assets:
Cash and short-term investments $ 29,407 $ 31,456
Accounts receivable, net 3,570 2,322
Inventories 3,670 3,998
Other current assets 634 653
------------ ------------
Total current assets 37,281 38,429
Property and equipment, net 4,564 5,603
Other assets 105 121
------------ ------------
Total assets $ 41,950 $ 44,153
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,342 $ 2,205
Accrued expenses and other liabilities 2,428 2,480
------------ ------------
Total current liabilities 4,770 4,685
Long-term liabilities 859 826
------------ ------------
Total liabilities 5,629 5,511
Stockholders' equity 36,321 38,642
------------ ------------
Total liabilities and stockholders'
equity $ 41,950 $ 44,153
============ ============
ALLIANCE FIBER OPTIC PRODUCTS, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
--------------------------- -------------------
Dec. 31, Sept. 30, Dec. 31, Dec. 31, Dec. 31,
2005 2005 2004 2005 2004
-------- --------- -------- --------- ---------
Revenues $ 5,510 $ 5,269 $ 4,653 $ 20,963 $ 14,558
Cost of revenues 4,070 4,141 3,715 16,363 13,174
-------- --------- -------- --------- ---------
Gross profit/(loss) 1,440 1,128 938 4,600 1,384
-------- --------- -------- --------- ---------
Operating expenses:
Research and
development 816 784 1,078 3,434 5,555
Sales and marketing 524 519 564 2,176 2,048
General and
administrative 789 756 823 3,009 3,422
Asset impairment
charge - - 331 - 331
-------- --------- -------- --------- ---------
Total operating
expenses 2,129 2,059 2,796 8,619 11,356
Loss from operations (689) (931) (1,858) (4,019) (9,972)
Interest and other
income, net 163 373 271 1,403 629
-------- --------- -------- --------- ---------
Loss before income
taxes (526) (558) (1,587) (2,616) (9,343)
Income tax provision - - - - -
-------- --------- -------- --------- ---------
Net loss $ (526) $ (558) $(1,587) $ (2,616) $ (9,343)
======== ========= ======== ========= =========
Net loss per share -
basic and diluted $ (0.01) $ (0.01) $ (0.04) $ (0.07) $ (0.24)
Weighted average
shares outstanding 39,630 39,405 38,670 39,330 38,590
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