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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Alliance Fiber Optic Products, Inc. | NASDAQ:AFOP | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.51 | 18.48 | 18.50 | 0 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
____________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2014
ALLIANCE FIBER OPTIC
PRODUCTS, INC.
(Exact name of registrant as specified in its charter)
Delaware | 0-31857 | 77-0554122 |
(State or other jurisdiction | (Commission | (IRS Employer |
of incorporation) | File Number) | Identification No.) |
275 Gibraltar Drive, Sunnyvale, California | 94089 |
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (408) 736-6900
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
The information in this Current Report is being furnished and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.
On October 29, 2014, Alliance Fiber Optic Products, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2014. A copy of the earnings release is furnished herewith as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
Exhibit | Description | ||
99.1 | Press Release dated October 29, 2014 announcing third quarter 2014 results. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: October 29, 2014
ALLIANCE FIBER OPTIC PRODUCTS, INC. | |
By | /s/ Anita K. Ho |
Name: | Anita K. Ho |
Title: | Acting Chief Financial Officer |
EXHIBIT INDEX
Exhibit Number |
Description | ||
99.1 | Press release dated October 29, 2014 announcing third quarter 2014 results. |
Contact: |
October 29, 2014 |
AFOP REPORTS THIRD
QUARTER, 2014 FINANCIAL RESULTS
WITH SEQUENTIAL GROWTH GUIDANCE
Sunnyvale, CA October 29, 2014 - Alliance Fiber Optic Products, Inc. (Nasdaq GM: 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, 2014.
Revenues for the third quarter of 2014 were $18,096,000, a 22% decrease from revenues of $23,074,000 reported in the third quarter of 2013, and a 25% decrease from revenues of $24,199,000 reported in the second quarter of 2014.
Net income for the quarter ended September 30, 2014, was $4,303,000, or $0.23 per share, compared to net income of $5,621,000, or $0.31 per share, for the third quarter of 2013, and net income of $3,782,000, or $0.20 per share, for the second quarter of 2014. Included in net income for the third and second quarter of 2014 are income tax benefit and provision adjustments of $168,000 and $2,134,000 respectively, as a result of deferred income tax benefit and expenses based on utilization of net operating loss. Excluding these tax benefit and provision adjustments, net income in the third quarter of 2014 of $4,135,000, or $0.22 per share, compared to net income in the second quarter of 2014 of $5,916,000, or $0.32 per share.
Gross margin for the quarter ended September 30, 2014 was 39.5%, compared to 38.4% in the year ago quarter and 40.1% in the second quarter of 2014. Operating margin for the quarter ended September 30, 2014 was 22.9%, compared to 24.5% in the year ago quarter and 27.1% in the second quarter of 2014.
Non-GAAP net income for the quarter ended September 30, 2014 decreased to $4,571,000, or $0.25 per share, compared to non-GAAP net income of $6,184,000, or $0.34 per share, for the third quarter of 2013, and non-GAAP net income of $6,446,000, or $0.35 per share, for the second quarter of 2014.
Non-GAAP gross margin for the quarter ended September 30, 2014 was 39.9%, compared to 38.9% in the year ago quarter and 40.5% in the second quarter of 2014. Non-GAAP operating margin for the quarter ended September 30, 2014 was 25.3%, compared to 27.0% in the year ago quarter and 29.3% in the second quarter of 2014.
Peter Chang, President and Chief Executive Officer, commented, During the third quarter, we experienced weakness in normal sales levels across several leading customers without any noted market share loss. Our understanding is that this reflects a weakening in general market conditions, as some companies in the optical network market segment have also reported recently. We adjusted to this shortfall well and continued to deliver strong financial performance within our industry peer group, with stable gross margins, well controlled inventory levels, and an improved balance sheet. Most importantly, we made good progress meeting our customers needs, extending our product technology and improving our operations.
Regarding forward guidance,
we expect revenues in the fourth quarter of 2014 to be in the range of $19
million to $20 million. With this level of quarterly revenue, we will end the
year of 2014 with another record annual profit and record annual sales as well.
Data bandwidth demands continue to increase and the conversion from copper
technology to fiber technology in data center applications is accelerating. We
are encouraged by growing demands for our products
and the prospect of continuing to deliver record annual sales and profits in the
coming years. concluded Mr. Chang.
Conference
Call
Management will host a
conference call at 1:30 p.m. PT on October, 29, 2014 to discuss AFOPs third
quarter 2014 financial results as well as the outlook for the fourth quarter of
2014. Please call 877-675-3572 at least ten minutes prior to the call in order
for the operator to connect you. The confirmation number for the call is
21291552. AFOP will also provide a live webcast of its third quarter 2014
conference call at AFOPs website: www.afop.com. The webcast replay will be
available on AFOPs website 90 minutes after the live conference
call.
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 CWDM and DWDM components and modules, optical
attenuators, and micro-optics devices. 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 expectations regarding future revenue levels, profits, margins, and sales and the time periods thereof our beliefs regarding demand for data communications and the acceleration of conversion to fiber technology, growth in the fiber optics industry, the reasons for decreases in customer orders, and our expectation regarding future demand for our products 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, trends in demand for bandwidth, the rate of conversion from copper to fiber technology, 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 for our products, the timing of customer orders, loss of key customers, our ability to ramp new products into volume production, the mix of products sold and product pricing, the costs associated with running our operations, industry-wide shifts in supply and demand for optical components and modules, industry overcapacity and demand for bandwidth, the success of cost control initiatives, our ability to obtain and maintain operational efficiencies, financial stability in foreign markets, and other risks detailed from time to time in our SEC reports, including AFOP's quarterly report on Form 10-Q for the quarter ended June 30, 2014. 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.
ALLIANCE FIBER OPTIC
PRODUCTS, INC.
Condensed
Consolidated Balance Sheets
(in thousands)
(Unaudited)
Sep. 30, | Dec. 31, | |||||
2014 | 2013 | |||||
ASSETS | ||||||
Current assets: | ||||||
Cash and short-term investments | $ | 62,626 | $ | 46,679 | ||
Accounts receivable, net | 10,654 | 11,566 | ||||
Inventories | 8,905 | 10,630 | ||||
Deferred tax asset | 3,411 | 6,036 | ||||
Other current assets | 1,604 | 1,745 | ||||
Total current assets | 87,200 | 76,656 | ||||
Long-term investments | 10,589 | 10,453 | ||||
Property and equipment, net | 14,529 | 13,258 | ||||
Other assets | 165 | 198 | ||||
Total assets | $ | 112,483 | $ | 100,565 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 9,345 | $ | 11,657 | ||
Accrued expenses and other current liabilities | 8,240 | 7,134 | ||||
Total current liabilities | 17,585 | 18,791 | ||||
Long-term liabilities | 620 | 600 | ||||
Total liabilities | 18,205 | 19,391 | ||||
Stockholders' equity | 94,278 | 81,174 | ||||
Total liabilities and stockholders' equity | $ | 112,483 | $ | 100,565 |
ALLIANCE FIBER OPTIC
PRODUCTS, INC.
Condensed Consolidated Statements of
Operations
(In thousands,
except per share amounts)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||||||
Sep. 30, | Jun. 30, | Sep. 30, | Sep. 30, | Sep. 30, | ||||||||||||||||
2014 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Revenues | $ | 18,096 | $ | 24,199 | $ | 23,074 | $ | 67,177 | $ | 54,266 | ||||||||||
Cost of revenues | 10,957 | 14,504 | 14,218 | 40,429 | 33,722 | |||||||||||||||
Gross profit | 7,139 | 9,695 | 8,856 | 26,748 | 20,544 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Research and development | 1,068 | 1,067 | 1,024 | 3,243 | 2,696 | |||||||||||||||
Selling, marketing and administrative | 1,924 | 2,061 | 2,174 | 6,321 | 5,978 | |||||||||||||||
Total operating expenses | 2,992 | 3,128 | 3,198 | 9,564 | 8,674 | |||||||||||||||
Income from operations | 4,147 | 6,567 | 5,658 | 17,184 | 11,870 | |||||||||||||||
Interest and other income, net | 226 | 186 | 173 | 559 | 469 | |||||||||||||||
Net income before tax | 4,373 | 6,753 | $ | 5,831 | $ | 17,743 | $ | 12,339 | ||||||||||||
Benefit (provision) for income taxes | (70 | ) | (2,971 | ) | (210 | ) | (4,643 | ) | (586 | ) | ||||||||||
Net income | $ | 4,303 | $ | 3,782 | $ | 5,621 | $ | 13,100 | $ | 11,753 | ||||||||||
Net income per share: | ||||||||||||||||||||
Basic | $ | 0.23 | $ | 0.20 | $ | 0.31 | $ | 0.71 | $ | 0.67 | ||||||||||
Diluted | $ | 0.23 | $ | 0.20 | $ | 0.30 | $ | 0.69 | $ | 0.65 | ||||||||||
Shares used in per share calculation: | ||||||||||||||||||||
Basic | 18,629 | 18,533 | 18,056 | 18,529 | 17,584 | |||||||||||||||
Diluted | 19,103 | 19,230 | 18,754 | 19,036 | 18,107 | |||||||||||||||
Included in costs and expenses above: | ||||||||||||||||||||
Stock based compensation charges | ||||||||||||||||||||
Cost of revenue | $ | 87 | $ | 115 | $ | 116 | $ | 379 | $ | 215 | ||||||||||
Research and development | 44 | 64 | 71 | 191 | 149 | |||||||||||||||
Selling, marketing and administrative | 305 | 351 | 376 | 1,113 | 890 | |||||||||||||||
Total | $ | 436 | $ | 530 | $ | 563 | $ | 1,683 | $ | 1,254 |
ALLIANCE FIBER OPTIC
PRODUCTS, INC.
Reconciliations from GAAP to Non-GAAP
(In thousands, except
per share amounts)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||||||
Sep. 30, | Jun. 30, | Sep. 30, | Sep. 30, | Sep. 30, | ||||||||||||||||
2014 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Gross Profit Reconciliation | ||||||||||||||||||||
GAAP gross profit | $ | 7,139 | $ | 9,695 | $ | 8,856 | $ | 26,748 | $ | 20,544 | ||||||||||
Stock-based compensation expense | 87 | 115 | 116 | 379 | 215 | |||||||||||||||
Adjusted (non-GAAP) gross profit | $ | 7,226 | $ | 9,810 | $ | 8,972 | $ | 27,127 | $ | 20,759 | ||||||||||
Adjusted (non-GAAP) gross margin | 39.9 | % | 40.5 | % | 38.9 | % | 40.4 | % | 38.3 | % | ||||||||||
Operating Expense Reconciliation | ||||||||||||||||||||
GAAP operating expenses | $ | 2,992 | $ | 3,128 | $ | 3,198 | $ | 9,564 | $ | 8,674 | ||||||||||
Stock-based compensation expense | 349 | 415 | 447 | 1,304 | 1,039 | |||||||||||||||
Adjusted (non-GAAP) operating expenses | $ | 2,643 | $ | 2,713 | $ | 2,751 | $ | 8,260 | $ | 7,635 | ||||||||||
Income from Operations Reconciliation | ||||||||||||||||||||
GAAP income from operations | $ | 4,147 | $ | 6,567 | $ | 5,658 | $ | 17,184 | $ | 11,870 | ||||||||||
Adjustments related to gross profit | 87 | 115 | 116 | 379 | 215 | |||||||||||||||
Adjustments related to operating expense | 349 | 415 | 447 | 1,304 | 1,039 | |||||||||||||||
Adjusted (non-GAAP) income from operations | $ | 4,583 | $ | 7,097 | $ | 6,221 | $ | 18,867 | $ | 13,124 | ||||||||||
Adjusted (non-GAAP) operating margin | 25.3 | % | 29.3 | % | 27.0 | % | 28.1 | % | 24.2 | % | ||||||||||
Net Income Reconciliation | ||||||||||||||||||||
GAAP net income | $ | 4,303 | $ | 3,782 | $ | 5,621 | $ | 13,100 | $ | 11,753 | ||||||||||
Adjustments related to gross profit | 87 | 115 | 116 | 379 | 215 | |||||||||||||||
Adjustments related to operating expense | 349 | 415 | 447 | 1,304 | 1,039 | |||||||||||||||
Income tax (benefit) provision adjustments | (168 | ) | 2,134 | - | 2,625 | - | ||||||||||||||
Adjusted (non-GAAP) net income | $ | 4,571 | $ | 6,446 | $ | 6,184 | $ | 17,408 | $ | 13,007 | ||||||||||
Weighted average shares outstanding | ||||||||||||||||||||
Basic | 18,629 | 18,533 | 18,056 | 18,529 | 17,584 | |||||||||||||||
Diluted | 19,103 | 19,230 | 18,754 | 19,036 | 18,107 | |||||||||||||||
Net Income per Common Share - Basic: | ||||||||||||||||||||
GAAP as reported | $ | 0.23 | $ | 0.20 | $ | 0.31 | $ | 0.71 | $ | 0.67 | ||||||||||
Non-GAAP as adjusted | $ | 0.25 | $ | 0.35 | $ | 0.34 | $ | 0.94 | $ | 0.74 | ||||||||||
Net Income per Common Share - Diluted: | ||||||||||||||||||||
GAAP as reported | $ | 0.23 | $ | 0.20 | $ | 0.30 | $ | 0.69 | $ | 0.65 | ||||||||||
Non-GAAP as adjusted | $ | 0.24 | $ | 0.34 | $ | 0.33 | $ | 0.91 | $ | 0.72 | ||||||||||
Non-GAAP EBITDA | ||||||||||||||||||||
Non-GAAP net income | $ | 4,571 | $ | 6,446 | $ | 6,184 | $ | 17,408 | $ | 13,007 | ||||||||||
Depreciation expense | 748 | 707 | 592 | 2,139 | 1,512 | |||||||||||||||
Interest income | (198 | ) | (183 | ) | (185 | ) | (559 | ) | (508 | ) | ||||||||||
Income tax expense | 238 | 837 | 210 | 2,018 | 586 | |||||||||||||||
Non-GAAP EBITDA | $ | 5,359 | $ | 7,807 | $ | 6,801 | $ | 21,006 | $ | 14,597 |
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