![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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): February 18, 2016
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:
☐ | Written communications
pursuant to Rule 425 under the Securities Act (17 CFR
230.425) |
☐ | Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12) |
☐ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b)) |
☐ | 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 February 18, 2016, Alliance Fiber Optic Products, Inc. issued a press release announcing its financial results for the quarter and year ended December 31, 2015. A copy of the earnings release is furnished herewith as Exhibit 99.1.
Item 8.01. Other Events.
Alliance Fiber Optic Products, Inc.s (the Company) 2016 Annual Meeting of Stockholders will be held on May 20, 2016 at such place and time as will be set forth in the Companys proxy statement relating to that meeting. A stockholder proposal not included in the proxy statement for the 2016 Annual Meeting will be ineligible for presentation at the meeting unless the stockholder gives timely notice of the proposal in writing to the Companys Secretary at the Companys principal executive offices and otherwise complies with the provisions of the Companys Bylaws. To be timely, the Companys Bylaws provide that the Company must have received the stockholders notice not less than 60 days nor more than 90 days prior to the scheduled date of such meeting. However, if notice or prior public disclosure of the date of the annual meeting is given or made to stockholders less than 75 days prior to the meeting date, the Company must receive the stockholders notice by the earlier of (i) the close of business on the 15th day after the earlier of the day the Company mailed notice of the annual meeting date or provided such public disclosure of the meeting date and (ii) two days prior to the scheduled date of the annual meeting. For the Companys 2016 Annual Meeting of Stockholders, stockholders must submit written notice to the Secretary in accordance with the foregoing Bylaw provisions no earlier than February 20, 2016 and no later than March 21, 2016.
Item 9.01. Financial Statements and Exhibits.
Exhibit | Description | ||
99.1 | Press Release dated February 18, 2016 announcing fourth quarter and year end 2015 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: February 18, 2016
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 February 18, 2016 announcing fourth quarter and year end 2015 results. |
Contact: | |
Keting Lin, IR Associate | |
Alliance Fiber Optic Products, Inc. | February 18, 2016 |
Phone: 408-736-6900 x188 |
AFOP REPORTS ANNUAL SALES
AND OPERATING PROFITS FOR 2015.
WITH SEQUENTIAL GROWTH GUIDANCE
Sunnyvale, CA February 18, 2016 - 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 fourth quarter and year ended December 31, 2015.
Revenues for the fourth quarter of 2015 totaled $16,421,000, a 9% decrease from revenues of $18,060,000 reported in the previous quarter and a 13% decrease from revenues of $18,809,000 reported in the fourth quarter of 2014. The Company recorded net income for the fourth quarter of 2015 of $787,000, or $0.05 per share, compared to $3,653,000, or $0.20 per share for the previous quarter, and compared to net income for the fourth quarter of 2014 of $1,409,000, or $0.08 per share.
Revenues for the year ended December 31, 2015 were $81,189,000, a 6% decrease over revenues of $85,987,000 reported in the previous year. Operating income for the year ended December 31, 2015 was $19,194,000, compared with $21,603,000 for the previous year. The Company recorded a net profit for the year ended December 31, 2015 of $13,038,000, or $0.74 per basic share. This compares with a net profit of $14,508,000, or $0.78 per basic share, for the year ended December 31, 2014.
Fiscal year 2015 represented a year of continued profitability and investment for AFOP, commented Peter Chang, President and Chief Executive Officer. With the softer second half of 2015, overall annual revenues were off 6% from 2014s record performance. With our operational efficiency, we achieved annual and quarterly gross margins above the average of our peers throughout the year, which resulted in improved annual Non-GAAP based gross margins, from 40% in 2014 to 41% in 2015. In addition, AFOP increased shareholder value during the year through a stock buyback program to reduce the number of outstanding shares by over 2.5 million, while still maintaining a strong balance sheet.
While we are pleased with the continued profitable financial performance for 2015, we are encouraged with the business prospects in this coming year with the progress we have made with customers, new products, and the continued strong demand in the global fiber optics markets. In the first quarter of 2016, we expect revenues to be in the range of $17M to $19M. Earnings per share in the first quarter of 2016 will improve with fewer outstanding shares from the stock buyback program in 2015 and no foreign subsidiary annual tax adjustment. In addition, we are encouraged by the prospects of continuous sequential quarterly growth, which would result in a year of record revenue and profits in the full year 2016. concluded Mr. Chang.
Conference
Call
Management will host a
conference call at 1:30 p.m. PT on February 18, 2016 to discuss AFOPs Fourth
Quarter and Fiscal Year 2015 financial results as well as the outlook for the
First Quarter of 2016. 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 22256438. AFOP will also provide a live webcast of its Fourth
Quarter and Fiscal Year 2015 Earnings 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, business prospects and the time periods thereof, our beliefs regarding demand in the global market, growth in the fiber optics industry, 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 September 30, 2015. 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.
Consolidated Balance Sheets
(in thousands)
(Unaudited)
Dec. 31, | Dec. 31, | |||||
2015 | 2014 | |||||
ASSETS | ||||||
Current assets: | ||||||
Cash and short-term investments | $ | 23,988 | $ | 54,580 | ||
Accounts receivable, net | 12,547 | 10,806 | ||||
Inventories, net | 10,919 | 9,305 | ||||
Deferred tax assets | 3,848 | 3,690 | ||||
Other current assets | 2,121 | 2,077 | ||||
Total current assets | 53,423 | 80,458 | ||||
Long-term investments | 10,821 | 10,635 | ||||
Property and equipment, net | 16,183 | 13,868 | ||||
Other assets | 206 | 212 | ||||
Total assets | $ | 80,633 | $ | 105,173 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 6,059 | $ | 9,236 | ||
Accrued expenses and other current liabilities | 9,510 | 8,699 | ||||
Total current liabilities | 15,569 | 17,935 | ||||
Long-term liabilities | 2,194 | 978 | ||||
Total liabilities | 17,763 | 18,913 | ||||
Stockholders' equity | 62,870 | 86,260 | ||||
Total liabilities and stockholders' equity | $ | 80,633 | $ | 105,173 |
ALLIANCE FIBER OPTIC
PRODUCTS, INC.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended | Year Ended | |||||||||||||||||||
Dec. 31, | Sep. 30, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Revenues | $ | 16,421 | $ | 18,060 | $ | 18,809 | $ | 81,189 | $ | 85,987 | ||||||||||
Cost of revenues | 9,770 | 10,963 | 11,339 | 48,154 | 51,770 | |||||||||||||||
Gross profit | 6,651 | 7,097 | 7,470 | 33,035 | 34,217 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Research and development | 1,090 | 1,009 | 1,096 | 4,411 | 4,340 | |||||||||||||||
Selling, marketing and administrative | 2,259 | 2,373 | 1,954 | 9,430 | 8,274 | |||||||||||||||
Total operating expenses | 3,349 | 3,382 | 3,050 | 13,841 | 12,614 | |||||||||||||||
Income from operations | 3,302 | 3,715 | 4,420 | 19,194 | 21,603 | |||||||||||||||
Interest and other income, net | 87 | 148 | 209 | 623 | 769 | |||||||||||||||
Net income before tax | 3,389 | 3,863 | 4,629 | $ | 19,817 | $ | 22,372 | |||||||||||||
Provision for income taxes | (2,602 | ) | (210 | ) | (3,220 | ) | (6,779 | ) | (7,864 | ) | ||||||||||
Net income | $ | 787 | $ | 3,653 | $ | 1,409 | $ | 13,038 | $ | 14,508 | ||||||||||
Net income per share: | ||||||||||||||||||||
Basic | $ | 0.05 | $ | 0.20 | $ | 0.08 | $ | 0.74 | $ | 0.78 | ||||||||||
Diluted | $ | 0.05 | $ | 0.20 | $ | 0.08 | $ | 0.73 | $ | 0.77 | ||||||||||
Shares used in per share calculation: | ||||||||||||||||||||
Basic | 17,055 | 17,850 | 18,366 | 17,648 | 18,488 | |||||||||||||||
Diluted | 17,315 | 18,227 | 18,727 | 17,945 | 18,935 | |||||||||||||||
Included in costs and expenses above: | ||||||||||||||||||||
Stock based compensation charges | ||||||||||||||||||||
Cost of revenues | $ | 118 | $ | 137 | $ | 113 | $ | 513 | $ | 492 | ||||||||||
Research and development | 41 | 51 | 44 | 196 | 234 | |||||||||||||||
Selling, marketing and administrative | 657 | 666 | 321 | 2,227 | 1,435 | |||||||||||||||
Total | $ | 816 | $ | 854 | $ | 478 | $ | 2,936 | $ | 2,161 |
ALLIANCE FIBER OPTIC
PRODUCTS, INC.
Reconciliations from GAAP to Non-GAAP
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
Dec. 31, | Sep. 30, | Dec. 31, | Dec. 31, | Dec. 31, | |||||||||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
Gross Profit Reconciliation | |||||||||||||||||||||||||
GAAP gross profit | $ | 6,651 | $ | 7,097 | $ | 7,470 | $ | 33,035 | $ | 34,217 | |||||||||||||||
Stock-based compensation expense | 118 | 137 | 113 | 513 | 492 | ||||||||||||||||||||
Adjusted (non-GAAP) gross profit | $ | 6,769 | 7,234 | $ | 7,583 | $ | 33,548 | $ | 34,709 | ||||||||||||||||
Adjusted (non-GAAP) gross margin | 41.2 | % | 40.1 | % | 40.3 | % | 41.3 | % | 40.4 | % | |||||||||||||||
Operating Expense Reconciliation | |||||||||||||||||||||||||
GAAP operating expenses | $ | 3,349 | $ | 3,382 | $ | 3,050 | $ | 13,841 | $ | 12,614 | |||||||||||||||
Stock-based compensation expense | 698 | 717 | 365 | 2,423 | 1,669 | ||||||||||||||||||||
Adjusted (non-GAAP) operating expenses | $ | 2,651 | $ | 2,665 | $ | 2,685 | $ | 11,418 | $ | 10,945 | |||||||||||||||
Income from Operations Reconciliation | |||||||||||||||||||||||||
GAAP income from operations | $ | 3,302 | $ | 3,715 | $ | 4,420 | $ | 19,194 | $ | 21,603 | |||||||||||||||
Adjustments related to gross profit | 118 | 137 | 113 | 513 | 492 | ||||||||||||||||||||
Adjustments related to operating expense | 698 | 717 | 365 | 2,423 | 1,669 | ||||||||||||||||||||
Adjusted (non-GAAP) income from operations | $ | 4,118 | $ | 4,569 | $ | 4,898 | $ | 22,130 | $ | 23,764 | |||||||||||||||
Adjusted (non-GAAP) operating margin | 25.1 | % | 25.3 | % | 26.0 | % | 27.3 | % | 27.6 | % | |||||||||||||||
Net Income Reconciliation | |||||||||||||||||||||||||
GAAP net income | $ | 787 | $ | 3,653 | $ | 1,409 | $ | 13,038 | $ | 14,508 | |||||||||||||||
Adjustments related to gross profit | 118 | 137 | 113 | 513 | 492 | ||||||||||||||||||||
Adjustments related to operating expense | 698 | 717 | 365 | 2,423 | 1,669 | ||||||||||||||||||||
Income tax provision adjustments | (760 | ) | (310 | ) | 2,768 | 994 | 5,394 | ||||||||||||||||||
Adjusted (non-GAAP) net income | $ | 843 | $ | 4,197 | $ | 4,655 | $ | 16,968 | $ | 22,063 | |||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||||
Basic | 17,055 | 17,850 | 18,366 | 17,648 | 18,488 | ||||||||||||||||||||
Diluted | 17,315 | 18,227 | 18,727 | 17,945 | 18,935 | ||||||||||||||||||||
Net Income per Common Share - Basic: | |||||||||||||||||||||||||
GAAP as reported | $ | 0.05 | $ | 0.20 | $ | 0.08 | $ | 0.74 | $ | 0.78 | |||||||||||||||
Non-GAAP as adjusted | $ | 0.05 | $ | 0.24 | $ | 0.25 | $ | 0.96 | $ | 1.19 | |||||||||||||||
Net Income per Common Share - Diluted: | |||||||||||||||||||||||||
GAAP as reported | $ | 0.05 | $ | 0.20 | $ | 0.08 | $ | 0.73 | $ | 0.77 | |||||||||||||||
Non-GAAP as adjusted | $ | 0.05 | $ | 0.23 | $ | 0.25 | $ | 0.95 | $ | 1.17 | |||||||||||||||
Non-GAAP EBITDA | |||||||||||||||||||||||||
Non-GAAP net income | $ | 843 | $ | 4,197 | $ | 4,655 | $ | 16,968 | $ | 22,063 | |||||||||||||||
Depreciation expense | 814 | 685 | 658 | 2,837 | 2,798 | ||||||||||||||||||||
Interest income | (143 | ) | (182 | ) | (197 | ) | (717 | ) | (755 | ) | |||||||||||||||
Income tax expense | 3,362 | 520 | 452 | 5,785 | 2,470 | ||||||||||||||||||||
Non-GAAP EBITDA | $ | 4,876 | $ | 5,220 | $ | 5,568 | $ | 24,873 | $ | 26,576 |
Use of Non-GAAP Financial Information
The company provides Non-GAAP gross margin, Non-GAAP net income, Non-GAAP basic and diluted net income per share and EBITDA as supplemental information. In computing these non-GAAP financial measures, the company excludes certain items included under GAAP, including stock-based compensation expense and income tax provision adjustments. In computing EBITDA, the company also excludes interest income, provision for (benefit from) income taxes and depreciation expense.
Management uses these Non-GAAP financial measures to evaluate the operating performance of the business and aid in period-to-period comparability. Management also uses the Non-GAAP financial measures for planning and forecasting and measuring results against its forecast. Using several measures to evaluate the business allows the company and investors to assess the companys relative performance. The Non-GAAP financial measures provided herein may not provide information that is directly comparable to that provided by other companies in our industry, as other companies may calculate such financial results differently. The companys Non-GAAP financial measures are not measurements of financial performance under GAAP, and should not be considered as alternatives to the financial measures derived in accordance with GAAP. The company does not consider these Non-GAAP financial measures to be a substitute for, or superior to, the information provided by GAAP financial results. A reconciliation of the Non-GAAP financial measures to the most directly comparable GAAP financial measures is provided in the financial schedules portion of this press release.
1 Year Alliance Fiber Optic Chart |
1 Month Alliance Fiber Optic Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions