Oplink Communications, Inc. (Nasdaq:OPLK), a leading provider of design, integration and optical manufacturing solutions (OMS) for optical networking components, modules and subsystems, today reported its financial results for its fiscal 2010 third quarter, ended March 31, 2010.
Revenues for the quarter were $33.6 million, as compared to $32.7 million reported for the second quarter of fiscal 2010. Net income for the third quarter of fiscal 2010 was $2.6 million, or $0.12 per diluted share, compared to $3.1 million, or $0.14 per diluted share, reported for the second quarter of fiscal 2010.
Non-GAAP net income for the third quarter of fiscal 2010 was $4.8 million, or $0.22 per diluted share, compared to non-GAAP net income of $5.7 million, or $0.26 per diluted share, reported for the second quarter of fiscal 2010. Third quarter of fiscal 2010 non-GAAP results exclude $1.3 million in stock compensation and $958,000 in amortization of intangible assets. Second quarter of fiscal 2010 non-GAAP results exclude $1.6 million in stock compensation and $945,000 in amortization of intangibles.
Oplink closed the quarter with cash, cash equivalents and investments of $184.8 million.
“Despite a shorter quarter, we reported solid revenue and earnings for the period,” commented Joe Liu, CEO of Oplink. “We continue to invest in expanding capacity and improving lead times to meet a stronger demand environment, but production ramp-up remains challenging due to labor and materials shortages. We expect improved capabilities in the coming quarters.”
Business Outlook for the Quarter Ending June 30, 2010
The Company expects to report revenues in the range of $35 million and $38 million and GAAP net income per diluted share in the range of $0.05 to $0.11. On a non-GAAP basis, excluding stock compensation, amortization of intangible assets and other non-cash or non-recurring charges, Oplink expects earnings per diluted share for the period to be in the range of $0.16 to $0.22.