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Oplink Reports Fourth Quarter And Fiscal 2010 Financial Results

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 fourth quarter and fiscal year ended June 30, 2010.

Revenues for the quarter were $38.9 million, an increase of 16% over $33.6 million reported for the third quarter of fiscal 2010. Net income for the fourth quarter of fiscal 2010 was $3.6 million, or $0.17 per diluted share, compared to $2.6 million, or $0.12 per diluted share, reported for the third quarter of fiscal 2010.

Non-GAAP net income for the fourth quarter of fiscal 2010 was $6.0 million, or $0.28 per diluted share, compared to non-GAAP net income of $4.8 million, or $0.22 per diluted share, reported for the third quarter of fiscal 2010. Fourth quarter fiscal 2010 non-GAAP results exclude $1.5 million in stock compensation and $999,000 in amortization of intangible assets. Third quarter fiscal 2010 non-GAAP results exclude $1.3 million in stock compensation and $958,000 in amortization of intangibles.

Oplink closed the fiscal year with cash, cash equivalents and investments of $160.3 million. During the quarter ended June 30, 2010, Oplink repurchased $20.8 million of its common stock.

For fiscal year 2010, total revenue was $138.8 million and GAAP net income was $11.1 million, or $0.51 per share. This compares to revenue of $143.7 million and a GAAP net loss of $13.8 million, or ($0.67) per share, reported for fiscal year 2009.

Non-GAAP net income for fiscal year 2010 was $20.9 million, or $0.97 per diluted share, compared to non-GAAP net income of $11.0 million, or $0.52 per diluted share, reported for the prior year. Fiscal year 2010 non-GAAP results exclude $6.0 million in stock compensation and $3.8 million in amortization of intangibles. Fiscal 2009 non-GAAP results exclude $5.4 million in stock compensation, $3.8 million in amortization of intangibles, $4.1 million in provision for excess and obsolete inventory, $10.8 million in impairment charge and other costs and $725,000 in loss on sale of assets.

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