Oplink Reports Strong First Quarter Fiscal 2011 Financial Results

FREMONT, Calif., Oct. 28, 2010 (GLOBE NEWSWIRE) -- 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 first quarter of fiscal 2011, ended September 30, 2010.

Revenues for the quarter were $49.6 million, an increase of 28% over the fourth quarter of fiscal 2010 and an increase of 48% over the same period of the prior year. GAAP net income for the first quarter of fiscal 2011 increased to $5.6 million, or $0.28 per diluted share, compared to GAAP net income of $3.6 million, or $0.17 per diluted share, reported for the fourth quarter of fiscal 2010 and $1.8 million, or $0.09 per diluted share, reported in the same period of the prior year.

Non-GAAP net income for the first quarter of fiscal 2011 was $8.3 million, or $0.41 per diluted share, an increase of 37% over $6.0 million, or $0.28 per diluted share, reported for the fourth quarter of fiscal 2010 and an increase of 88% over $4.4 million, or $0.21 per diluted share, reported in the first quarter of 2010. Non-GAAP results reflect the adjustments described in the Reconciliation of GAAP Financial Measures to non-GAAP Financial Measures attached to this press release.

Oplink generated $5.5 million in cash from operations during the first quarter, and closed the quarter with cash, cash equivalents and short-term investments of $160 million. During the quarter ended September 30, 2010, Oplink spent $6.5 million on repurchases of its common stock.

"We are very pleased with our first quarter fiscal 2011 financial results," commented Joe Liu, Chairman and CEO of Oplink. "We have improved our factory capacity and normalized our production lead-times. With our new OMS design-wins, the continued growing demand on video transport and consolidated competitor landscape, we are optimistic about our long-term business opportunity, but near-term visibility remains limited."