Oplink Reports Strong Second Quarter Fiscal 2011 Financial Results
FREMONT, Calif., Jan. 27, 2011 (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 second quarter of fiscal 2011, ended December 31, 2010.
Revenues for the quarter were $52.0 million, an increase of 5% over the first quarter of fiscal 2011 and an increase of 59% over the same period of the prior year. GAAP net income for the second quarter of fiscal 2011 was $8.5 million, or $0.41 per diluted share, an increase of 52% over $5.6 million, or $0.28 per diluted share, reported for the first quarter of fiscal 2011 and an increase of 171% over $3.1 million, or $0.14 per diluted share, reported in the same period of the prior year.
Non-GAAP net income for the second quarter of fiscal 2011 was $10.7 million, or $0.52 per diluted share, an increase of 30% over $8.3 million, or $0.41 per diluted share, reported for the first quarter of fiscal 2011 and an increase of 89% over $5.7 million, or $0.26 per diluted share, reported in the same period of the prior year. 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 $7.4 million in cash from operations during the second quarter, and closed the quarter with cash, cash equivalents and short-term investments of $168 million. "We reported a strong second quarter across the business with good performances in revenue, gross margin and net income," commented Joe Liu, Chairman and CEO of Oplink. "Bandwidth demand continues to drive top line growth. A favorable product and customer mix contributed to better than expected gross margin performance, and our manufacturing capabilities remained strong. We continue to invest in R&D to develop new products and technologies that are expected to drive further growth over time. The sales environment is encouraging, and we are optimistic about our business into the third quarter."
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