Alliance Fiber Optic Products, Inc. (Nasdaq CM: 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 second quarter ended June 30, 2011.
Revenues for the second quarter of 2011 totaled $10,655,000, a 13% increase from revenues of $9,450,000 reported in the previous quarter, and a 12% decrease from revenues of $12,086,000 reported in the second quarter of 2010. The Company recorded net income for the second quarter of 2011 of $1,249,000, or $0.14 per share based on 8.9 million shares outstanding, compared to $1,021,000, or $0.12 per share based on 8.8 million shares outstanding, for the first quarter of 2011. This compares to net income for the second quarter of 2010 of approximately $1,606,000, or $0.19 per share based on 8.5 million shares outstanding.
Included in expenses for the quarter ended June 30, 2011 was $171,000 of stock-based compensation. Included in expenses for the quarter ended March 31, 2011 and the quarter ended June 30, 2010 were $83,000 and $51,000 of stock-based compensation charges.
Peter Chang, President and Chief Executive Officer, commented, “We are pleased with the financial performance and progress AFOP made in the quarter ended June 30, 2011. With strong customer demand across most market segments and sequential revenue growth, we delivered improved quarterly sales and higher margins, and generated increased profits in the quarter.”“While macro-economic conditions are uncertain, demand for bandwidth continues to increase and the fiber optic market continues to show signs of recovery from the first half of 2011. Based on input from our customers, we expect that revenues in the third quarter of 2011 will grow by 5 to 10 percent sequentially. Additionally we remain optimistic about our opportunity for revenue growth and profit improvements for the remainder of 2011,” concluded Mr. Chang.