This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

AFOP Reports Improved Second Quarter, 2011 Financial Results With Sequential Growth And Guidance

Stocks in this article: AFOP

Conference Call

Management will host a conference call at 1:30 p.m. Pacific Time on July 25, 2011 to discuss AFOP’s second quarter 2011 financial results. To participate in AFOP’s conference call, please call 877-675-3572 at least ten minutes prior to the call in order for the operator to connect you. The confirmation number for the call is 82098769. AFOP will also provide a live webcast of its second quarter 2011 conference call at AFOP’s website, www.afop.com. An audio replay will be available until August 25, 2011. The dial in number for the replay is 800-642-1687 or 706-645-9291. The replay conference ID is 82098769.

About AFOP

Founded in 1995, Alliance Fiber Optic Products, Inc. designs, manufactures and markets a broad range of high performance fiber optic components and integrated modules. AFOP's products are used by leading and emerging communications equipment manufacturers to deliver optical networking systems to the long-haul, enterprise, metropolitan and last mile access segments of the communications network. AFOP offers a broad product line of passive optical components including interconnect systems, couplers and splitters, thin film CWDM and DWDM components and modules, optical attenuators, and micro-optics devices. AFOP is headquartered in Sunnyvale, California, with manufacturing and product development capabilities in the United States, Taiwan and China. AFOP's website is located at http://www.afop.com.

Except for the historical information contained herein, the matters set forth in this press release, including statements as to our expectations regarding future revenue levels and profits, our ability to generate profits from operations and the time periods thereof, our beliefs regarding business conditions, our customer base, our product portfolio, and our ability to continue to focus on our operational efficiencies or our successes in doing so, are forward looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, but not limited to general economic conditions and trends, the impact of competitive products and pricing, timely introduction of new technologies, timely design acceptance by our customers, the acceptance of new products and technologies by our customers, customer demand for our products, the timing of customer orders, loss of key customers, ability to ramp new products into volume production, the costs associated with running our operations, industry-wide shifts in supply and demand for optical components and modules, industry overcapacity and demand for bandwidth, failure of cost control initiatives, our ability to obtain and maintain operational efficiencies, financial stability in foreign markets, and other risks detailed from time to time in our SEC reports, including AFOP's quarterly report on Form 10-Q for the quarter ended March 31, 2011. These forward-looking statements speak only as of the date hereof. AFOP disclaims any intention or obligation to update or revise any forward-looking statements.

 
ALLIANCE FIBER OPTIC PRODUCTS, INC.
Condensed Consolidated Balance Sheets
(in thousands)
          Jun. 30,       Dec. 31,
  2011   2010
ASSETS (Unaudited)
Current assets:
Cash and short-term investments $ 35,857 $ 45,360
Accounts receivable 7,179 7,224
Inventories 7,688 7,439
Other current assets   620   733
Total current assets 51,344 60,756
 
Long-term investments 10,010 -
Property and equipment, net 7,996 7,523
Other assets   181   170
Total assets $ 69,531 $ 68,449
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,146 $ 4,931
Accrued expenses and other current liabilities   3,082   4,737
Total current liabilities 7,228 9,668
 
Long-term liabilities:
Other long-term liabilities   757   777
Total liabilities 7,985 10,445
 
Stockholders' equity 61,546 58,004
   
Total liabilities and stockholders' equity $ 69,531 $ 68,449
                           
ALLIANCE FIBER OPTIC PRODUCTS, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
 
Three Months Ended Six Months Ended
Jun. 30, Mar. 31, Jun. 30, Jun. 30, Jun. 30,
  2011     2011     2010   2011     2010
 
Revenues $ 10,655 $ 9,450 $ 12,086 $ 20,105 $ 20,492
 
Cost of revenues   7,202     6,415     8,035   13,617     13,746
Gross profit 3,453 3,035 4,051 6,488 6,746
 
Operating expenses:
Research and development 804 718 870 1,522 1,579
Sales and marketing 566 550 636 1,116 1,197
General and administrative   1,015     1,028     971   2,043     1,904
Total operating expenses 2,385 2,296 2,477 4,681 4,680
 
Income from operations 1,068 739 1,574 1,807 2,066
 
Interest and other income, net   174     129     106   303     256
Net income before tax $ 1,242 $ 868 $ 1,680 $ 2,110 $ 2,322
 
Income tax   (7 )   (153 )   74   (160 )   75
Net income $ 1,249   $ 1,021   $ 1,606 $ 2,270   $ 2,247
 
Net income per share:
Basic $ 0.14 $ 0.12 $ 0.19 $ 0.26 $ 0.26
Diluted $ 0.14 $ 0.11 $ 0.18 $ 0.25 $ 0.26
 
Shares used in per share calculation:
Basic 8,852 8,823 8,541 8,838 8,518
Diluted 9,068 9,258 8,744 9,178 8,697
 
Included in costs and expenses above:
Stock based compensation charges
Cost of revenue $ 23 $ 23 $ 22 $ 46 $ 45
Research and development 11 8 7 19 15
Sales and marketing 39 15 6 54 21
General and administrative   98     37     16   135     53
Total $ 171   $ 83   $ 51 $ 254   $ 134




2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs