NeoPhotonics Corporation (NYSE: NPTN), a leading designer and manufacturer of photonic integrated circuit, or PIC, based modules and subsystems for bandwidth-intensive, high speed communications networks, today announced financial results for its fourth quarter and full year ended December 31, 2011.
“We are pleased with our results for the fourth quarter of 2011, which exceeded our projected ranges for revenue, Non-GAAP gross margin and Non-GAAP earnings per share,” said Tim Jenks, Chairman, President and CEO of NeoPhotonics. “We achieved record quarterly revenue of $57.2 million, and 2011 marks our 9
consecutive year of year-over-year revenue growth. We experienced strong demand in our speed, agility and access product categories and avoided adverse impacts from the floods in Thailand. In addition, we saw an increase in new customer engagements in the fourth quarter, particularly for our coherent PIC-based products,” continued Mr. Jenks.
“We are also pleased with the performance of Santur Corporation, a leading designer and manufacturer of indium-phosphide based PIC products that we acquired in the fourth quarter. Revenue from Santur products was at the top end of our guidance projections and we have seen an increase in new customer engagements for Santur products since the acquisition. We look forward to 2012 and to continuing progress toward our goal of becoming one of the industry’s leading suppliers of optical technology products for telecom and datacom networks,” concluded Mr. Jenks.
Financial results for the fourth quarter of 2011 and full year have been adjusted to eliminate the financial impact of certain discontinued operations triggered in the fourth quarter of 2011. Prior periods have been similarly adjusted to facilitate comparison.
Financial Highlights for the Fourth Quarter of 2011
For the fourth quarter of 2011, NeoPhotonics reported record revenue of $57.2 million, an increase of $14.3 million, or 33% from the third quarter of 2011, and an increase of $7.0 million, or 14%, from the fourth quarter of 2010, inclusive of revenue attributable to Santur Corporation, which was acquired on October 12, 2011. Gross margin for the fourth quarter of 2011 was 21.5%, down from 28.1% in the third quarter of 2011 and 27.9% in the fourth quarter of 2010. Non-GAAP gross margin for the fourth quarter of 2011 was 23.5%, down from 27.8% for the third quarter of 2011 and 28.5% for the fourth quarter of 2010.