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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 first quarter ended March 31, 2012.
“We are pleased with our results for the first quarter of 2012, which exceeded our projected ranges for revenue, gross margin and earnings per share,” said Tim Jenks, Chairman, President and CEO of NeoPhotonics. “We experienced continued strong demand in our speed and agility product categories, particularly for coherent 40G and 100G products, as deployments of faster networks continue to proliferate globally,” continued Mr. Jenks.
“We are also pleased with the demand for products we acquired from Santur Corporation, particularly indium-phosphide-based PIC products such as tunable lasers. Revenue and gross profit from those products continued to grow from the prior quarter as new customer engagements since the acquisition have started to generate revenue and existing customer engagements have continued to expand,” concluded Mr. Jenks.
Financial Highlights for the First Quarter of 2012
For the first quarter of 2012, NeoPhotonics reported record first quarter revenue of $54.2 million, a decrease of $3.0 million, or 5% from the fourth quarter of 2011, and an increase of $4.2 million, or 8%, from the first quarter of 2011. Gross margin for the first quarter of 2012 was 21.0%, as compared to 21.5% in the fourth quarter of 2011 and 24.3% in the first quarter of 2011. Non-GAAP gross margin for the first quarter of 2012 was 23.9%, up from 23.5% for the fourth quarter of 2011 and compares to 25.8% for the first quarter of 2011.
Loss from continuing operations for the first quarter of 2012 was $11.8 million, an improvement compared to a loss of $22.8 million in the fourth quarter of 2011 and compares to a loss of $2.1 million in the first quarter of 2011. Non-GAAP loss from continuing operations for the first quarter of 2012 was $5.4 million, a 15% improvement compared to a loss of $6.4 million in the fourth quarter of 2011 and compares to break-even in the first quarter of 2011.