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NeoPhotonics Reports Second Quarter 2012 Financial Results Including Record Quarterly Revenue

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 second quarter ended June 30, 2012.

“We are very pleased with our performance for the second quarter, which exceeded our financial projections for revenue, gross margin and profitability,” said Tim Jenks, Chairman, President and CEO of NeoPhotonics. “We continued to see positive growth and demand drivers for our Speed and Agility products, which include 100G and coherent technologies, and Access products, which support fiber-to-the-home deployments around the globe.”

Highlights for the Second Quarter of 2012

  • Revenue was $63.0 million, up $8.8 million, or 16%, from the prior quarter & up $12.0 million, or 24%, from the second quarter 2011
  • Gross margin was 24.8%, up from 21.0% in the prior quarter & compares to 26.7% in the second quarter 2011
  • Non-GAAP gross margin was 26.5%, up from 23.9% in the prior quarter & 26.4% in the second quarter 2011
  • Loss from continuing operations was $3.7 million, an improvement of $8.1 million, or 69%, from the prior quarter and compares to income of $13.7 million in the second quarter 2011
  • Non-GAAP loss from continuing operations was $1.7 million, an improvement of $3.7 million, or 68%, from the prior quarter and compares to income of $0.2 million in the second quarter 2011
  • Diluted loss per share from continuing operations was $0.13, an improvement from a loss of $0.47 in the prior quarter & compares to income of $0.54 in the second quarter 2011
  • Non-GAAP diluted loss per share from continuing operations was $0.06, an improvement from a loss of $0.22 in the prior quarter & compares to income of $0.01 in the second quarter 2011
  • Adjusted EBITDA was $1.8 million, up from a loss of $2.4 million in the prior quarter & compares to adjusted EBITDA of $3.1 million in the second quarter 2011.

Total cash, cash equivalents and short-term investments was $107.1 million at the end of the second quarter 2012, up from $83.8 million in the prior quarter, primarily reflecting the sale of Common Stock in a private placement transaction, partially offset by growth in accounts receivable and scheduled repayment of notes payable and debt.

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