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
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Finisar's CEO Discusses F1Q 2013 Results - Earnings Call Transcript

I would like to point out that we have prepared some slides for today’s earnings call, which you can access by connecting to the Investor Relations page of our website at www.finisar.com. Click on “Investors” then scroll down to “Webcast Archives” and click on it, and then you’ll see a listing for today’s F1Q 2013 Earnings Call.

As expected, our F1Q 2013 was challenging. Our revenues were $220.5 million, consistent with our prior guidance. The decline from the prior quarter’s revenues of $239.9 million was primarily the result of sluggish macroeconomic conditions, especially in Europe, as well as the slowing of economic growth in China. Generally, telecom spending throughout the world has been soft. In addition, we had two fewer shipping days in F1Q than in the previous quarter.

Non-GAAP gross margin of 30.3% was also consistent with our prior guidance. We held operating expenses for the quarter relatively flat, resulting in earnings per diluted share of $0.12. And now with that I’ll let Kurt review the rest of the numbers. Kurt?

Kurt Adzema

Thanks, Jerry. For F1Q our revenue was of $220.5 million, a decrease of $19.4 million or 8.1% from $239.9 million in the preceding quarter. Revenue for products from data communications was $139.5 million, a decrease of $6.5 million or 4.5% from the prior quarter, primarily as the result of the impact of two fewer shipping days in F1Q than in the previous quarter. Revenue for telecommunication products was $81 million, a decrease of $12.8 million or 13.6% from the prior quarter, primarily as a result of soft telecom spending throughout the world.

In F1Q we had one 10% or greater customer. Our top ten customers represented 62.1% compared to 58.5% in the preceding quarter. Non-GAAP gross margin was 30.3% compared to 31.4% in the preceding quarter primarily due to lower revenue levels. Non-GAAP operating expenses for F1Q were relatively flat at $54.7 million compared to $54.6 million in the preceding quarter. F1Q non-GAAP operating income decreased $8.9 million to $12 million or 5.4% of revenues compared to $20.9 million or 8.7% of revenues in the preceding quarter due primarily to lower revenue levels.

Stock quotes in this article: FNSR 

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.
DOW 16,262.56 +89.32 0.55%
S&P 500 1,842.98 +12.37 0.68%
NASDAQ 4,034.1610 +11.4670 0.29%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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