SUNNYVALE, Calif., Oct. 23, 2012 (GLOBE NEWSWIRE) -- Alliance Fiber Optic Products, Inc. (Nasdaq:AFOP), an innovative supplier of fiber optic components, subsystems and integrated modules for the optical network equipment market, today reported its financial results for the third quarter ended September 30, 2012.
Revenues for the third quarter of 2012 totaled $12,390,000, a 8% increase from revenues of $11,527,000 reported in the previous quarter, and a 5% increase from revenues of $11,778,000 reported in the third quarter of 2011. The Company recorded net income for the third quarter of 2012 of $1,892,000, or $0.22 per share based on 8.8 million shares outstanding, compared to $1,232,000, or $0.14 per share based on 8.8 million shares outstanding, for the second quarter of 2012. This compares to net income for the third quarter of 2011 of $1,454,000, or $0.16 per share based on 8.9 million shares outstanding.
Included in expenses were stock-based compensation amounts of $268,000 for the quarter ended September 30, 2012, $271,000 for the quarter ended June 30, 2012 and $259,000 for the quarter ended September 30, 2011.Peter Chang, President and Chief Executive Officer, commented, "We are very pleased with the financial performance and progress AFOP made in the quarter ended September 30, 2012. With strong customer demand, we delivered quarterly sales higher than our original guidance. Through efficiency improvements and favorable product mix, we achieved higher gross margins and generated higher profits than previous quarters. Our Q3 earnings per share increased more than 50% from the Q2 level. In addition, our cash and short-term and long-term investments increased to about $53 million, while we continued our on-going stock repurchase program." "Based on input from our customers, we expect sales in the remaining quarter of 2012 to be at a similar level as Q3 and result in another record year for AFOP in revenue and operating profits," concluded Mr. Chang.