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NeoPhotonics Reports Third 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 third quarter ended September 30, 2012.

“We are very pleased with our performance in the third quarter delivering 54% year-over-year revenue growth, and returning to profitability ahead of our initial projection schedule made at the time of the Santur acquisition,” said Tim Jenks, Chairman, President and CEO of NeoPhotonics. “We experienced growth from several Western customers, notably in Coherent and other high speed products, where we have a breadth of design wins that propelled us to another record quarter.”

Highlights for the Third Quarter of 2012

  • Revenue was $66.2 million, up $3.1 million, or 5%, from the prior quarter & up $23.3 million, or 54%, from the third quarter 2011
  • Gross margin was 31.2%, up from 24.8% in the prior quarter & 28.1% in the third quarter 2011
  • Non-GAAP gross margin was 32.9%, up from 26.5% in the prior quarter & 27.8% in the third quarter 2011
  • Income from continuing operations was $0.7 million, up $4.4 million from the prior quarter’s loss of $3.7 million and up from a loss of $4.2 million in the third quarter 2011
  • Non-GAAP income from continuing operations was $2.7 million, up $4.4 million from the prior quarter’s loss of $1.7 million and up from a loss of $3.2 million in the third quarter 2011
  • Diluted income per share from continuing operations was $0.02, up from a loss of $0.13 in the prior quarter & a loss of $0.17 in the third quarter 2011
  • Non-GAAP diluted income per share from continuing operations was $0.08, up from a loss of $0.06 in the prior quarter & a loss of $0.13 in the third quarter 2011
  • Adjusted EBITDA was $6.4 million, up from $1.8 million in the prior quarter & an adjusted EBITDA loss of $0.5 million in the third quarter 2011

Total cash, cash equivalents and short-term investments was $105.9 million at the end of the third quarter 2012, down from $107.1 million in the prior quarter. The slight decrease in cash was primarily due to scheduled debt repayment and capital expenditures that were substantially offset by strong collections in the quarter.

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