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AFOP Reports Record Annual Sales And Profits In 2012 With Growth Guidance For Q1, 2013

"Fiscal year 2012 represented another growth milestone for AFOP," commented Peter Chang, President and Chief Executive Officer. "With sequential growth in most of quarters, 2012 overall revenues grew 11% to new record annual sales for the Company. With our operational efficiency improvements, gross margin remained around 35% in the last two quarters and our annual gross margin improved from 32% in 2011 to over 34% as a result. Operating profits and net profits also improved from the comparable quarter of 2011 and fiscal year 2011 levels. In addition, with the declaration of the special and annual dividends, and the stock buy-back program, AFOP shareholder value has improved, while our cash and short-term and long-term investments remained strong."

"With the progress we made serving our customers, extending our product technology and improving our operations in 2012, and the customer demand to grow our company in the fiber optic industry, we expect revenues in the first quarter of 2013 to increase on a year over year basis. With this strong beginning, we are excited with the prospects for record revenues and higher profits in this coming year," concluded Mr. Chang.

Conference Call

Management will host a conference call at 1:30 p.m. (Pacific) on January 30, 2013 to discuss AFOP's fourth quarter and fiscal year 2012 financial results. Please call 877-675-3572 at least ten minutes prior to the call in order for the operator to connect you. The confirmation number for the call is 86926429. AFOP will also provide a live webcast of its fourth quarter and fiscal year 2012 conference call at AFOP's website: www.afop.com. The webcast replay will be available on AFOP's website 90 minutes after the live conference call.

About AFOP

Founded in 1995, Alliance Fiber Optic Products, Inc. designs, manufactures and markets a broad range of high performance fiber optic components and integrated modules. AFOP's products are used by leading and emerging communications equipment manufacturers to deliver optical networking systems to the long-haul, enterprise, metropolitan and last mile access segments of the communications network. AFOP offers a broad product line of passive optical components including interconnect systems, couplers and splitters, thin film CWDM and DWDM components and modules, optical attenuators, and micro-optics devices. AFOP is headquartered in Sunnyvale, California, with manufacturing and product development capabilities in the United States, Taiwan and China. AFOP's website is located at http://www.afop.com.

The Alliance Fiber Optic Products, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5578

Except for the historical information contained herein, the matters set forth in this press release, including statements as to our expectations regarding future revenue levels and profits and the time periods thereof are forward looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, but not limited to general economic conditions and trends, trends in demand for bandwith, the impact of competitive products and pricing, timely introduction of new technologies, timely design acceptance by our customers, the acceptance of new products and technologies by our customers, customer demand for our products, the timing of customer orders, loss of key customers, our ability to ramp new products into volume production, the mix of products sold and product pricing, the costs associated with running our operations, industry-wide shifts in supply and demand for optical components and modules, industry overcapacity and demand for bandwith, the success of cost control initiatives, our ability to obtain and maintain operational efficiencies, financial stability in foreign markets, and other risks detailed from time to time in our SEC reports, including AFOP's quarterly report on Form 10-Q for the quarter ended September 30, 2012. These forward-looking statements speak only as of the date hereof. AFOP disclaims any intention or obligation to update or revise any forward-looking statements.

 
 
ALLIANCE FIBER OPTIC PRODUCTS, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
     
  Dec. 31, Dec. 31,
  2012 2011
ASSETS    
Current assets:    
Cash and short-term investments  $ 33,275  $ 39,588
Accounts receivable, net  8,046  6,630
Inventories  6,933  6,763
Deferred tax asset  1,234  -- 
Other current assets  1,166  714
Total current assets  50,654  53,695
     
Long-term investments  10,274  10,098
Property and equipment, net  7,708  7,718
Deferred tax asset  2,468  -- 
Other assets  249  162
Total assets  $ 71,353  $ 71,673
     
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  $ 6,591  $ 3,647
Accrued expenses and other current liabilities  4,115  3,721
Total current liabilities  10,706  7,368
     
Long-term liabilities  616  691
Total liabilities  11,322  8,059
     
Stockholders' equity  60,031  63,614
Total liabilities and stockholders' equity  $ 71,353  $ 71,673
 
 
 
ALLIANCE FIBER OPTIC PRODUCTS, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
           
  Three Months Ended Twelve Months Ended
  Dec. 31, Sept. 30, Dec. 31, Dec. 31, Dec. 31,
  2012 2012 2011 2012 2011
           
Revenues  $ 12,159  $ 12,390  $ 10,137  $ 46,611  $ 42,020
           
Cost of revenues  7,929  7,979  6,998  30,617  28,578
Gross profit  4,230  4,411  3,139  15,994  13,442
           
Operating expenses:          
Research and development  831  819  825  3,298  3,181
Sales and marketing  652  614  595  2,606  2,306
General and administrative  1,085  1,079  1,046  4,361  4,141
Total operating expenses  2,568  2,512  2,466  10,265  9,628
           
Income from operations  1,662  1,899  673  5,729  3,814
Interest and other income, net  223  194  101  727  553
Income before benefit (provision) for income taxes  $ 1,885  $ 2,093  $ 774  $ 6,456  $ 4,367
Benefit (provision) for income taxes  3,712  (201)  (67)  3,185  64
Net income  $ 5,597  $ 1,892  $ 707  $ 9,641  $ 4,431
           
Net income per share          
 Basic   $ 0.64  $ 0.22  $ 0.08  $ 1.10  $ 0.50
 Diluted   $ 0.63  $ 0.21  $ 0.08  $ 1.08  $ 0.49
           
Weighted average shares outstanding          
 Basic   8,736  8,790  8,910  8,798  8,867
 Diluted   8,935  8,988  9,081  8,931  9,109
           
Included in costs and expenses above:          
Stock based compensation charges          
Cost of revenue  $ 33  $ 28  $ 25  $ 119  $ 99
Research and development  33  32  27  125  75
Sales and marketing  67  65  60  255  177
General and administrative  147  143  137  567  411
Total  $ 280  $ 268  $ 249  $ 1,066  $ 762
CONTACT: Anita Ho
         Acting Chief Financial Officer
         Alliance Fiber Optic Products, Inc.
         Phone: 408-736-6900 x168

Alliance Fiber Optic Products, Inc. Logo

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