SUNNYVALE, Calif., April 23, 2013 (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 first quarter ended March 31, 2013.
Revenues for the first quarter of 2013 totaled $12,153,000, a 15% increase from revenues of $10,535,000 reported in the first quarter of 2012, and flat from revenues of $12,159,000 reported in the previous quarter. The Company recorded net income for the first quarter of 2013 of $1,850,000, or $0.22 per share based on 8.6 million shares outstanding, compared to $921,000, or $0.10 per share based on 8.8 million shares outstanding for the first quarter of 2012. This compares to net income for the fourth quarter of 2012 of $5,597,000, or $0.64 per share based on 8.7 million shares outstanding. Included in net income for the fourth quarter of 2012 was a one-time tax benefit of approximately $3.7 million. Excluding this tax benefit, earnings were $0.22 per share in the fourth quarter of 2012.
Included in expenses were stock-based compensation of $280,000 for the quarter ended March 31, 2013, $247,000 for the quarter ended March 31, 2012 and $280,000 for the quarter ended December 31, 2012.Peter Chang, President and Chief Executive Officer, commented, "We are very pleased with the financial performance and progress AFOP made in the quarter ended March 31, 2013. With strong customer demand, and timely recovery by our Asia operations after the Chinese New Year shutdown, we delivered higher than originally guided quarterly sales. With our focus on operational excellence, we achieved a record gross margin level, above 36%, which resulted in a 100% increase in profits, compared with a year ago quarter." "More importantly, customers demand remains strong after March. Based on input from our customers and current expectations regarding orders, we expect revenues to increase to a record level above $14M in the second quarter of 2013, which would represent more than 20% growth from the year ago quarter. With such a strong beginning, we are encouraged by the prospect of delivering both record revenues and record profits for the year of 2013." concluded Mr. Chang.