This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

AFOP Reports 100% Year Over Year Profit Increase In 1st Quarter, 2013 With Record Quarterly Sales Guidance For Q2, 2013

Stocks in this article: AFOP

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.

1 of 2

Select the service that is right for you!

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.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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