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

Conference Call

Management will host a conference call at 1:30 p.m. Pacific Time on April 23, 2013 to discuss AFOP's first quarter 2013 financial results. To participate in AFOP's conference call, 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 31645147. AFOP will also provide a live webcast of its first quarter 2013 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.

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, our operational excellence and ability to sustain the same, and our expectations regarding customer demand, 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 bandwidth, 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 bandwidth, 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 Annual Report on Form 10-K for the year ended December 31, 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)
     
  Mar. 31 Dec. 31,
  2013 2012
  (Unaudited)  
ASSETS    
Current assets:    
Cash and short-term investments  $ 31,863  $ 33,275
Accounts receivable, net  9,090  8,046
Inventories, net  7,598  6,933
Deferred tax asset  1,234  1,234
Other current assets  1,187  1,166
Total current assets  50,972  50,654
     
Long-term investments  10,318  10,274
Property and equipment, net  7,687  7,708
Deferred tax asset  2,468  2,468
Other assets  247  249
Total assets  $ 71,692  $ 71,353
     
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  $ 6,183  $ 6,591
Accrued expenses and other liabilities  3,760  4,115
Total current liabilities  9,943  10,706
     
Long-term liability  598  616
Total liabilities  10,541  11,322
     
Stockholders' equity  61,151  60,031
Total liabilities and stockholders' equity  $ 71,692  $ 71,353
 
 
 
ALLIANCE FIBER OPTIC PRODUCTS, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
       
  Three Months Ended
  Mar. 31, Dec. 31, Mar. 31,
  2013 2012 2012
       
Revenues  $ 12,153  $ 12,159  $ 10,535
       
Cost of revenues  7,745  7,929  7,091
Gross profit  4,408  4,230  3,444
       
Operating expenses:      
Research and development  813  831  807
Sales and marketing  712  652  675
General and administrative  1,116  1,085  1,082
Total operating expenses  2,641  2,568  2,564
       
Income from operations  1,767  1,662  880
Interest and other income, net  133  223  150
Income before benefit (provision) for income taxes  1,900  $ 1,885  1,030
Benefit (provision) for income taxes  (50)  3,712  (109)
Net income  $ 1,850  $ 5,597  $ 921
       
Net income per share:      
Basic   $ 0.22  $ 0.64  $ 0.10
Diluted   $ 0.21  $ 0.63  $ 0.10
       
Shares used in per share calculation:      
Basic   8,595  8,736  8,846
Diluted   8,906  8,935  9,085
       
Included in costs and expenses above:      
Stock based compensation charges      
Cost of revenue  $ 35  $ 33  $ 26
Research and development  33  33  27
Sales and marketing  66  67  59
General and administrative  146  147  135
Total  $ 280  $ 280  $ 247
CONTACT: Anita Ho
         Acting Chief Financial Officer
         Alliance Fiber Optic Products, Inc.
         Phone: 408-736-6900 x168

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