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TheStreet Open House

Oplink Reports Third Quarter Fiscal Year 2013 Financial Results

The foregoing information represents Oplink's outlook only as of the date of this press release, and Oplink undertakes no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.

     
OPLINK COMMUNICATIONS, INC.    
CONDENSED CONSOLIDATED BALANCE SHEETS     
(In thousands)    
     
  March 31, 2013 (Unaudited) July 1, 2012 (1)
ASSETS    
Current assets:    
Cash and cash equivalents  $ 66,133 $ 81,233
Short-term investments 107,322 85,382
Accounts receivable, net 40,853 33,165
Inventories 20,782 19,091
Prepaid expenses and other current assets 7,556 8,633
Deferred tax assets 1,478 1,609
Total current assets 244,124 229,113
Property, plant and equipment, net 45,004 45,392
Long-term investments 3,054 9,606
Goodwill and intangible assets, net 1,268 1,648
Deferred tax assets 7,652 7,151
Other assets 12,825 12,279
Total assets $ 313,927 $ 305,189
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable $ 13,111 $ 11,739
Accrued liabilities and other current liabilities 16,099 12,460
Total current liabilities 29,210 24,199
Non-current liabilities 9,431 8,858
Total liabilities 38,641 33,057
Stockholders' equity 275,286 272,132
Total liabilities and stockholders' equity $ 313,927 $ 305,189
     
 (1) The July 1, 2012 condensed consolidated balance sheet has been derived from audited consolidated financial statements at that date.  
           
OPLINK COMMUNICATIONS, INC.          
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS           
(In thousands, except per share amounts)          
  Three Months Ended  Nine Months Ended 
  March 31, 2013 December 30, 2012 April 1,  2012 March 31, 2013 April 1,  2012
  (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
           
Revenues $ 44,124 $ 45,099 $ 43,978 $ 134,107 $ 130,683
Cost of revenues 28,474 28,570 30,470 85,298 89,704
Gross profit 15,650 16,529 13,508 48,809 40,979
Operating expenses:          
Research and development 6,281 5,829 5,665 17,542 15,688
Sales and marketing 3,590 3,348 2,813 10,150 7,909
General and administrative 2,174 2,109 1,890 6,437 10,843
Stock compensation expense  1,252 1,045 1,242 4,160 4,163
Amortization of intangible assets 91 91 91 273 573
(Gain) loss on sale/disposal of assets (258) (5) 19 (270) (366)
Total operating expenses 13,130 12,417 11,720 38,292 38,810
Income from operations 2,520 4,112 1,788 10,517 2,169
Interest and other income, net  201 412 93 879 408
Income before provision (benefit) for income taxes  2,721  4,524  1,881  11,396  2,577
Provision (benefit) for income taxes  670  1,068  (977) 2,526  (11)
Net income   $ 2,051  $ 3,456  $ 2,858  $ 8,870  $ 2,588
           
Net income per share:          
Basic  $ 0.11  $ 0.18  $ 0.15  $ 0.47  $ 0.13
Diluted  $ 0.11  $ 0.18  $ 0.14  $ 0.46  $ 0.13
           
Shares used in per share calculation:          
Basic 19,029 19,107 19,200 19,072 19,364
Diluted 19,252 19,277 19,795 19,370 19,982
           
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES          
(unaudited, in thousands, except per share amounts)          
  Three Months Ended  Nine Months Ended 
Reconciliation of GAAP net income to  March 31, 2013 December 30, 2012 April 1,  2012 March 31, 2013 April 1,  2012
non-GAAP net income: (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net income, GAAP  $ 2,051  $ 3,456  $ 2,858  $ 8,870  $ 2,588
Adjustments to measure non-GAAP:          
Related to cost of revenues:          
Stock compensation expense  81 49 92 253 290
Amortization of intangible assets 36 36 36 108 608
Total related to cost of revenues 117 85 128 361 898
           
Related to operating expenses:          
Legal settlement  -- -- -- -- 3,317
Stock compensation expense  1,252 1,045 1,242 4,160 4,163
Amortization of intangible assets 91 91 91 273 573
Total related to operating expenses 1,343 1,136 1,333 4,433 8,053
           
Tax effects on non-GAAP adjustments (130) (112) (1,830) (759) (3,949)
           
Non-GAAP net income   $ 3,381  $ 4,565  $ 2,489  $ 12,905  $ 7,590
           
Net income per share, non-GAAP:          
Basic  $ 0.18  $ 0.24  $ 0.13  $ 0.68  $ 0.39
Diluted  $ 0.18  $ 0.24  $ 0.13  $ 0.67  $ 0.38
           
Shares used in per share calculation:          
Basic 19,029 19,107 19,200 19,072 19,364
Diluted 19,252 19,277 19,716 19,370 19,982
           
Reconciliation of GAAP gross profit to non-GAAP gross profit:          
GAAP gross profit  $ 15,650  $ 16,529  $ 13,508  $ 48,809  $ 40,979
Stock compensation expense included in cost of revenues 81 49 92 253 290
Amortization of intangible assets included in cost of revenues 36 36 36 108 608
Non-GAAP gross profit  $ 15,767  $ 16,614  $ 13,636  $ 49,170  $ 41,877
           
GAAP gross margin rate  35.5% 36.7% 30.7% 36.4% 31.4%
Non-GAAP gross margin rate  35.7% 36.8% 31.0% 36.7% 32.0%
     
     
OPLINK COMMUNICATIONS, INC.    
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS     
(In thousands)    
  Nine Months Ended
  March 31, 2013 April 1, 2012
   (Unaudited)  
Cash flows from operating activities:    
Net income $ 8,870 $ 2,588
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,436 4,632
Amortization of intangible assets 381 1,173
Stock compensation expense  4,413 4,452
Deferred income taxes (221) 623
Gain on sale/disposal of assets (270) (366)
Other 305 113
Change in assets and liabilities (1,753) 3,521
Net cash provided by operating activities  17,161  16,736
     
Cash flows from investing activities:    
Net (purchases) maturities of investments (20,230) 7,254
Net purchases of property, plant and equipment (4,206) (10,352)
Sales (purchases) of cost or equity investments 318 (200)
Business acquisition (1,090) --
Net cash used in investing activities  (25,208) (3,298)
     
Cash flows from financing activities:    
Proceeds from issuance of common stock  2,240 1,296
Repurchase of common stock (9,304) (21,145)
Net cash used in financing activities (7,064) (19,849)
     
Effect of exchange rate changes on cash and cash equivalents 11 10
Net decrease in cash and cash equivalents (15,100) (6,401)
Cash and cash equivalents, beginning of period 81,233 52,644
Cash and cash equivalents, end of period $ 66,133 $ 46,243
CONTACT: Investor Relations:
         Erica Abrams
         415-217-5864
         erica@blueshirtgroup.com

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