This Day On The Street
Continue to site
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

AFOP Reports Quarterly Year-Over-Year Increases Of 248% In Net Income And 65% In Revenue; Guidance For Record Revenues In Third Quarter 2013

SUNNYVALE, Calif., July 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 second quarter ended June 30, 2013.

Revenues for the second quarter of 2013 totaled $19,039,000, a 65% increase from revenues of $11,527,000 reported in the second quarter of 2012, and a 57% increase from revenues of $12,153,000 reported in the previous quarter. The Company recorded net income for the second quarter of 2013 of $4,282,000, or $0.49 per share, based on 8.75 million shares outstanding, compared to $1,232,000, or $0.14 per share, based on 8.8 million shares outstanding for the second quarter of 2012. This compares to net income for the first quarter of 2013 of $1,850,000, or $0.22 per share, based on 8.6 million shares outstanding.

Included in expenses was stock-based compensation of $411,000 for the quarter ended June 30, 2013, $271,000 for the quarter ended June 30, 2012 and $280,000 for the quarter ended March 31, 2013.

Peter Chang, President and Chief Executive Officer, commented, "We are very pleased with the exceptional financial performance and progress AFOP made in the quarter ended June 30, 2013. With excellent efforts by our Asia operations, we managed unexpected demand increases and delivered much higher than originally guided quarterly revenues. With our focus on operational excellence, we continued to improve gross margins to a record level above 38%, which resulted in a 132% increase in profits based on our 57% revenue growth from the previous quarter. In addition, our balance sheet becomes stronger with improved inventory turn and a higher net cash balance."

"More importantly, customer demand remains strong. Therefore, we expect revenues to increase to another record level, between $19.5M and $20.5M, in the third quarter of 2013. With higher revenues and our continued focus on operational efficiency, we expect our gross margins and profit will improve in the quarter as well." concluded Mr. Chang.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs