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.