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NeoPhotonics Reports Second Quarter 2013 Financial Results

Stock quotes in this article: NPTN

NeoPhotonics Corporation (NYSE: NPTN), a leading designer and manufacturer of photonic integrated circuit, or PIC, based optoelectronic modules and subsystems for bandwidth-intensive, high speed communications networks, today announced financial results for its second quarter ended June 30, 2013.

“NeoPhotonics continues to be a solid leader in 100G optical products for next generation networks, with our portfolio of products once again driving record quarterly revenue,” said Tim Jenks, Chairman, President and CEO of NeoPhotonics. “Further, we are pleased with our integration of the acquisition of the optical component unit of LAPIS Semiconductor, which closed on March 29, 2013, and is now referred to as NeoPhotonics Semiconductor. The NeoPhotonics Semiconductor product portfolio includes several products used in 100G networks, and added approximately 20% to our 40/100G revenue in the second quarter.”

Second Quarter Summary

  • Revenue was $75.0 million, up $18.9 million, or 34%, from the prior quarter and up $12.0 million, or 19%, from the second quarter 2012
  • Gross margin was 20.2%, down slightly from 20.9% in the prior quarter and down from 24.1% in the second quarter 2012, primarily due to a $2.5 million charge to cost of goods sold related to the one-time step-up in the fair value of assets acquired from LAPIS Semiconductor
  • Non-GAAP gross margin was 25.0%, up from 23.1% in the prior quarter and down from 25.8% in the second quarter 2012
  • Loss from continuing operations was $9.5 million, an improvement from a loss of $10.5 million in the prior quarter and up from a loss of $3.7 million in the second quarter 2012
  • Non-GAAP loss from continuing operations was $3.5 million, an improvement from a loss of $4.4 million in the prior quarter and up from a loss of $1.7 million in the second quarter 2012
  • Diluted loss per share from continuing operations was $0.31, an improvement from a loss of $0.34 in the prior quarter and up from a loss of $0.13 in the second quarter 2012
  • Non-GAAP diluted loss per share from continuing operations was $0.11, an improvement from a loss of $0.14 in the prior quarter and up from a loss of $0.06 in the second quarter 2012
  • Adjusted EBITDA was $1.2 million, an improvement from a loss of $1.7 million in the prior quarter and down from $1.8 million in the second quarter 2012

A reconciliation of the Non-GAAP financial measures to the most directly comparable GAAP financial measures is provided in the financial schedules portion of this press release.

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