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SUNNYVALE, Calif., Oct. 24, 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 third quarter ended September 30, 2013.
Revenues for the third quarter of 2013 totaled $23,074,000, an 86% increase from revenues of $12,390,000 reported in the third quarter of 2012, and a 21% increase from revenues of $19,039,000 reported in the previous quarter. The Company recorded net income for the third quarter of 2013 of $5,621,000, or $0.31 per share, based on 18.1 million shares outstanding, compared to $1,892,000, or $0.11 per share, based on 17.6 million shares outstanding for the third quarter of 2012. This compares to net income for the second quarter of 2013 of $4,282,000, or $0.24 per share, based on 17.5 million shares outstanding.
Included in expenses was stock-based compensation of $563,000 for the quarter ended September 30, 2013, $268,000 for the quarter ended September 30, 2012 and $411,000 for the quarter ended June 30, 2013.
Peter Chang, President and Chief Executive Officer, commented, "With the growing demand in data communication, we continued making progress in the business in the last quarter, and delivered record quarterly revenue exceeding the previous guidance. In addition, profit margins improved and resulted in record profits. The balance sheet continued to strengthen with improved inventory turns and a higher net cash balance."
"Data bandwidth demands continue to increase and the next growth cycle in the fiber optics industry is emerging. While we are pleased with delivering record financial performance for this year, we are excited with the business prospects in the coming years. Even with year-end seasonal effects in the fourth quarter of 2013, we expect revenues in the quarter to be at a similar level, between $21.5M and $23.5M, which would represent 77% to 93% growth on a year over year basis. With this range of quarterly revenue, we believe we will end the year of 2013 with record sales and record profits as well," concluded Mr. Chang.