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TheStreet Open House

AFOP Reports Consecutive Record Annual Sales And Profits In 2013. Guidance For Year-Over-Year Increase In Revenues Of 86% In First Quarter 2014

SUNNYVALE, Calif., Feb. 3, 2014 (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 fourth quarter and year ended December 31, 2013.

Revenues for the fourth quarter of 2013 totaled $21,804,000, a 79% increase from revenues of $12,159,000 reported in the fourth quarter of 2012, and a 5.5% decrease from revenues of $23,074,000 reported in the previous quarter. The Company recorded net income for the fourth quarter of 2013 of $4,720,000, or $0.26 per share based on 18.4 million shares outstanding, compared to $5,597,000, or $0.32 per share based on 17.5 million shares outstanding for the fourth quarter of 2012. This compares to net income for the third quarter of 2013 of $5,621,000, or $0.31 per share based on 18.1 million shares outstanding. Included in net income for the fourth quarter of 2012 was a one-time tax benefit of $3.7 million. Excluding this tax benefit, earnings were $0.11 per share.

Revenues for the year ended December 31, 2013 were $76,070,000, a 63% increase from revenues of $46,611,000 reported in the previous fiscal year. Operating income for the year ended December 31, 2013 was $17,101,000, compared with $5,729,000 for the year ended December 31, 2012. The Company recorded a net profit for the year ended December 31, 2013 of $16,473,000, or $0.93 per share based on 17.8 million shares outstanding. This compares with a net profit of $9,641,000, or $0.55 per share for the year ended December 31, 2012. Included in net income for the year ended December 31, 2012 was a one-time tax benefit of $3.7 million. Excluding this tax benefit, earnings were $0.34 per share.

Included in expenses were stock-based compensation charges of $663,000 for the quarter ended December 31, 2013, $563,000 for the quarter ended September 30, 2013 and $280,000 for the quarter ended December 31, 2012. Included in expenses for the year ended December 31, 2013 was $1,917,000 of stock-based compensation charges, compared with $1,066,000 of stock-based compensation charges for the year ended December 31, 2012.

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