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

"Fiscal year 2013 represented an exciting year of growth for AFOP," commented Peter Chang, President and Chief Executive Officer. "With the strong quarterly sales in the last three quarters of 2013, overall annual revenues grew 63% to a new record level. With our operational efficiency, quarterly gross margins continued improving throughout the year, which resulted in the improved annual gross margin, from 34% in 2012 to over 38% this year. More importantly, our operating profits almost tripled in 2013. In addition, with the declaration of the increased annual dividend, AFOP shareholder value has improved, while our cash and short-term and long-term investments grew stronger."

"While we are pleased with delivering record financial performance for 2013, we are excited with the business prospects in this coming year with the progress we have made with customers and new products, and the continuous strong demand in Datacom markets. Based on our current bookings, we expect revenues in the quarter to be higher than $22.5M, which would represent at least 85% growth on a year over year basis," concluded Mr. Chang.

Conference Call

Management will host a conference call at 1:30 p.m. (Pacific) on February 3, 2014 to discuss AFOP's fourth quarter and fiscal year 2013 financial results. Please call 877-675-3572 at least ten minutes prior to the call in order for the operator to connect you. The confirmation number for the call is 33935556. AFOP will also provide a live webcast of its fourth quarter and fiscal year 2013 conference call at AFOP's website: www.afop.com. The webcast replay will be available on AFOP's website 90 minutes after the live conference call.

About AFOP

Founded in 1995, Alliance Fiber Optic Products, Inc. designs, manufactures and markets a broad range of high performance fiber optic components and integrated modules. AFOP's products are used by leading and emerging communications equipment manufacturers to deliver optical networking systems to the long-haul, enterprise, data center, metropolitan and last mile access segments of the communications network. AFOP offers a broad product line of passive optical components including interconnect systems, splitters, thin film CWDM and DWDM components and modules, and optical attenuators. AFOP is headquartered in Sunnyvale, California, with manufacturing and product development capabilities in the United States, Taiwan and China. AFOP's website is located at http://www.afop.com.

Except for the historical information contained herein, the matters set forth in this press release, including statements as to our expectations regarding future revenue levels and the time periods thereof, our business prospects, and demand for our products and sources of demand, are forward looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, but not limited to general economic conditions and trends, trends in demand for bandwidth, the impact of competitive products and pricing, timely introduction of new technologies, timely design acceptance by our customers, the acceptance of new products and technologies by our customers, customer demand for our products, the timing of customer orders, loss of key customers, our ability to ramp new products into volume production, the mix of products sold and product pricing, the costs associated with running our operations, industry-wide shifts in supply and demand for optical components and modules, industry overcapacity and demand for bandwidth, the success of cost control initiatives, our ability to obtain and maintain operational efficiencies, financial stability in foreign markets, and other risks detailed from time to time in our SEC reports, including AFOP's quarterly report on Form 10-Q for the quarter ended September 30, 2013. These forward-looking statements speak only as of the date hereof. AFOP disclaims any intention or obligation to update or revise any forward-looking statements.
ALLIANCE FIBER OPTIC PRODUCTS, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
     
  Dec. 31, Dec. 31,
  2013 2012
ASSETS    
Current assets:    
Cash and short-term investments  $ 46,679  $ 33,275
Accounts receivable, net  11,566  8,046
Inventories  10,630  6,933
Deferred tax asset  3,701  1,234
Other current assets  1,745  1,166
Total current assets  74,321  50,654
     
Long-term investments  10,453  10,274
Property and equipment, net  13,258  7,708
Deferred tax asset  --   2,468
Other assets  198  249
Total assets  $ 98,230  $ 71,353
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  $ 11,657  $ 6,591
Accrued expenses and other current liabilities  7,134  4,115
Total current liabilities  18,791  10,706
     
Long-term liabilities  600  616
Total liabilities  19,391  11,322
     
Stockholders' equity  78,839  60,031
Total liabilities and stockholders' equity  $ 98,230  $ 71,353
 
ALLIANCE FIBER OPTIC PRODUCTS, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
           
  Three Months Ended Twelve Months Ended
  Dec. 31, Sept. 30, Dec. 31, Dec. 31, Dec. 31,
  2013 2013 2012 2013 2012
           
Revenues  $ 21,804  $ 23,074  $ 12,159  $ 76,070  $ 46,611
           
Cost of revenues  13,230  14,218  7,929  46,952  30,617
Gross profit  8,574  8,856  4,230  29,118  15,994
           
Operating expenses:          
Research and development  1,006  1,024  831  3,702  3,298
Selling, marketing and administrative   2,337  2,174  1,737  8,315  6,967
Total operating expenses  3,343  3,198  2,568  12,017  10,265
           
Income from operations  5,231  5,658  1,662  17,101  5,729
Interest and other income, net  239  173  223  708  727
Income before benefit (provision) for income taxes  $ 5,470  $ 5,831  $ 1,885  $ 17,809  $ 6,456
Benefit (provision) for income taxes   (750)  (210)  3,712  (1,336)  3,185
Net income   $ 4,720  $ 5,621  $ 5,597  $ 16,473  $ 9,641
           
Net income per share          
Basic   $ 0.26  $ 0.31  $ 0.32  $ 0.93  $ 0.55
Diluted   $ 0.25  $ 0.30  $ 0.31  $ 0.89  $ 0.54
           
Weighted average shares outstanding           
Basic   18,382  18,056  17,472  17,785  17,596
Diluted   19,198  18,754  17,870  18,481  17,861
           
Included in costs and expenses above:          
Stock based compensation charges          
Cost of revenue  $ 158  $ 116  $ 33  $ 373  $ 119
Research and development  83  71  33  232  125
Selling, marketing and administrative   422  376  214  1,312  822
Total  $ 663  $ 563  $ 280  $ 1,917  $ 1,066
CONTACT: Anita Ho
         Acting Chief Financial Officer
         Alliance Fiber Optic Products, Inc.
         Phone: 408-736-6900 x168

Alliance Fiber Optic Products, Inc. Logo

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