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AFOP Reports Record Quarterly Sales And Profits In Q1 2014. Guidance For Year-Over-Year Increases Of 31% In Q2 2014

SUNNYVALE, Calif., April 24, 2014 (GLOBE NEWSWIRE) -- Alliance Fiber Optic Products, Inc. (Nasdaq:AFOP), an innovative supplier of fiber optic components, subsystems and integrated modules for the fiber optic communication market, today reported its financial results for the first quarter ended March 31, 2014.

Revenues for the first quarter of 2014 were $24,882,000, a 105% increase from revenues of $12,153,000 reported in the first quarter of 2013, and a 14% increase from revenues of $21,804,000 reported in the fourth quarter of 2013.

Net income for the quarter ended March 31, 2014 rose to $5,015,000, or $0.27 per share, compared to net income of $1,850,000, or $0.11 per share, for the first quarter of 2013, and net income of $7,055,000, or $0.38 per share, for the fourth quarter of 2013. Included in net income for the fourth quarter of 2013 was a one-time tax benefit of approximately $2.3 million. Excluding this tax benefit, net income was $4,720,000, or $0.26 per share, in the fourth quarter of 2013.

Gross margin for the quarter ended March 31, 2014 increased to 40%, compared to 36% in the year ago quarter and 39% in the fourth quarter of 2013. Operating margin for the quarter ended March 31, 2014 increased to 26%, compared to 14.5% in the year ago quarter and 24% in the fourth quarter of 2013.

Non-GAAP net income for the quarter ended March 31, 2014 was $6,391,000, or $0.35 per share, compared to non-GAAP net income of $2,130,000, or $0.12 per share, for the first quarter of 2013, and non-GAAP net income of $5,383,000, or $0.29 per share, for the fourth quarter of 2013.

Non-GAAP gross margin for the quarter ended March 31, 2014 was 41%, compared to 37% in the year ago quarter and 40% in the fourth quarter of 2013. Non-GAAP operating margin for the quarter ended March 31, 2014 was 29%, compared to 17% in the year ago quarter and 27% in the fourth quarter of 2013.

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