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AFOP Reports 27% Year Over Year Revenue Increase In Q2 2014

SUNNYVALE, Calif., July 28, 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 second quarter ended June 30, 2014.

Revenues for the second quarter of 2014 were $24,199,000, a 27% increase from revenues of $19,039,000 reported in the second quarter of 2013, and a 3% decrease from revenues of $24,882,000 reported in the first quarter of 2014.

Net income for the quarter ended June 30, 2014, was $3,782,000, or $0.20 per share, compared to net income of $4,282,000, or $0.24 per share, for the second quarter of 2013, and net income of $5,015,000, or $0.27 per share, for the first quarter of 2014. Included in net income for the second quarter of 2014 and the first quarter of 2014 are income tax provision adjustments of $2,134,000 and $659,000 respectively, as a result of deferred income tax expenses based on utilization of net operating loss. Excluding these tax provision adjustments, net income in the second quarter of 2014 increased to $5,916,000, or $0.32 per share, compared to net income of $4,282,000, or $0.24 per share, for the second quarter of 2013, and net income of $5,674,000 or $0.31 per share for the first quarter of 2014.

Gross margin for the quarter ended June 30, 2014 increased to 40.1%, compared to 38.2% in the year ago quarter and 39.8% in the first quarter of 2014. Operating margin for the quarter ended June 30, 2014 increased to 27.1%, compared to 23.4% in the year ago quarter and 26.0% in the first quarter of 2014.

Non-GAAP net income for the quarter ended June 30, 2014 increased to $6,446,000, or $0.35 per share, compared to non-GAAP net income of $4,693,000, or $0.27 per share, for the second quarter of 2013, and non-GAAP net income of $6,391,000, or $0.35 per share, for the first quarter of 2014.

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