Finisar Loss Widens, but Revenue Grows

By TSC Ratings

Fiber-optic subsystems maker Finisar(FNSR Quote) reported a higher net loss during the fiscal second quarter of 2009 due to impairment charges of $178.77 million and research and development costs of $10.50 million.

Net loss widened to $186.83 million or 44 cents per share from a year-earlier loss of $10.81 million or 4 cents per share. However, non-GAAP earnings surged to $10.35 million or 2 cents per share from $1.49 million or zero a year ago. The latest quarterly earnings missed the consensus estimate of 3 cents per share.

Finisar's revenue during the quarter grew 58.4% to $159.51 million from $100.7 million in the year-ago quarter, driven by growth across segments. Segmentwise, the Optical Subsystems and Components revenue spiked 62.5% to $147.75 million from $90.93 million, boosted by the acquisition of Optium Corp. ...