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On March 5, 2009, fiber optic subsystems maker Finisar ( FNSR) reported a greater net loss during Q3 FY09 on account of impairment charges of $46.53 million related to goodwill and intangible assets. Net loss widened to $47.36 million or $0.10 per share from a year earlier loss of $11.49 million or $0.04 per share. However, non-GAAP earnings were $2.27 million or $0.00 per share, a decline of 61.0% year-over-year. The latest quarterly earnings matched the consensus estimate of breakeven per share.

Revenue grew 20.9% to $136.36 million from $112.74 million in the year-ago quarter, driven by growth across segments. The Optical Subsystems and Components segment's revenue spiked 22.5% to $126.08 million from $102.96 million, boosted by the acquisition of Optium Corporation. Within the segment, sales of products for 10/40 Gbps applications surged 68.5% to $49.10 million. At the same time, the Network Performance Test Systems segment's revenue rose 5.0% to $10.27 million from $9.78 million in the prior year's quarter.

Gross profit margin dropped 318 basis points to 30.19% from 33.36%, dragged down by acquisition-related expenses. Research and development expenses increased to $24.10 million from $21.22 million a year earlier, while general and administrative expenses declined to $10.05 million from $13.62 million.

Finisar initiated various cost-cutting measures such as the elimination of around 200 people, or 17.0% of total workforce, a 10.0% cut in salaries cut, and suspension of 401(k) matching company contributions. The company expects to generate an annual savings of approximately $44.00 million from these actions.