Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener. 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.