Finisar Flops on Outlook
Optical networking gear makers
Avanex
( AVNX) and
Finisar
(FNSR) - Get Finisar Corporation Report
posted mixed results late Tuesday.
Fremont, Calif.-based Avanex eked out an adjusted profit of $49,000, or less than a penny a share, for the fiscal fourth quarter. Those numbers compare with a prior-quarter loss of $3 million, or 1 cent a share, and a year-ago pro forma loss of 4 cents a share.
Avanex booked $51.1 million in sales, down from $55.1 million in the prior quarter but up from $45.5 million last year.
Analysts were looking for a break-even quarter on $50.7 million in sales, according to Reuters Research.
For the full year, Avanex had an adjusted net loss of $13.5 million, or 6 cents a share, compared to a pro forma loss of $42.5 million, or 26 cents a share, last year.
"We are very pleased with the significant progress we made during fiscal year 2007," CEO Jo Major said in a press release.
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Looking ahead, Avanex expects fiscal first-quarter sales of about $53.5 million. Analysts had expected sales of $54.9 million in the current quarter.
Meanwhile, due to a review of its stock options accounting, Finisar offered only a partial view of its fiscal first quarter ended July 29.
The Sunnyvale, Calif., tech shop reported sales of $105.7 million. That's up more than 8% from the prior quarter, but below $106.2 million last year.
Analysts had expected sales of $108.2 million in the quarter, according to Reuters Research.
"We were pleased to see revenues bounce back from last quarter as we recovered from a number of customer supply chain and excess inventory issues," CEO Jerry Rawls said in a press release.
In postclose action, Finisar shares were down 16 cents to $3.60 and Avanex rose 2 cents to $1.72. Elsewhere in the optical gear sector,
Bookham
( BKHM) was up less than a penny to $2.65 and
JDSU
(JDSU)
was unchanged at $15.13 after surging 57 cents in regular trading.
