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On June 10, 2009, fiber optic subsystems maker
reported that its net loss narrowed during Q4 FY09, helped by a decline in operating expenses and an improvement in order trends. Net loss decreased to $24.20 million or $0.05 per share from $44.11 million or $0.14 per share during Q4 FY08. However, non-GAAP earnings registered a loss of $958,000 or $0.00 per share as against a profit of $7.15 million or $0.02 per share. The latest quarterly earnings beat the consensus estimate of $0.01 per share.
Revenue declined 3.6% to $116.66 million from $121.01 million in the year-ago quarter, hurt by a fall in segmental revenues. Segment-wise, the Optical Subsystems and Components segment's revenue edged down 3.5% to $107.46 million from $111.38 million. Optical revenues included additional revenues of $25.10 million realized as a result of the Optium merger in Q3 FY09. Within the segment, sales of products for 10/40 Gbps applications decreased 17.3% to $40.60 million. At the same time, the Network Performance Test Systems segment's revenue plunged 4.4% to $9.21 million from $9.63 million in the prior year's quarter.
During the quarter under review, Finisar entered into a multi-source agreement along with Opnext Inc. and Sumitomo Electric Industries, Ltd., which will define a hot-pluggable optical transceiver from factor to enable 40 Gbps and 100 Gbps applications, including High Speed Ethernet (40 GbE and 100 GbE).
For FY09, the company registered a wider net loss of $254.38 million or $0.61 per share as compared to $74.56 or $0.24 per share in FY08. Additionally, net revenue increased 23.0% to $541.24 million from $440.18 million in the earlier year.