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13 June 2008


Finisar grows 25% year-on-year, driven by 10/40Gbps

For its fiscal fourth-quarter 2008, fiber-optic component and subsystem maker Finisar Corp of Sunnyvale, CA, USA (to ended April) has reported record revenue of $121m, up 7% on $112.7m last quarter and up 25% on $96.6m a year ago.

Network Tools revenue was $9.6m (up 15% on $8.4m a year ago but down slightly from $9.8m last quarter). Optics revenue was $111.4m (up 8% from $103m last quarter and 26% on $88.2m a year ago). This includes $31.2m from 10/40Gbps applications (up 7% on $29.1m last quarter and a massive 110% on $14.9m a year ago) and $50.6m from 1-8Gbps LAN/SAN applications (up 12% on $45.4m last quarter but just 11% on $45.7m a year ago). Gross margin fell from 38.2% last quarter to 37.4%, mainly due to an unfavorable product mix (less revenue from Network Tools; more from short-distance LAN/SAN applications). Net loss has been cut from $16m a year ago and $10.6m last quarter to $8.7m. On a non-GAAP basis, net income has grown from $2.3m a year ago and $6.7m last quarter to $7.9m. Also, earnings before interest, taxes, depreciation and amortization (EBITDA) were $17m, despite investing $9.5m in capital expenditure.

“While fiscal 2008 was a challenging year for us at the top line, it was extremely gratifying to see us recover and set new revenue records for the company in the last half of the year,” says chairman and CEO Jerry Rawls. “Demand for our products for both 10-40Gbps and shorter-distance LAN/SAN applications continues to be healthy during these uncertain economic times.”

Rawls also highlights the future potential for growth and profitability from the proposed merger (announced in mid-May) with Optium Corp of Horsham, PA, USA, which designs and manufactures optical subsystems supporting core to the edge applications for use in telecoms and cable TV network systems.

See related items:

Finisar and Optium agree to merge

Finisar’s revenue grows 12% to a record $112.7m

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