Finisar Announces Fourth Quarter and Fiscal 2013 Financial ResultsSUNNYVALE, CA -- (Marketwired - June 19, 2013) - Finisar Corporation (NASDAQ: FNSR), a global technology leader for subsystems and components for fiber optic communications, today announced financial results for its fourth quarter and fiscal year ended April 28, 2013.
COMMENTARY
"I am pleased to report fiscal fourth quarter revenues of $243.4 million, which is $5.1 million, or 2.1%, greater than the prior quarter. Our growth in revenues came primarily from sales of 10G and 100G Ethernet transceivers and transponders for datacom applications. Our favorable product mix in the quarter enabled us to achieve gross margin and earnings per diluted share that exceeded our guidance range," said Jerry Rawls, Finisar's executive Chairman of the Board.
"During the quarter, we continued to invest significantly in technology and product development and made substantial progress on a number of new products for our datacom and telecom products lines, including our next generation 100G CFP2 transceiver, 12x25G optical engine and new generation dual wavelength selective switch product family," said Eitan Gertel, Finisar's Chief Executive Officer.
FINANCIAL HIGHLIGHTS - FOURTH QUARTER ENDED April 28, 2013
Summary GAAP Results Fourth Third
Quarter Quarter
Ended Ended
April 28, 2013 Jan 27, 2013
----------------- -----------------
(in thousands, except per share
amounts)
Revenues $ 243,417 $ 238,351
Gross margin 27.7% 28.5%
Operating expenses $ 66,941 $ 68,841
Operating income (loss) $ 385 $ (797)
Operating margin 0.2% (0.3)%
Net income (loss) $ 3,879 $ (3,407)
Income(loss) per share-basic $ 0.04 $ (0.04)
Income(loss) per share-diluted $ 0.04 $ (0.04)
Basic shares 93,567 93,097
Diluted shares 96,192 93,097
Summary Non-GAAP Results (a) Fourth Third
Quarter Quarter
Ended Ended
April 28, 2013 Jan 27, 2013
----------------- -----------------
(in thousands, except per share
amounts)
Revenues $ 243,417 $ 238,351
Gross margin 32.2% 30.7%
Operating expenses $ 58,295 $ 55,816
Operating income $ 20,032 $ 17,377
Operating margin 8.2% 7.3%
Net income 19,789 $ 16,390
Income per share-basic $ 0.21 $ 0.18
Income per share-diluted $ 0.20 $ 0.17
Basic shares 93,567 93,097
Diluted shares 99,941 99,094
(a) In evaluating the operating performance of Finisar's business, Finisar management utilizes financial measures that exclude certain charges and credits required by U.S. generally accepted accounting principles, or GAAP, that are considered by management to be outside Finisar's core operating results. A reconciliation of Finisar's non-GAAP financial measures to the most directly comparable GAAP measures, as well as additional related information, can be found under the heading "Finisar Non-GAAP Financial Measures" below.
Financial Statement Highlights for the fourth quarter of fiscal 2013:
- Revenues increased to $243.4 million, up $5.1 million, or 2.1%, from $238.4 million in the preceding quarter as continued strength in sales of datacom products was partially offset by lower telecom product revenue primarily as the result of sluggish carrier capital expenditure levels and a full three month impact of annual price reductions for telecom products most of which, as in prior years, went into effect in January.
- Compared to the preceding quarter, the sale of products for datacom applications increased by $16.3 million, or 11.0%, and the sale of products for telecom applications decreased by $11.2 million, or (12.3)%.
- Gross margin decreased to 27.7% on a GAAP basis from 28.5% in the preceding quarter, primarily as the result of a charge for impairment of certain purchased intangibles related to acquired developed technology and other long-lived assets.
- Non-GAAP gross margin increased to 32.2% from 30.7% in the preceding quarter, primarily as the result of favorable product mix.
- GAAP operating income increased $1.2 million to $0.4 million, or 0.2% of revenues, compared to $(0.8) million, or (0.3)% of revenues in the preceding quarter, primarily as the result of a gain on the fair value remeasurement of contingent consideration liability.
- Non-GAAP operating income increased $2.7 million to $20.0 million, or 8.2% of revenues, compared to $17.4 million, or 7.3% of revenues, in the preceding quarter, primarily as the result of higher non-GAAP gross margins.
- Cash and cash equivalents totaled $289.1 million at the end of the fourth quarter, compared to $265.5 million at the end of the preceding quarter.
FINANCIAL HIGHLIGHTS - FISCAL YEAR ENDED APRIL 28, 2013
Summary GAAP Results Fiscal Year Fiscal Year
Ended Ended
April 28, 2013 April 30, 2012
----------------- -----------------
(in thousands, except per share
amounts)
Revenues $ 934,335 $ 952,579
Gross margin 27.5% 28.7%
Operating expenses $ 262,596 $ 229,165
Operating income (loss) $ (5,555) $ 44,179
Operating margin (0.6)% 4.6%
Net income (loss) $ (5,454) $ 42,993
Income (loss) per share-basic $ (0.06) $ 0.47
Income (loss) per share-diluted $ (0.06) $ 0.46
Basic shares 92,860 90,823
Diluted shares 92,860 94,186
Summary Non-GAAP Results (a) Fiscal Year Fiscal Year
Ended Ended
April 28, 2013 April 30, 2012
----------------- -----------------
(in thousands, except per share
amounts)
Revenues $ 934,335 $ 952,579
Gross margin 30.9% 31.9%
Operating expenses $ 223,667 $ 214,100
Operating income $ 65,247 $ 89,332
Operating margin 7.0% 9.4%
Net income $ 61,255 $ 83,177
Income per share-basic $ 0.66 $ 0.92
Income per share-diluted $ 0.64 $ 0.87
Basic shares 92,860 90,823
Diluted shares 99,284 97,935
Financial Statement Highlights for fiscal year 2013:
- Revenues decreased to $934.3 million, down $18.2 million, or (1.9)%, from $952.6 million in the preceding year.
- Compared to the preceding year, the sale of products for datacom applications increased by $53.6 million, or 10.0%, primarily from sales of 10G and 100G transceivers and transponders and the sale of products for telecom applications decreased by $71.8 million, or (17.3)%, primarily as the result of sluggish carrier capital expenditure levels.
- Gross margin decreased to 27.5% on a GAAP basis and 30.9% on a non-GAAP basis from 28.7% and 31.9%, respectively, in the preceding year, primarily as the result of a decline in average selling prices.
- Non-GAAP operating income decreased $24.1 million to $65.2 million, or 7.0% of revenues, from $89.3 million, or 9.4% of revenues, primarily as the result of lower gross margin and an increase in operating expenses, due to increases in employee related expenses, costs of materials associated with new product development, and the consolidation of financial results of Red-C Optical Networks, which was acquired in fiscal 2013.
- GAAP operating income (loss) decreased $49.7 million to $(5.6) million, or (0.6)% of revenues, from $44.2 million or 4.6% of revenues primarily as the result of the factors affecting Non-GAAP operating income and in addition the impairment of acquired developed technology and other long-lived assets.
OUTLOOK
The Company indicated that it currently expects revenues for the first quarter of fiscal 2014 to be in the range of $245 to $260 million; GAAP operating margin to in the range of approximately 5.0% to 6.5%; non-GAAP operating margin to be in the range of approximately 9.0% to 10.5% and non-GAAP earnings per diluted share to be in the range of approximately $0.22 to $0.26. The Company also noted that during the fourth fiscal quarter of 2013 and during the first week of the first quarter of fiscal 2014, the Company completed the divestment of two non-strategic subsidiaries of Ignis AS, which was acquired by Finisar in May 2012. These divested businesses accounted for approximately $5 million in revenues during the fourth quarter of fiscal 2013.
CONFERENCE CALL
Finisar will discuss its financial results for the fourth quarter and current business outlook during its regular quarterly conference call scheduled for Wednesday, June 19, 2013, at 2:00 pm PDT (5:00 pm EDT). To listen to the call you may connect through the Finisar investor relations page at http://investor.finisar.com/ or dial 1-888- 438-5491 (domestic) or (719) 325-2458 (international) and enter conference ID 8003705.
An audio replay will be available for two weeks following the call by dialing 1-888-203-1112 (domestic) or (719) 457-0820 and then following the prompts: enter conference ID 8003705 and provide your name, affiliation, and contact number. A replay of the webcast will be available shortly after the conclusion of the call on the Company's website until the next regularly scheduled earnings conference call.
SAFE HARBOR UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements included in this press release are based upon information available to Finisar as of the date hereof, and Finisar assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties which could cause actual results to differ materially from those projected. Examples of such risks include those associated with: the uncertainty of customer demand for Finisar's products; the rapidly evolving markets for Finisar's products and uncertainty regarding the development of these markets; Finisar's historical dependence on sales to a limited number of customers and fluctuations in the mix of products and customers in any period; ongoing new product development and introduction of new and enhanced products; the challenges of rapid growth followed by periods of contraction; and intensive competition. Further information regarding these and other risks relating to Finisar's business is set forth in Finisar's annual report on Form 10-K (filed June 29, 2012) and quarterly SEC filings.
ABOUT FINISAR
Finisar Corporation (NASDAQ: FNSR) is a global technology leader for fiber optic subsystems and components that enable high-speed voice, video and data communications for telecommunications, networking, storage, wireless, and cable TV applications. For 25 years, Finisar has provided critical optics technologies to system manufacturers to meet the increasing demands for network bandwidth. Finisar is headquartered in Sunnyvale, California, USA with R&D, manufacturing sites, and sales offices worldwide. For additional information, visit www.finisar.com.
FINISAR FINANCIAL STATEMENTS
The following financial tables are presented in accordance with GAAP.
Finisar Corporation
Consolidated Balance Sheets
(in thousands)
April 28, January 27, October 28, July 29, April 30,
2013 2013 2012 2012 2012
----------- ----------- ----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited) Note
----------- ----------- ----------- ----------- -----------
ASSETS
Current
assets:
Cash and
cash
equivalents $ 289,076 $ 265,454 $ 262,432 $ 220,409 $ 234,544
Accounts
receivable,
net 149,612 155,502 155,949 179,441 167,760
Accounts
receivable,
other 16,538 10,843 15,240 14,972 21,004
Inventories 200,670 202,123 203,554 208,168 218,432
Prepaid
expenses 18,402 22,875 25,183 24,430 25,482
----------- ----------- ----------- ----------- -----------
Total
current
assets 674,298 656,797 662,358 647,420 667,222
Property,
equipment
and
improvements,
net 201,442 192,381 173,284 165,837 163,817
Purchased
intangible
assets,
net 30,457 45,823 53,300 43,049 45,177
Goodwill 90,986 91,551 91,098 97,994 81,431
Minority
investments 884 884 884 884 884
Other
assets 9,780 7,321 7,263 7,393 10,896
----------- ----------- ----------- ----------- -----------
Total
assets $ 1,007,847 $ 994,757 $ 988,187 $ 962,577 $ 969,427
=========== =========== =========== =========== ===========
LIABILITIES
AND
STOCKHOLDERS'
EQUITY
Current
liabilities:
Accounts
payable $ 77,630 $ 67,264 $ 72,844 $ 71,295 $ 72,339
Accrued
compensation 31,492 28,436 27,901 22,210 27,090
Other
accrued
liabilities 23,533 31,901 22,774 21,456 20,871
Deferred
revenue 9,182 9,760 7,868 9,775 8,970
Current
portion
of long-
term debt - - - - 3,150
----------- ----------- ----------- ----------- -----------
Total
current
liabilities 141,837 137,361 131,387 124,736 132,420
Long-term
liabilities:
Convertible notes,
net of
current
portion 40,015 40,015 40,015 40,015 40,015
Other non-
current
liabilities 13,480 14,078 21,171 16,274 15,175
Deferred
tax
liabilities - 2,512 2,459 2,433 1,972
----------- ----------- ----------- ----------- -----------
Total
liabilities 195,332 193,966 195,032 183,458 189,582
Stockholders'
equity:
Common
stock 94 93 93 93 91
Additional
paid-in
capital 2,350,146 2,341,448 2,330,683 2,321,064 2,309,219
Accumulated
other
comprehensive
income 28,525 26,904 26,346 22,356 28,720
Accumulated
deficit (1,571,960) (1,575,839) (1,572,432) (1,572,703) (1,566,506)
----------- ----------- ----------- ----------- -----------
Finisar
Corporation
stockholders'
equity 806,805 792,606 784,690 770,810 771,524
Non-
controlling
interest 5,710 8,185 8,465 8,309 8,321
----------- ----------- ----------- ----------- -----------
Total
stockholders'
equity 812,515 800,791 793,155 779,119 779,845
----------- ----------- ----------- ----------- -----------
Total
liabilities
and
stockholders'
equity $ 1,007,847 $ 994,757 $ 988,187 $ 962,577 $ 969,427
=========== =========== =========== =========== ===========
Note - Balance sheet amounts as of April 30, 2012 are derived from the audited consolidated financial statements as of the date.
Finisar Corporation
Consolidated Statements of Operations
(in thousands, except per share data)
Three
Months
Three Months Ended Twelve Months Ended Ended
---------------------- ---------------------- ----------
April 28, April 30, April 28, April 30, January
2013 2012 2013 2012 27, 2013
---------- ---------- ---------- ---------- ----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
---------- ---------- ---------- ---------- ----------
Revenues $ 243,417 $ 239,910 $ 934,335 $ 952,579 $ 238,351
Cost of revenues 166,093 172,915 662,094 672,924 168,377
Impairment of
acquired
developed
technology and
other long-
lived assets 8,156 - 8,156 - -
Amortization of
acquired
developed
technology 1,842 1,515 7,044 6,311 1,930
---------- ---------- ---------- ---------- ----------
Gross profit 67,326 65,480 257,041 273,344 68,044
Gross margin 27.7% 27.3% 27.5% 28.7% 28.5%
Operating
expenses:
Research and
development 41,270 37,430 158,784 146,003 39,725
Sales and
marketing 11,056 10,114 42,347 40,424 10,398
General and
administrative 6,279 75 45,337 39,566 12,797
Amortization of
purchased
intangibles 734 897 3,640 3,494 1,035
Impairment of
long-lived
assets 7,602 - 12,488 - 4,886
Restructuring
recoveries - - - (322) -
---------- ---------- ---------- ---------- ----------
Total
operating
expenses 66,941 48,516 262,596 229,165 68,841
---------- ---------- ---------- ---------- ----------
Income (loss)
from operations 385 16,964 (5,555) 44,179 (797)
Interest income 211 662 755 1,073 186
Interest expense (544) (805) (2,589) (3,716) (648)
Loss on debt
extinguishment - - - (419) -
Other income
(expenses), net (154) (266) (449) 3,902 (275)
---------- ---------- ---------- ---------- ----------
Income (loss)
before income
taxes and non-
controlling
interest (102) 16,555 (7,838) 45,019 (1,534)
Provision
(benefits) for
income taxes (1,506) (787) 227 2,005 2,153
---------- ---------- ---------- ---------- ----------
Income (loss)
before non-
controlling
interest 1,404 17,342 (8,065) 43,014 (3,687)
Adjust for net
(income) loss
attributable to
non-controlling
interest 2,475 673 2,611 (21) 280
---------- ---------- ---------- ---------- ----------
Net income
(loss)
attributable to
Finisar
Corporation $ 3,879 $ 18,015 $ (5,454) $ 42,993 $ (3,407)
========== ========== ========== ========== ==========
Net income
(loss) per
share
attributable to
Finisar
Corporation
common
stockholders:
Basic $ 0.04 $ 0.20 $ (0.06) $ 0.47 $ (0.04)
Diluted $ 0.04 $ 0.19 $ (0.06) $ 0.46 $ (0.04)
Shares used in
computing net
income (loss)
per share -
basic 93,567 91,349 92,860 90,823 93,097
Shares used in
computing net
income (loss)
per share -
diluted 96,192 98,528 92,860 94,186 93,097
FINISAR NON-GAAP FINANCIAL MEASURES
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles, or GAAP, Finisar provides supplemental information regarding the Company's operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or which occur relatively infrequently and which management considers to be outside our core operating results. Some of these non-GAAP measures also exclude the ongoing impact of historical business decisions made in different business and economic environments. Management believes that tracking non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income and non-GAAP net income per share provides management and the investment community with valuable insight into our current operations, our ability to generate cash and the underlying business trends which are affecting our performance. These non-GAAP measures are used by both management and our Board of Directors, along with the comparable GAAP information, in evaluating our current performance and planning our future business activities. In particular, management finds it useful to exclude non-cash charges in order to better correlate our operating activities with our ability to generate cash from operations and to exclude certain cash charges as a means of more accurately predicting our liquidity requirements. We believe that these non-GAAP measures, when used in conjunction with our GAAP financial information, also allow investors to better evaluate our financial performance in comparison to other periods and to other companies in our industry.
In calculating non-GAAP gross profit in this release, we have excluded the following items from cost of revenues in applicable periods:
- Changes in excess and obsolete inventory reserve (predominantly non-cash charges or non-cash benefits);
- Amortization of acquired technology (non-cash charges related to technology obtained in acquisitions);
- Stock-based compensation expense (non-cash charges);
- Impairment of acquired developed technology and other long-lived assets (non-cash charges);
- Acquisition method accounting adjustment for sale of acquired inventory (non-cash charges);
- Flood related expense (non-recurring cash charge);
- Reduction in force costs (non-recurring cash charges); and
- Acquisition related retention payments (non-recurring charges).
In calculating non-GAAP operating income in this release, we have excluded the same items to the extent they are classified as operating expenses, and have also excluded the following items in applicable periods:
- Gain or loss on litigation settlements and resolutions and related costs (non-recurring cash charges or benefits);
- Shareholder class action and derivative litigation costs (non-recurring cash expenses associated with the derivative litigation related to our historical stock option granting practices and related to the class action and derivative litigation related to our March 8, 2011 earnings announcement);
- Gain on fair value re-measurement of contingent consideration (non-cash benefit);
- Acquisition related costs (non-recurring cash charges);
- Amortization of purchased intangibles (non-cash charges);
- Restructuring costs and recoveries (non-recurring charges and benefits); and
- Impairment of purchased intangibles and other long-lived assets.
In calculating non-GAAP income and non-GAAP income per share in this release, we have also excluded the following items in applicable periods:
- Interest income from legal settlements (non-recurring benefit);
- Imputed interest related to restructuring (non-cash charges);
- Gains and losses on sales of assets (non-recurring or non-cash losses and cash gains related to the periodic disposal of assets no longer required for current activities);
- Loss related to minority and equity method investments (non-cash charges);
- Other miscellaneous expenses (income) (non-recurring charges or benefits);
- Dollar denominated foreign exchange transaction losses (gains) (non-cash charges or benefits);
- Debt extinguishment loss (non-recurring charges);
- Fair value re-measurement of equity investment (non-cash gain from re-measurement of value of prior investment in an investee); and
- Differences between cash payable for income taxes and the provision for income taxes in accordance with GAAP, less discrete items.
In calculating non-GAAP income per share in this release, we have included the shares issuable upon conversion of our outstanding convertible notes and excluded the interest expenses associated with such notes in such periods where such treatment is dilutive to non-GAAP income (loss) per share.
A reconciliation of this non-GAAP financial information to the corresponding GAAP information is set forth below:
Finisar Corporation
Reconciliation of Results of Operations under GAAP and non-GAAP
(Unaudited, in thousands, except per share data)
Three
Months
Three Months Ended Twelve Months Ended Ended
---------------------- ---------------------- ----------
April 28, April 30, April 28, April 30, January
2013 2012 2013 2012 27, 2013
---------- ---------- ---------- ---------- ----------
GAAP to non-GAAP
reconciliation
of gross
profit:
Gross profit -
GAAP $ 67,326 $ 65,480 $ 257,041 $ 273,344 $ 68,044
Gross margin -
GAAP 27.7% 27.3% 27.5% 28.7% 28.5%
Adjustments:
Cost of revenues
Change in
excess and
obsolete
inventory
reserve 390 5,027 8,248 10,370 989
Amortization of
acquired
technology 1,842 1,515 7,044 6,311 1,930
Stock
compensation 1,731 1,139 7,233 6,281 2,140
Impairment of
acquired
developed
technology and
other long-
lived assets 8,156 - 8,156 - -
Acquisition
method
accounting
adjustment for
sale of
acquired
inventory - 963 1,363 4,998 -
Flood-related
expense
(recovery) (1,197) 1,222 (1,197) 1,222 -
Reduction in
force costs 17 62 818 906 17
Acquisition
related
retention
payment 62 - 208 - 73
---------- ---------- ---------- ---------- ----------
Total cost of
revenue
adjustments 11,001 9,928 31,873 30,088 5,149
---------- ---------- ---------- ---------- ----------
Gross profit -
non-GAAP 78,327 75,408 288,914 303,432 73,193
---------- ---------- ---------- ---------- ----------
Gross margin -
non-GAAP 32.2% 31.4% 30.9% 31.9% 30.7%
GAAP to non-GAAP
reconciliation
of operating
income:
Operating income
(loss) - GAAP 385 16,964 (5,555) 44,179 (797)
Operating margin
- GAAP 0.2% 7.1% -0.6% 4.6% -0.3%
Adjustments:
Total cost of
revenue
adjustments 11,001 9,928 31,873 30,088 5,149
Research and
development
Reduction in
force costs 52 35 240 801 11
Acquisition
related
retention
payment 204 - 639 - 213
Stock
compensation 2,856 2,288 11,796 9,123 2,601
Sales and
marketing
Reduction in
force costs - 36 - 36 -
Acquisition
related
retention
payment 17 - 54 - 17
Stock
compensation 1,015 727 3,979 3,105 885
General and
administrative
Reduction in
force costs 24 41 118 1,055 25
Acquisition
related
retention
payment 220 - 696 - 223
Stock
compensation 2,586 1,768 10,589 7,467 2,218
Acquisition
related costs 322 - 1,474 1,602 731
Litigation
settlements
and
resolutions
and related
costs - (7,422) 13 (7,515) -
Shareholder
class action
and derivative
litigation
costs 144 447 333 1,072 180
Gain on fair
value
remeasurement
of contingent
consideration
liability (7,130) (4,853) (7,130) (4,853) -
Amortization of
purchased
intangibles 734 897 3,640 3,494 1,035
Impairment
purchased
intangibles and
other long-
lived assets 7,602 - 12,488 - 4,886
Restructuring
recoveries - - - (322) -
---------- ---------- ---------- ---------- ----------
Total cost of
revenue and
operating
expense
adjustments 19,647 3,892 70,802 45,153 18,174
---------- ---------- ---------- ---------- ----------
Operating income
- non-GAAP 20,032 20,856 65,247 89,332 17,377
---------- ---------- ---------- ---------- ----------
Operating margin
- non-GAAP 8.2% 8.7% 7.0% 9.4% 7.3%
GAAP to non-GAAP
reconciliation
of income
attributable to
Finisar
Corporation:
Income (loss)
attributable to
Finisar
Corporation -
GAAP 3,879 18,015 (5,454) 42,993 (3,407)
Adjustments:
Total cost of
revenue and
operating
expense
adjustments 19,647 3,892 70,802 45,153 18,174
Interest income
from legal
settlement - (434) - (434) -
Imputed interest
related to
restructuring 146 133 520 805 148
Other (income)
expense, net
Loss (gain) on
sale of assets (1,160) 3 (1,311) (4) 38
Loss related to
minority and
equity method
investments - - - 619 -
Other
miscellaneous
(income) or
expenses (2) (424) (263) 177 (101)
Foreign
exchange
transaction
loss 1,034 506 854 226 431
Debt
extinguishment
loss - - 573 419 -
Fair value
remeasurement
of equity
investment - (3) - (5,432) -
Provision for
income taxes
Income tax
provision
adjustments (1,506) (1,454) (2,217) (1,345) 1,107
Non-controlling
interest
adjustment (2,249) - (2,249) - -
---------- ---------- ---------- ---------- ----------
Total
adjustments 15,910 2,219 66,709 40,184 19,797
---------- ---------- ---------- ---------- ----------
Net income
attributable to
Finisar
Corporation -
non-GAAP 19,789 20,234 61,255 83,177 16,390
---------- ---------- ---------- ---------- ----------
Non-GAAP income
attributable to
Finisar
Corporation $ 19,789 $ 20,234 $ 61,255 $ 83,177 $ 16,390
Add: interest
expense for
dilutive
convertible
notes 539 539 2,157 2,156 539
---------- ---------- ---------- ---------- ----------
Adjusted non-
GAAP income
attributable to
Finisar
Corporation $ 20,328 $ 20,773 $ 63,412 $ 85,333 $ 16,929
========== ========== ========== ========== ==========
Non-GAAP income
per share
attributable to
Finisar
Corporation
common
stockholders
Basic $ 0.21 $ 0.22 $ 0.66 $ 0.92 $ 0.18
Diluted $ 0.20 $ 0.21 $ 0.64 $ 0.87 $ 0.17
Shares used in
computing non-
GAAP income per
share
attributable to
Finisar
Corporation
common
stockholders
Basic 93,567 91,349 92,860 90,823 93,097
Diluted 99,941 98,528 99,284 97,935 99,094
Non-GAAP EBITDA
Non-GAAP income
attributable to
Finisar
Corporation $ 19,789 $ 20,234 $ 61,255 $ 83,177 $ 16,390
Depreciation
expense 13,692 12,583 52,815 45,561 13,306
Amortization 94 227 653 851 86
Interest expense 187 444 1,314 2,272 314
Income tax
expense 0 667 2,444 3,350 1,046
---------- ---------- ---------- ---------- ----------
Non-GAAP EBITDA $ 33,762 $ 34,155 $ 118,481 $ 135,211 $ 31,142
========== ========== ========== ========== ==========
Investor Contact:
Kurt Adzema
Chief Financial Officer
408-542-5050
Investor.relations@finisar.com
Press contact:
Victoria McDonald
Sr. Manager, Corporate Communications
408-542-4261
