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NeoPhotonics Updates on First Quarter 2013 Financial Results [Professional Services Close - Up](Professional Services Close - Up Via Acquire Media NewsEdge) NeoPhotonics Corp., a designer and manufacturer of photonic integrated circuit, or PIC, based optoelectronic modules and subsystems for bandwidth-intensive, high speed communications networks, announced financial results for its first quarter ended March 31. "We are pleased with the success we are experiencing in our portfolio of 100G products for telecom and datacom applications, which grew approximately 41 percent quarter-on-quarter and are poised for further growth as the 100G upgrade cycle continues," said Tim Jenks, Chairman, President and CEO of NeoPhotonics. "Moreover, our recent acquisition of the optical components unit of LAPIS Semiconductor, now called NeoPhotonics Semiconductor, is expected to further strengthen our technology leadership and market opportunity in the 100G upgrade cycle as carriers seek to satisfy growing customer demand for high speed connectivity to drive mobile video and other bandwidth intensive enterprise applications." In a release on May 9, the company noted that First Quarter Summary highlights include: -Revenue was $56.1 million, down $6.0 million, or 9.6 percent, from the prior quarter and up $1.8 million, or 3.4 percent, from the first quarter 2012 -Gross margin was 20.9 percent, down from 22.7 percent in the prior quarter and 21.0 percent in the first quarter 2012 -Non-GAAP gross margin was 23.1 percent, down from 24.5 percent in the prior quarter and 23.9 percent in the first quarter 2012 -Loss from continuing operations was $10.5 million, up from a loss of $3.0 million in the prior quarter and an improvement from a loss of $11.8 million in the first quarter 2012 -Non-GAAP loss from continuing operations was $4.4 million, up from a loss of $0.1 million in the prior quarter and an improvement from a loss of $5.4 million in the first quarter 2012 -Diluted loss per share from continuing operations was $0.34, up from a loss of $0.10 in the prior quarter and an improvement from a loss of $0.47 in the first quarter 2012 -Non-GAAP diluted loss per share from continuing operations was $0.14, up from $0.00 in the prior quarter and an improvement from a loss of $0.22 in the first quarter 2012 -Adjusted EBITDA was a loss of $1.7 million, down from income of $3.5 million in the prior quarter and an improvement from a loss of $2.4 million in the first quarter 2012 -On March 29, completed the acquisition of LAPIS Optical Components Unit (OCU), a designer and manufacturer of high speed lasers, laser drivers, photodiodes and amplifiers for high speed networks, which included the business, a portfolio of more than 150 patents and patents applications, the associated real estate and high speed semiconductor, laser and detector fabrication facility. At March 31, total cash, cash equivalents and short-term investments was $99.8 million, down from $101.2 million in the prior quarter. Also at March 31, bank debt was $40.0 million, up from $22.2 million in the prior quarter, as the company amended and restated its loan agreement to finance the acquisition of LAPIS OCU. In connection with the acquisition of LAPIS OCU, the company also agreed to pay the seller approximately $11.1 million in Japanese Yen for the purchase of the real estate used by the acquired business in three equal installments on the first, second and third anniversaries of the closing date. The company's expectations for the second quarter 2013 are: -Revenue in the range of $70 million to $75 million -Non-GAAP gross margin in the range of 21 percent to 25 percent -Diluted loss per share from continuing operations in the range of $0.16 to $0.27, and on a Non-GAAP basis in the range of a loss of $0.08 to $0.18 per share The Non-GAAP outlook for the second quarter of 2013 excludes the expected amortization of intangibles and other assets, including relating to the acquisition of LAPIS OCU, of approximately $1.4 million, and the anticipated impact of stock-based compensation of approximately $1.1 million, of which $1.1 million is estimated to relate to cost of goods sold. NeoPhotonics is a designer and manufacturer of photonic integrated circuit, or PIC, based optoelectronic modules and subsystems for bandwidth-intensive, high-speed communications networks. More Information: http://www.neophotonics.com ((Comments on this story may be sent to [email protected])) (c) 2013 ProQuest Information and Learning Company; All Rights Reserved. |