Finisar Q1 2015 revenues increased to $327.6 millionStaff writer ▼ | September 6, 2014
Finisar Corporation announced financial results for its first quarter of fiscal 2015, ended July 27, 2014. Revenues increased to $327.6 million, up $21.6 million, or 7.1%, from $306 million in the preceding quarter.
Q1 2015 7.1% better revenue at Finisar
The sale of products for telecom applications increased by $3.4 million, or 4.1%, compared to the preceding quarter.
GAAP gross margin decreased to 30.2% from 31.6% in the preceding quarter, primarily driven by less favorable product mix, primarily the result of increased sales of transceivers that address wireless applications and lower sales of our 100G ethernet transceivers, as well as an increase in depreciation as a result of an increased level of capital expenditures.
Non-GAAP gross margin decreased to 32.0% from 34.2% in the preceding quarter. GAAP operating expenses increased to $78.5 million from $75.5 million in the preceding quarter. Non-GAAP operating expenses increased to $69.4 million from $65.9 million in the preceding quarter.
GAAP operating income decreased $0.7 million to $20.4 million or 6.2% of revenues, compared to $21.1 million or 6.9% of revenues in the preceding quarter, primarily as the result of lower gross margins and higher operating expenses.
Non-GAAP operating income decreased $3.5 million to $35.4 million, or 10.8% of revenues, compared to $38.9 million, or 12.7% of revenues, in the preceding quarter.
Cash, cash equivalents and short term investments decreased $15.6 million to $497.4 million at the end of the first quarter, compared to $513 million at the end of the preceding quarter, primarily as the result of capital expenditures of $44.2 million, increased inventory of $10.4 million, increased accounts receivables of $6.3 million and a reduction in accrued compensation of $10.3 million primarily due to the payment of fiscal year end cash bonuses. ■