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Finisar revenues increased to $306 million

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Staff writer ▼ | June 13, 2014
Finisar Corporation announced financial results for its fourth fiscal quarter and full 2014 fiscal year ended April 27, 2014. Revenues increased to $306 million, up $12 million, or 4.1%, from $294 million in the preceding quarter.
Finisar
FinisarFinisar Corporation announced financial results for its fourth fiscal quarter and full 2014 fiscal year ended April 27, 2014. Revenues increased to $306 million, up $12 million, or 4.1%, from $294 million in the preceding quarter.


The sale of products for datacom applications increased by $12.6 million, or 6%, compared to the preceding quarter.

The sale of products for telecom applications decreased by $0.6 million, or (0.7)%, compared to the preceding quarter, primarily driven by the impact of the full three months of the annual price reductions for telecom products that typically take effect on January 1st.

GAAP gross margin decreased to 31.7% from 35.9% in the preceding quarter, primarily driven by the impact of the full three months of the annual price reductions for telecom products that typically take effect on January 1st as well as the impact of the u2t Photonics AG acquisition whose products carry a lower than corporate average gross margin.

Non-GAAP gross margin decreased to 34.2% from 37.2% in the preceding quarter.

GAAP operating income decreased $11.5 million to $21.6 million, or 7% of revenues, compared to $33.1 million, or 11.3% of revenues in the preceding quarter.

Non-GAAP operating income decreased $7.4 million to $38.9 million, or 12.7% of revenues, compared to $46.3 million, or 15.7% of revenues, in the preceding quarter.

GAAP net income includes an approximate $8.3 million gain realized on the sale of company's majority owned subsidiary Finisar Korea Ltd. during the quarter. This gain is not included in non-GAAP net income.

Cash, cash equivalents and short term investments decreased $41.7 million to $513 million at the end of the fourth quarter, compared to $554.7 million at the end of the preceding quarter, principally as the result of the acquisition of u2t Photonics AG, an increase in accounts receivable of $29.6 million and capital expenditures associated with the build out of the second building at company's new manufacturing site in Wuxi China.


 

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