SAN JOSE, Calif. -- NeoPhotonics Corporation (NYSE: NPTN), a leading designer and manufacturer of photonic integrated circuit, or PIC, based optoelectronic modules and subsystems for bandwidth-intensive, high speed communications networks, today announced financial results for its fourth quarter and full year ended December 31, 2012.
“We are very pleased with our fiscal 2012 results, particularly with our ability to continue to grow revenue at an accelerated rate of 22% year-over-year, and reach a new record for total annual revenue,” said Tim Jenks, Chairman, President and CEO of NeoPhotonics. “In addition, NeoPhotonics has grown 40/100G product sales to approximately one third of our quarterly revenue as of the fourth quarter of 2012, helping to meet rapidly growing demand for high speed PIC-based products.”
Highlights for the Fourth Quarter of 2012
Revenue was $62.0 million, down $4.1 million, or 6%, from the prior quarter and up $4.8 million, or 8%, from the fourth quarter 2011
Gross margin was 22.7%, down from 31.2% in the prior quarter and up from 21.5% in the fourth quarter 2011; gross margin was adversely impacted by approximately 700 basis points due to higher yield loss and inventory-related expense relating to one of the company’s high speed products and lower wafer fab utilization
Non-GAAP gross margin was 24.5%, down from 32.9% in the prior quarter and up from 23.5% in the fourth quarter 2011
Loss from continuing operations was $3.0 million, down $3.7 million from income in the prior quarter of $0.7 million and an improvement from a loss of $22.8 million in the fourth quarter 2011
Non-GAAP loss from continuing operations was $0.1 million, down $2.8 million from income in the prior quarter of $2.7 million and an improvement from a loss of $6.4 million in the fourth quarter 2011
Diluted loss per share from continuing operations was $0.10, down from income of $0.02 in the prior quarter and an improvement from a loss of $0.92 in the fourth quarter 2011
Non-GAAP diluted loss per share from continuing operations was $0.0, down from income of $0.08 in the prior quarter and an improvement from a loss of $0.26 in the fourth quarter 2011
Adjusted EBITDA was $3.5 million, down from $6.4 million in the prior quarter and an improvement from an adjusted EBITDA loss of $3.0 million in the fourth quarter 2011
Total cash, cash equivalents and short-term investments was $101.2 million at December 31, 2012, down from $105.9 million in the prior quarter and up from $86.4 million at December 31, 2011. The sequential quarterly decrease in cash was primarily due to payments for capital expenditures, scheduled repayment of bank debt and expenses relating to the pending acquisition of the semiconductor optical components business unit (OCU) of LAPIS Semiconductor Co., Ltd. announced on January 22, 2013.
Currently we allow the following HTML tags in comments:
Single tags
These tags can be used alone and don't need an ending tag.
<br> Defines a single line break
<hr> Defines a horizontal line
Matching tags
These require an ending tag - e.g. <i>italic text</i>
<a> Defines an anchor
<b> Defines bold text
<big> Defines big text
<blockquote> Defines a long quotation
<caption> Defines a table caption
<cite> Defines a citation
<code> Defines computer code text
<em> Defines emphasized text
<fieldset> Defines a border around elements in a form
<h1> This is heading 1
<h2> This is heading 2
<h3> This is heading 3
<h4> This is heading 4
<h5> This is heading 5
<h6> This is heading 6
<i> Defines italic text
<p> Defines a paragraph
<pre> Defines preformatted text
<q> Defines a short quotation
<samp> Defines sample computer code text
<small> Defines small text
<span> Defines a section in a document
<s> Defines strikethrough text
<strike> Defines strikethrough text
<strong> Defines strong text
<sub> Defines subscripted text
<sup> Defines superscripted text
<u> Defines underlined text
Network Computing encourages readers to engage
in spirited, healthy debate, including taking us to task.
However, Network Computing moderates all comments posted to our site,
and reserves the right to modify or remove any content that it determines to be derogatory,
offensive, inflammatory, vulgar, irrelevant/off-topic, racist or obvious marketing/SPAM.
Network Computing further reserves the right to disable the profile of any commenter participating
in said activities.
