Earnings reports

Finisar Lowers Q4 Outlook

SUNNYVALE, Calif. -- Finisar Corporation (Nasdaq:FNSR), today announced that revenue and earnings for the fiscal fourth quarter ending April 30, 2001, will be lower than previously projected due primarily to the rescheduling of existing orders by a number of its customers and the general economic slowdown. The Company now expects fourth quarter revenues will be approximately $50 to $55 million resulting in pro forma diluted earnings per share income of breakeven to $.01 per share.

Pro forma earnings exclude merger related costs, the amortization of deferred stock compensation and the gain on the Company's sale of its Opticity product line. Based on these expected results, the Company would record total revenues of $187 to $192 million for the fiscal year ending April 30, 2001, an increase of approximately 180% from the prior year. Pro forma diluted earnings per share for the fiscal year ending April 30, 2001, are now expected to be $.12 to $.13 compared to $.06 per share in the prior year.

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