CHATSWORTH, Calif. -- Optical Communication Products, Inc. (Nasdaq:OCPI), a manufacturer of fiber optic subsystems and modules for metropolitan area networks and high-speed premises networks, today reported financial results for the quarter ended March 31, 2002, which is the second quarter of OCP's fiscal year ending September 30, 2002. Revenue for the second quarter of fiscal 2002 was $9.6 million, a sequential increase of 8.8% from revenue of $8.8 million for the first quarter of fiscal 2002. This compares to revenue of $47.9 million for the same period in fiscal 2001, a decrease of 79.9%. Net income for the second quarter of 2002 decreased to $63,000 from net income of $183,000 for the first quarter of 2002 and net income of $12.0 million for the same period in fiscal 2001. Earnings per diluted share for the second quarter of fiscal 2002 decreased to $0.00 per share compared with earnings per diluted share of $0.11 for the same period in fiscal 2001, and no change from the first quarter of fiscal 2002. "This was another difficult quarter for OCP. Our revenue in this quarter reflects the continued general market slowdown in our telecommunications industry. Despite the challenging market conditions, we are pleased to realize a slight sequential increase in our quarterly revenue," said Dr. Muoi Van Tran, OCP's Chairman and CEO. In response to these market conditions, OCP announced today that, consistent with its objective of aggressively managing its costs and expenses, the company is eliminating approximately 45 jobs this quarter primarily in manufacturing. Positions in research and development and sales and marketing are unaffected as the company plans to continue to invest and expand these operations. Optical Communication Products Inc. (OCPI)