SOURCE: Finisar

Finisar Corporation

June 16, 2016 16:00 ET

Finisar Announces Fourth Fiscal Quarter and Full Year 2016 Financial Results

SUNNYVALE, CA--(Marketwired - June 16, 2016) - Finisar Corporation (NASDAQ: FNSR), a global technology leader for subsystems and components for fiber optic communications, today announced financial results for its fourth quarter and full fiscal year 2016, ended May 1, 2016.

COMMENTARY

"Revenues for our fourth fiscal quarter were $318.8 million, an increase of $9.6 million, or 3.1% compared to the prior quarter, primarily driven by growth in demand for 40G and 100G transceivers for datacom applications including CFP, CFP2, CFP4, QSFP and QSFP28 form factors. Better than expected gross margins, due to favorable product mix, and lower expenses resulted in earnings per fully diluted share exceeding the upper end of our prior guidance range," said Jerry Rawls, Finisar's Chief Executive Officer.

FINANCIAL HIGHLIGHTS - Fourth Quarter Ended May 1, 2016

     
Summary GAAP Results  Fourth  Third
  Quarter  Quarter
  Ended  Ended
   May 1, 2016  January 31, 2016
   (in thousands, except per share amounts)
       
Revenues  $318,794  $309,206
Gross margin  28.4%  28.4%
Operating expenses  $76,306  $77,282
Operating income  $14,135  $10,458
Operating margin  4.4%  3.4%
Net income  $13,072  $12,084
Income per share-basic  $0.12  $0.11
Income per share-diluted  $0.12  $0.11
       
Basic shares  107,612  107,180
Diluted shares  109,386  108,128
       
     
     
Summary Non-GAAP Results (a)  Fourth  Third
  Quarter  Quarter
  Ended  Ended
   May 1, 2016  January 31, 2016
   (in thousands, except per share amounts)
       
Revenues  $318,794  $309,206
Non-GAAP Gross margin  30.6%  30.3%
Non-GAAP Operating expenses  $66,186  $67,292
Non-GAAP Operating income  $31,239  $26,309
Non-GAAP Operating margin  9.8%  8.5%
Non-GAAP Net income  $31,824  $26,604
Non-GAAP Income per share-basic  $0.30  $0.25
Non-GAAP Income per share-diluted  $0.29  $0.25
       
Basic shares  107,612  107,180
Diluted shares  109,386  108,128
       
(a)In evaluating the operating performance of Finisar's business, Finisar management utilizes financial measures that exclude certain charges and credits required by U.S. generally accepted accounting principles, or GAAP, that are considered by management to be outside of Finisar's core ongoing operating results. A reconciliation of Finisar's non-GAAP financial measures to the most directly comparable GAAP measures, as well as additional related information, can be found under the heading "Finisar Non-GAAP Financial Measures" below.
  

Financial Statement Highlights for the Fourth Quarter of Fiscal 2016:

  • Revenues were $318.8 million, an increase of $9.6 million, or 3.1%, from $309.2 million in the preceding quarter.
  • Sales of products for datacom applications increased by $23.6 million, or 10.8%, compared to the preceding quarter, primarily driven by growth in demand for 40G and 100G transceivers including CFP, CFP2, CFP4, QSFP, and QSFP28 form factors
  • Sales of products for telecom applications decreased by $14.1 million, or (15.6)%, compared to the preceding quarter, primarily as the result of the full three months of the telecom price negotiations and an unexpected decline in demand for legacy products including 10G fixed wavelength and tunable transceivers and amplifiers. In addition, factors expected to partially offset the negative impacts on telecom revenue above during the quarter were lower in magnitude than expected due to delays in adding manufacturing capacity for wavelength selective switches and delays in the qualification of new ROADM linecard designs.
  • GAAP gross margin was 28.4% compared to 28.4% in the preceding quarter.
  • Non-GAAP gross margin was 30.6% compared to 30.3% in the prior quarter, as favorable product mix was partially offset by the impact of the full three months of annual telecom price negotiations, which typically take effect on January 1.
  • GAAP operating expenses were $76.3 million compared to $77.3 million in the prior quarter.
  • Non-GAAP operating expenses decreased to $66.2 million compared to $67.3 million in the prior quarter primarily due to lower G&A costs including lower legal expenses.
  • GAAP earnings per fully diluted share was $0.12 compared to $0.11 in the preceding quarter.
  • Non-GAAP earnings per fully diluted share was $0.29 compared to $0.25 in the preceding quarter.
  • Cash, cash equivalents and short term investments increased $31.4 million to $562.5 million at the end of the fourth quarter, compared to $531.1 million at the end of the preceding quarter.

FINANCIAL HIGHLIGHTS - Fiscal Year Ended May 1, 2016

     
Summary GAAP Results      
  Fiscal Year  Fiscal Year
  Ended  Ended
   May 1, 2016  May 3, 2015
   (in thousands, except per share amounts)
       
Revenues  $1,263,166  $1,250,944
Gross margin  28.1%  28.1%
Operating expenses  $313,627  $324,116
Operating income  $41,022  $26,794
Operating margin  3.2%  2.1%
Net income  $35,193  $11,887
Income per share-basic  $0.33  $0.12
Income per share-diluted  $0.32  $0.11
       
Basic shares  106,678  101,408
Diluted shares  108,870  104,970
       
     
     
Summary Non-GAAP Results (b)      
  Fiscal Year  Fiscal Year
  Ended  Ended
   May 1, 2016  May 3, 2015
   (in thousands, except per share amounts)
       
Revenues  $1,263,166  $1,250,944
Non-GAAP Gross margin  30.3%  30.9%
Non-GAAP Operating expenses  $269,909  $270,040
Non-GAAP Operating income  $112,333  $116,071
Non-GAAP Operating margin  8.9%  9.3%
Non-GAAP Net income  $109,817  $110,376
Non-GAAP Income per share-basic  $1.03  $1.09
Non-GAAP Income per share-diluted  $1.01  $1.04
       
Basic shares  106,678  101,408
Diluted shares  108,870  106,819
       
(b)In evaluating the operating performance of Finisar's business, Finisar management utilizes financial measures that exclude certain charges and credits required by U.S. generally accepted accounting principles, or GAAP, that are considered by management to be outside of Finisar's core ongoing operating results. A reconciliation of Finisar's non-GAAP financial measures to the most directly comparable GAAP measures, as well as additional related information, can be found under the heading "Finisar Non-GAAP Financial Measures" below.
  

Financial Statement Highlights for Fiscal 2016:

  • Revenues were $1,263.2 million, an increase of $12.2 million, or 1.0%, from $1,250.9 million in the preceding year.
  • Sales of products for datacom applications decreased by $4.2 million, or (0.5)%, compared to the preceding year primarily as the result of having only 52 weeks in the fiscal year compared to 53 weeks in fiscal 2015.
  • Sales of products for telecom applications increased by $16.4 million, or 5.2%, compared to the preceding year primarily driven by growth in the demand for wavelength selective switches.
  • GAAP gross margin was 28.1% compared to 28.1% in the preceding year.
  • Non-GAAP gross margin was 30.3% compared to 30.9% in the prior year due to lower average selling prices.
  • GAAP operating expenses were $313.6 million compared to $324.1 million in the prior year.
  • Non-GAAP operating expenses were $269.9 million compared to $270.0 million in the prior year.
  • GAAP earnings per fully diluted share was $0.32 compared to $0.11 in the preceding year.
  • Non-GAAP earnings per fully diluted share was $1.01 compared to $1.04 in the preceding year.
  • Cash, cash equivalents and short term investments increased $72.3 million to $562.5 million at the end of the fiscal year, compared to $490.2 million at the end of the preceding fiscal year.

OUTLOOK

The Company indicated that for the first quarter of fiscal 2017 it currently expects revenues in the range of $323 to $343 million, non-GAAP gross margin of approximately 31%, non-GAAP operating margin of approximately 9.9% to 10.9%, and non-GAAP earnings per fully diluted share in the range of approximately $0.27 to $0.33.

CONFERENCE CALL

Finisar will discuss its financial results for the fourth quarter and current business outlook during its regular quarterly conference call scheduled for Thursday, June 16, 2016, at 2:00 pm PT (5:00 pm ET). To listen to the call you may connect through the Finisar investor relations page at http://investor.finisar.com/ or dial 877-681-3372 (domestic) or 719-325-4790 (international) and enter conference ID 9069246.

An audio replay will be available for two weeks following the call by dialing 1-888-203-1112 (domestic) or +1-719-457-0820 and then following the prompts: enter conference ID 9069246 and provide your name, affiliation, and contact number. A replay of the webcast will be available shortly after the conclusion of the call on the Company's website until the next regularly scheduled earnings conference call.

SAFE HARBOR UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statement concerning Finisar's expected financial performance. These statements are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on our current expectations, estimates, assumptions and projections about our business and industry, and the markets and customers we serve, and they are subject to numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate. Finisar assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties which could cause actual results to differ materially from those projected. Examples of such risks include those associated with: the uncertainty of customer demand for Finisar's products; the rapidly evolving markets for Finisar's products and uncertainty regarding the development of these markets; Finisar's historical dependence on sales to a limited number of customers and fluctuations in the mix of products and customers in any period; ongoing new product development and introduction of new and enhanced products; the challenges of rapid growth followed by periods of contraction; and intensive competition. Further information regarding these and other risks relating to Finisar's business is set forth in Finisar's annual report on Form 10-K (filed June 19, 2015) and quarterly SEC filings.

ABOUT FINISAR

Finisar Corporation (NASDAQ: FNSR) is a global technology leader for fiber optic subsystems and components that enable high-speed voice, video and data communications for telecommunications, networking, storage, wireless, and cable TV applications. For over 25 years, Finisar has provided critical optics technologies to system manufacturers to meet the increasing demands for network bandwidth and storage. Finisar is headquartered in Sunnyvale, California, USA with R&D, manufacturing sites, and sales offices worldwide. For additional information, visit www.finisar.com.

FINISAR FINANCIAL STATEMENTS The following financial tables are presented in accordance with GAAP.

  
  
Finisar Corporation  
Consolidated Balance Sheets  
(in thousands)  
                 
  May 1, 2016  Jan 31, 2016  Nov 01, 2015  Aug 02, 2015  May 03, 2015  
     (Unaudited)  (Unaudited)  (Unaudited)     
ASSETS                     
Current assets:                     
 Cash and cash equivalents $299,221  $268,330  $258,270  $232,997  $197,443  
 Short-term held-to-maturity investments  263,255   262,726   262,500   262,695   292,748  
 Accounts receivable, net  249,257   241,384   230,065   234,798   213,234  
 Accounts receivable, other  44,576   41,933   39,982   40,807   40,650  
 Inventories  273,291   262,591   264,706   282,093   283,670  
 Prepaid expenses and other assets  18,483   25,317   20,538   22,649   36,518  
  Total current assets  1,148,083   1,102,281   1,076,061   1,076,039   1,064,263  
Property, equipment and improvements, net  348,613   342,818   344,695   322,043   315,777  
Purchased intangible assets, net  18,388   20,686   22,983   25,086   27,188  
Goodwill  106,735   106,735   106,735   106,735   106,735  
Minority investments  4,051   3,692   3,647   2,997   2,847  
Other assets  21,119   21,516   23,133   34,960   35,072  
  Total assets $1,646,989  $1,597,728  $1,577,254  $1,567,860  $1,551,882  
                      
LIABILITIES AND STOCKHOLDERS' EQUITY                     
Current liabilities:                     
 Accounts payable $141,591  $131,240  $133,220  $139,600  $131,510  
 Accrued compensation  36,084   32,908   31,680   26,392   24,918  
 Other accrued liabilities  42,206   45,492   43,301   39,753   39,238  
 Deferred revenue  13,529   11,933   12,438   11,480   9,850  
  Total current liabilities  233,410   221,573   220,639   217,225   205,516  
Long-term liabilities:                     
 Convertible notes, net of current portion  231,011   228,561   226,151   223,760   221,406  
 Other non-current liabilities  14,882   21,765   23,195   21,545   21,167  
  Total liabilities  479,303   471,899   469,985   462,530   448,089  
Stockholders' equity:                     
 Common stock  108   108   107   107   104  
 Additional paid-in capital  2,605,859   2,593,587   2,577,246   2,564,506   2,551,114  
 Accumulated other comprehensive income (loss)  (25,188 ) (41,701 ) (31,835 ) (14,390 ) 861  
 Accumulated deficit  (1,413,093 ) (1,426,165 ) (1,438,249 ) (1,444,893 ) (1,448,286 )
  Total stockholders' equity  1,167,686   1,125,829   1,107,269   1,105,330   1,103,793  
Total liabilities and stockholders' equity $1,646,989  $1,597,728  $1,577,254  $1,567,860  $1,551,882  
                

Note - Balance sheet amounts as of May 3, 2015 are derived from the audited consolidated financial statements as of the date.

  
  
  
Finisar Corporation  
Consolidated Statements of Operations  
(Unaudited, in thousands, except per share data)  
                  
   Three Months Ended  Twelve Months Ended  Three Months Ended  
   May 1, 2016  May 03, 2015  May 1, 2016  May 03, 2015  Jan 31, 2016  
Revenues  $318,794  $320,042  $1,263,166  $1,250,944  $309,206  
Cost of revenues   226,723   229,390   901,316   888,573   219,836  
Impairment of long-lived assets   -   -   1,071   5,722   -  
Amortization of acquired developed technology   1,630   1,435   6,130   5,739   1,630  
Gross profit   90,441   89,217   354,649   350,910   87,740  
Gross margin   28.4 % 27.9 % 28.1 % 28.1 % 28.4 %
Operating expenses:                      
 Research and development   50,169   51,117   203,389   202,089   49,840  
 Sales and marketing   11,621   11,800   46,619   46,178   11,899  
 General and administrative   13,848   15,303   60,117   72,856   14,875  
 Impairment of long-lived assets   -   -   830   45   -  
 Amortization of purchased intangibles   668   713   2,672   2,948   668  
  Total operating expenses   76,306   78,933   313,627   324,116   77,282  
Income from operations   14,135   10,284   41,022   26,794   10,458  
Interest income   802   536   2,345   1,811   709  
Interest expense   (3,017 ) (3,335 ) (11,750 ) (12,022 ) (2,933 )
Other income (expenses), net   (80 ) 4,041   3,214   4,099   1,968  
Income before income taxes   11,840   11,526   34,831   20,682   10,202  
Provision (benefit) for income taxes   (1,232 ) 4,199   (362 ) 8,795   (1,882 )
Net income  $13,072  $7,327  $35,193  $11,887  $12,084  
                       
Net income per share attributable to Finisar Corporation common stockholders:                      
                       
 Basic  $0.12  $0.07  $0.33  $0.12  $0.11  
 Diluted  $0.12  $0.07  $0.32  $0.11  $0.11  
                       
Shares used in computing net income per share - basic   107,612   104,005   106,678   101,408   107,180  
Shares used in computing net income per share - diluted   109,386   107,535   108,870   104,970   108,128  
                       

FINISAR NON-GAAP FINANCIAL MEASURES

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles, or GAAP, Finisar provides the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission: non-GAAP gross profit, non-GAAP operating income, non-GAAP income and non-GAAP net income per share. These non-GAAP financial measures are supplemental information regarding the Company's operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or that occur relatively infrequently and/or that management considers to be outside of our ongoing core operating results. Management believes that tracking non-GAAP gross profit, non-GAAP operating income, non-GAAP net income and non-GAAP net income per share provides management and the investment community with valuable insight into our ongoing core current operations, our ability to generate cash and the underlying business trends which are affecting our performance. These non-GAAP measures are used by both management and our Board of Directors, along with the comparable GAAP information, in evaluating our current performance and planning our future business activities. In particular, management finds it useful to exclude non-cash charges in order to better correlate our operating activities with our ability to generate cash from operations and to exclude certain cash charges as a means of more accurately predicting our liquidity requirements. We believe that these non-GAAP measures, when used in conjunction with our GAAP financial information, also allow investors to better evaluate our financial performance in comparison to other periods and to other companies in our industry.

In calculating non-GAAP gross profit in this release, we have excluded the following items from cost of revenues in applicable periods in this release:

  • Changes in excess and obsolete inventory reserve (predominantly non-cash charges);
  • Amortization of acquired technology (non-cash charges related to technology obtained in acquisitions);
  • Duplicate facility costs during facility move (non-core cash charges);
  • Stock-based compensation expense (non-cash charges);
  • Impairment of long-lived assets (non-cash charges);
  • Reduction in force costs (non-core cash charges); and
  • Acquisition related retention payments (non-core cash charges).

In calculating non-GAAP operating income in this release, we have excluded the same items to the extent they are classified as operating expenses, and have also excluded the following items in applicable periods in this release:

  • Gain or loss on litigation settlements and resolutions and related costs (non-core cash charges or benefits);
  • Shareholder class action and derivative litigation costs (non-core cash charges associated with the derivative litigation related to our historical stock option granting practices and related to the class action and derivative litigation related to our March 8, 2011 earnings announcement);
  • Employee and employer tax liabilities related to the 2006 special investigation into our historical stock option granting practices (non-core cash charges);
  • Acquisition related costs (non-core cash charges);
  • Impairment of acquired R&D reimbursement receivable (non-core non-cash charges);
  • Unclaimed property tax audit accrual (non-core charges); and
  • Amortization of purchased intangibles (non-cash charges).

In calculating non-GAAP income and non-GAAP income per share in this release, we have also excluded the following items in applicable periods in this release:

  • Imputed interest expenses on convertible debt (non-cash charges);
  • Imputed interest related to restructuring (non-cash charges);
  • Other interest income (non-core benefits);
  • Gains and losses on sales of assets (non-cash losses and cash gains related to the periodic disposal of assets no longer required for current activities);
  • Gain related to minority investments (non-core benefit);
  • Other miscellaneous expenses (income) (non-core charges or benefits);
  • Dollar denominated foreign exchange transaction losses (gains) (non-cash charges or benefits); and
  • Amortization of debt issuance costs (non-cash charges).

In addition, in this release we have adjusted non-GAAP income and non-GAAP income per share for the difference between GAAP income taxes and non-GAAP income taxes.

A reconciliation of this non-GAAP financial information to the corresponding GAAP information is set forth below:

  
  
Finisar Corporation  
Reconciliation of Results of Operations under GAAP and non-GAAP  
(Unaudited, in thousands, except per share data)  
                  
   Three Months Ended  Twelve Months Ended  Three Months Ended  
   May 1, 2016  May 03, 2015  May 1, 2016  May 03, 2015  Jan 31, 2016  
GAAP to non-GAAP reconciliation of gross profit:                      
Gross profit - GAAP  $90,441  $89,217  $354,649  $350,910  $87,740  
Gross margin - GAAP   28.4 % 27.9 % 28.1 % 28.1 % 28.4 %
Adjustments:                      
Cost of revenues                      
 Change in excess and obsolete inventory valuation adjustments   2,102   2,752   7,227   10,293   1,293  
 Amortization of acquired technology   1,630   1,435   6,130   5,739   1,630  
 Duplicate facility costs during facility move   8   4   101   776   7  
 Stock compensation   2,847   2,692   11,000   10,216   2,539  
 Impairment of long-lived assets   -   420   1,282   6,266   -  
 Reduction in force costs   369   406   1,704   1,571   364  
 Acquisition related retention payment   28   72   149   340   28  
  Total cost of revenue adjustments   6,984   7,781   27,593   35,201   5,861  
Gross profit - non-GAAP   97,425   96,998   382,242   386,111   93,601  
Gross margin - non-GAAP   30.6 % 30.3 % 30.3 % 30.9 % 30.3 %
                       
GAAP to non-GAAP reconciliation of operating income:                      
Operating income - GAAP   14,135   10,284   41,022   26,794   10,458  
Operating margin - GAAP   4.4 % 3.2 % 3.2 % 2.1 % 3.4 %
Adjustments:                      
Total cost of revenue adjustments   6,984   7,781   27,593   35,201   5,861  
Total operating expense adjustments                      
 Operating expenses - GAAP   76,306   78,933   313,627   324,116   77,282  
  Research and development                      
   Reduction in force costs   386   82   904   790   230  
   Duplicate facility costs during facility move   7   143   284   1,009   7  
   Acquisition related retention payment   32   104   222   595   32  
   Stock compensation   4,855   5,084   19,386   18,916   4,723  
   Impairment of long-lived assets   -   -   287   -   -  
   Impairment of acquired R&D reimbursement receivable   -   87   -   87   -  
 Sales and marketing                      
   Reduction in force costs   1   -   225   -   44  
   Acquisition related retention payment   -   12   15   50   2  
   Stock compensation   1,747   1,749   6,885   6,503   1,713  
 General and administrative                      
   Reduction in force costs   49   -   1,403   103   39  
   Duplicate facility costs   24   -   191   152   150  
   Acquisition related retention payment   4   8   (1 ) (24 ) -  
   Stock compensation   2,381   2,894   10,241   10,977   2,343  
   Payroll taxes related to options investigation   -   -   -   17   -  
   Acquisition related costs   (1 ) 18   434   292   39  
   Litigation settlements and resolutions and related costs   1   (6 ) 17   11,748   -  
   Shareholder class action and derivative litigation costs   (184 ) (121 ) (184 ) (131 ) -  
   Unclaimed property tax audit accrual   150   -   150   -   -  
 Amortization of purchased intangibles   668   713   2,672   2,948   668  
 Impairment of long-lived assets   -   (1 ) 587   44   -  
    Total operating expense adjustments   10,120   10,766   43,718   54,076   9,990  
 Operating expenses - non-GAAP   66,186   68,167   269,909   270,040   67,292  
Operating income - non-GAAP   31,239   28,831   112,333   116,071   26,309  
Operating margin - non-GAAP   9.8 % 9.0 % 8.9 % 9.3 % 8.5 %
                       
GAAP to non-GAAP reconciliation of income before income taxes:                      
Income before income taxes - GAAP   11,840   11,526   34,831   20,682   10,202  
Adjustments:                      
Total cost of revenue adjustments   6,984   7,781   27,593   35,201   5,861  
Total operating expense adjustments   10,120   10,766   43,718   54,076   9,990  
Total Interest and other adjustments                      
Other interest income   (6 ) -   (119 ) -   (113 )
Non-cash imputed interest expenses on convertible debt   2,449   2,334   9,605   9,153   2,411  
Imputed interest related to restructuring   40   47   171   196   42  
Other (income) expense, net                      
  Loss (gain) on sale of assets   165   (559 ) (579 ) (317 ) (644 )
  Loss (gain) related to minority investments   -   (1,470 ) -   (1,470 ) -  
  Other miscellaneous income   (184 ) (850 ) (1,824 ) (1,028 ) (1,503 )
  Foreign exchange transaction (gain) or loss   362   (607 ) 925   1,373   1,205  
  Amortization of debt issuance cost   154   154   616   616   154  
   Total Interest and other adjustments   2,980   (951 ) 8,795   8,523   1,552  
Income before income taxes - non-GAAP   31,924   29,122   114,937   118,482   27,605  
                       
GAAP to non-GAAP reconciliation of net income:                      
Net income - GAAP   13,072   7,327   35,193   11,887   12,084  
Total cost of revenue adjustments   6,984   7,781   27,593   35,201   5,861  
Total operating expense adjustments   10,120   10,766   43,718   54,076   9,990  
Total Interest and other adjustments   2,980   (951 ) 8,795   8,523   1,552  
Income tax provision adjustments   (1,332 ) 1,950   (5,482 ) 689   (2,883 )
 Total adjustments   18,752   19,546   74,624   98,489   14,520  
Net income - non-GAAP  $31,824  $26,873  $109,817  $110,376  $26,604  
                       
Non-GAAP net income for diluted earnings per share calcuation                      
Non-GAAP net income  $31,824  $26,873  $109,817  $110,376  $26,604  
Add: interest expense for dilutive convertible notes   -   -   -   1,072   -  
Adjusted non-GAAP income  $31,824  $26,873  $109,817  $111,448  $26,604  
                       
Basic non-GAAP income per share                      
 GAAP earnings per share  $0.12  $0.07  $0.33  $0.12  $0.11  
 Impact of all non-GAAP adjustments  $0.18  $0.19  $0.70  $0.97  $0.14  
 Non-GAAP earnings per share  $0.30  $0.26  $1.03  $1.09  $0.25  
                       
Diluted non-GAAP income per share                      
 GAAP earnings per share  $0.12  $0.07  $0.32  $0.11  $0.11  
 Impact of all non-GAAP adjustments  $0.17  $0.18  $0.69  $0.93  $0.14  
 Non-GAAP earnings per share  $0.29  $0.25  $1.01  $1.04  $0.25  
                       
Shares used in computing non-GAAP income per share                      
 Basic   107,612   104,005   106,678   101,408   107,180  
 Diluted   109,386   107,535   108,870   106,819   108,128  
                       

Finisar-F

Contact Information

  • Investor Contact:
    Kurt Adzema
    Chief Financial Officer
    408-542-5050 or
    Investor.relations@finisar.com

    Press contact:
    Victoria McDonald
    Director, Corporate Communications
    408-542-4261