Finisar Announces Fourth Quarter and Fiscal 2012 Financial Results

| Source: Finisar Finisar

SUNNYVALE, CA--(Marketwire - Jun 11, 2012) - 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 fiscal year ended April 30, 2012.

COMMENTARY

"In our just completed fiscal fourth quarter, our revenues were $239.9 million. Continued strength in datacom revenues were offset by lower telecom revenues. The lower telecom revenues were primarily the result of sluggish carrier capital expenditures and the full three month impact of annual price reductions for telecom products. We were pleased that our gross margin for the quarter exceeded our guidance, resulting in earnings per diluted share which was at the upper end of our guidance range," said Jerry Rawls, Finisar's executive Chairman of the Board.

"We continued to invest in research and development and make good progress on a number of new innovative products, including additional customer qualifications of our tunable XFP transceivers and design wins for our Flexgrid wavelength selective switches, ROADM linecards, 40G and 100G products," said Eitan Gertel, Finisar's Chief Executive Officer. "While the current level of carrier capital expenditures has muted the near term revenue impact of these new products, we believe that this progress has set a strong foundation for revenue growth in the second half of 2012 and beyond."

FINANCIAL HIGHLIGHTS - FOURTH QUARTER ENDED April 30, 2012
Summary GAAP Results Fourth
Quarter
Ended
April 30, 2012		 Third
Quarter
Ended
Jan 29, 2012
(in thousands, except per share amounts)
Continuing operations
Revenues $ 239,910 $ 242,954
Gross margin 27.3 % 29.3 %
Operating expenses $ 53,369 $ 59,794
Operating income $ 12,111 $ 11,308
Operating margin 5.0 % 4.7 %
Income $ 13,162 $ 8,909
Income per share-basic $ 0.14 $ 0.10
Income per share-diluted $ 0.14 $ 0.09
Basic shares 91,349 91,001
Diluted shares 94,780 94,032
Summary Non-GAAP Results (a) Fourth Third
Quarter Quarter
Ended Ended
April 30, 2012 Jan 29, 2012
(in thousands, except per share amounts)
Continuing operations
Revenues $ 239,910 $ 242,954
Gross margin 31.4 % 31.8 %
Operating expenses $ 54,552 $ 53,289
Operating income $ 20,856 $ 23,973
Operating margin 8.7 % 9.9 %
Income $ 20,234 $ 21,878
Income per share-basic $ 0.22 $ 0.24
Income per share-diluted $ 0.21 $ 0.23
Basic shares 91,349 91,001
Diluted shares 98,528 97,781
(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 Finisar's core 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.

Operating Statement Highlights for the fourth quarter of fiscal 2012:

  • Revenues decreased to $239.9 million, down $3.0 million, or 1.3%, from $243.0 million in the preceding quarter, as continued strength in sales of datacom products was offset by lower telecom product revenue primarily as the result of sluggish carrier capital expenditure levels and a full three month impact of annual price reductions for telecom products most of which, as in prior years, went into effect in January.

  • Compared to the preceding quarter, the sale of products for datacom applications increased by $12.3 million, or 9.2%, and the sale of products for telecom applications decreased by $15.4 million, or (14.1)%.

  • Gross margin was 27.3% on a GAAP basis and 31.4% on a non-GAAP basis, compared to 29.3% and 31.8% in the preceding quarter reflecting the impact of the annual price reductions for telecom products over the full quarter.

  • GAAP operating income increased $0.8 million to $12.1 million, or 5.0% of revenues, compared to $11.3 million, or 4.7% of revenues in the preceding quarter.

  • Non-GAAP operating income decreased $3.1 million to $20.9 million, or 8.7% of revenues, compared to $24.0 million, or 9.9% of revenues, in the preceding quarter, due to slightly lower revenue levels and slightly higher operating expenses due to higher employee benefit and payroll tax amounts associated with the beginning of the calendar year.

  • Non-GAAP EBITDA decreased $1.1 million to $34.2 million, or 14.2% of revenues, compared to $35.2 million, or 14.5% of revenues in the preceding quarter.

Balance Sheet Highlights for the fourth quarter of fiscal 2012:

  • Cash and cash equivalents totaled $234.5 million at the end of the fourth quarter, compared to $218.3 million at the end of the preceding quarter.

  • At the end of the fourth quarter, Finisar had approximately $40.0 million in principal amount of convertible notes outstanding with a conversion price of $10.675 per share.

  • At the end of the fourth quarter, our Ignis subsidiary also had outstanding debt equivalent to approximately $3.2 million, which is reflected in Finisar's consolidated balance sheet.

FINANCIAL HIGHLIGHTS - FISCAL YEAR ENDED APRIL 30, 2012
Summary GAAP Results Fiscal Year Fiscal Year
Ended Ended
April 30, 2012 April 30, 2011
(in thousands, except per share amounts)
Continuing operations
Revenues $ 952,579 $ 948,787
Gross margin 28.7 % 32.9 %
Operating expenses $ 234,018 $ 200,556
Operating income $ 39,326 $ 111,716
Operating margin 4.1 % 11.8 %
Income $ 38,140 $ 88,379
Income per share-basic $ 0.42 $ 1.10
Income (loss) per share-diluted $ 0.40 $ 1.00
Basic shares 90,823 80,582
Diluted shares 94,186 92,715
Summary Non-GAAP Fiscal Year Fiscal Year
Results (a) Ended Ended
April 30, 2012 April 30, 2011
(in thousands, except per share amounts)
Continuing operations
Revenues $ 952,579 $ 948,787
Gross margin 31.9 % 34.9 %
Operating expenses $ 214,100 $ 183,294
Operating income $ 89,332 $ 147,744
Operating margin 9.4 % 15.6 %
Income $ 83,177 $ 138,748
Income per share-basic $ 0.92 $ 1.72
Income per share-diluted $ 0.87 $ 1.55
Basic shares 90,823 80,582
Diluted shares 97,935 92,715

Operating Statement Highlights for fiscal year 2012:

  • Revenues increased to $952.6 million, up $3.8 million, or 0.4%, from $948.8 million in the preceding year.

  • Compared to the preceding year, the sale of products for datacom applications increased by $59.0 million, or 12.3%, and the sale of products for telecom applications decreased by $55.2 million, or (11.7)%.

  • Gross margin was 28.7% on a GAAP basis and 31.9% on a non-GAAP basis, compared to 32.9% and 34.8% in the preceding year. The decrease in gross margin primarily reflects a decline in average selling prices, partially offset by reduced material costs, as well as under-utilization of certain manufacturing facilities, and consolidation of the financial results of Ignis, whose products have an average gross margin lower than the overall corporate average gross margin.

  • GAAP operating income decreased $72.4 million to $39.3 million, or 4.1% of revenues, compared to $111.7 million, or 11.8% of revenues in the preceding year. Decrease was the result of lower gross margin and an increase in operating expenses due to increases in employee related expenses, costs of materials associated with new product development, and the consolidation of financial results of Ignis.

  • Non-GAAP operating income decreased $58.4 million to $89.3 million, or 9.4% of revenues, compared to $147.7 million, or 15.6% of revenues.

  • Non-GAAP EBITDA decreased $48.2 million to $135.2 million, or 14.2% of revenues, compared to $183.4 million, or 19.3% of revenues in the preceding year.

OUTLOOK

The Company indicated that it currently expects revenues for the first quarter of fiscal 2013 to be in the range of $218 to $233 million; GAAP operating margin to in the range of approximately 0.5% to 2.0%; non-GAAP operating margin to be in the range of approximately 5.5% to 7.0% and non-GAAP earnings per diluted share to be in the range of approximately $0.11 to $0.15.

CONFERENCE CALL

Finisar will discuss its financial results for the fourth quarter and current business outlook during its regular quarterly conference call scheduled for Monday, June 11, 2012, at 2:00 pm PDT (5:00 pm EDT). To listen to the call you may connect through the Finisar investor relations page at http://investor.finisar.com/ or dial 1-888-740-6140 (domestic) or (913) 312-0825 (international) and enter conference ID 4874146.

An audio replay will be available for two weeks following the call by dialing 1-888-203-1112 (domestic) or (719) 457-0820 and then following the prompts: enter conference ID 4874146 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

The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements included in this press release are based upon information available to Finisar as of the date hereof, and 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; challenges related to the integration of the Ignis acquisition and realizing anticipated benefits of improved access to a supply of tunable lasers; 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 28, 2011) 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 more than 20 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 Statements of Operations
(in thousands, except per share data)
Three Months Ended Twelve Months Ended Three Months Ended
April 30, 2012 April 30, 2011 April 30, 2012 April 30, 2011 January 29, 2012
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues $ 239,910 $ 236,946 $ 952,579 $ 948,787 $ 242,954
Cost of revenues 172,915 160,966 672,924 631,831 170,215
Amortization of acquired developed technology 1,515 1,071 6,311 4,684 1,637
Gross profit 65,480 74,909 273,344 312,272 71,102
Gross margin 27.3 % 31.6 % 28.7 % 32.9 % 29.3 %
Operating expenses:
Research and development 37,430 32,909 146,003 117,281 36,470
Sales and marketing 10,114 9,025 40,424 36,165 10,599
General and administrative 4,928 11,328 44,419 45,579 11,766
Amortization of purchased intangibles 897 382 3,494 1,531 959
Restructuring recoveries - - (322 ) - -
Total operating expenses 53,369 53,644 234,018 200,556 59,794
Income from operations 12,111 21,265 39,326 111,716 11,308
Interest income 662 91 1,073 530 151
Interest expense (805 ) (668 ) (3,716 ) (6,365 ) (862 )
Loss on debt extinguishment - (2,394 ) (419 ) (8,340 ) -
Other income (expense), net (266 ) (1,311 ) 3,902 (4,715 ) (355 )
Income from continuing operations before income taxes and non-controlling interest 11,702 16,983 40,166 92,826 10,242
Provision for income taxes (787 ) 631 2,005 4,447 875
Consolidated net income 12,489 16,352 38,161 88,379 9,367
Adjust for net income (loss) attributable to non-controlling interest 673 - (21 ) - (458 )
Net income attributable to Finisar Corporation 13,162 16,352 38,140 88,379 8,909
Loss from discontinued operations, net of taxes - - - (284 ) -
Net income $ 13,162 $ 16,352 $ 38,140 $ 88,095 $ 8,909
Income per share from continuing operations - basic $ 0.14 $ 0.18 $ 0.42 $ 1.10 $ 0.10
Income per share from continuing operations - diluted $ 0.14 $ 0.17 $ 0.40 $ 1.00 $ 0.09
Income per share from discontinued operations - basic $ - $ - $ - $ (0.00 ) $ -
Income per share from discontinued operations - diluted $ - $ - $ - $ (0.00 ) $ -
Shares used in computing net income per share from continuing operations - basic 91,349 89,584 90,823 80,582 91,001
Shares used in computing net income per share from continuing operations - diluted 94,780 97,837 94,186 92,715 94,032
Shares used in computing net income per share from discontinued operations - basic 91,349 89,584 90,823 80,582 91,001
Shares used in computing net income per share from discontinued operations - diluted 94,780 97,837 94,186 92,715 94,032

Finisar Corporation
Consolidated Balance Sheets
(In thousands)
April 30, 2012 January 29, 2012 October 30, 2011 July 31, 2011 April 30, 2011
(Unaudited) (Unaudited) (Unaudited) (Unaudited) Note
ASSETS
Current assets:
Cash and cash equivalents $ 234,544 $ 218,321 $ 228,040 $ 238,052 $ 314,765
Accounts receivable, net 167,760 178,294 176,494 166,536 168,386
Accounts receivable, other 21,004 17,839 11,558 12,788 12,733
Inventories 218,432 225,533 214,940 208,567 187,617
Prepaid expenses and other 25,482 22,402 19,120 16,029 9,906
Total current assets 667,222 662,389 650,152 641,972 693,407
Property, equipment and improvements, net 163,817 150,233 143,139 138,300 125,693
Purchased intangible assets, net 45,177 46,351 47,306 49,979 17,439
Goodwill 81,431 80,988 82,936 83,107 -
Minority investments 884 12,289 12,289 12,289 12,289
Equity method investments - - - - 31,142
Other assets 10,896 20,395 21,773 21,291 5,179
Total assets $ 969,427 $ 972,645 $ 957,595 $ 946,938 $ 885,149
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 72,339 $ 86,185 $ 91,034 $ 87,996 $ 76,288
Accrued compensation 27,090 24,667 24,410 17,494 24,525
Other accrued liabilities 25,724 31,912 32,118 33,828 25,112
Deferred revenue 8,970 8,342 7,909 9,762 8,064
Current portion of long-term debt 3,150 4,281 4,281 7,547 -
Total current liabilities 137,273 155,387 159,752 156,627 133,989
Long-term liabilities:
Convertible notes, net of current portion 40,015 40,015 40,015 40,015 40,015
Long-term debt, net of current portion - - - 2,329 -
Other non-current liabilities 15,175 17,246 15,771 16,314 11,988
Deferred tax liabilities 1,972 4,047 4,052 3,553 -
Total liabilities 194,435 216,695 219,590 218,838 185,992
Stockholders' equity:
Common stock 91 91 91 91 90
Additional paid-in capital 2,309,219 2,301,850 2,293,485 2,285,769 2,275,600
Accumulated other comprehensive income 28,720 29,536 29,323 33,404 32,966
Accumulated deficit (1,571,359 ) (1,584,521 ) (1,593,430 ) (1,599,357 ) (1,609,499 )
Finisar Corporation stockholders' equity 766,671 746,956 729,469 719,907 699,157
Non-controlling interest 8,321 8,994 8,536 8,193 -
Total stockholders' equity 774,992 755,950 738,005 728,100 699,157
Total liabilities and stockholders' equity $ 969,427 $ 972,645 $ 957,595 $ 946,938 $ 885,149
Note - Balance sheet amounts as of April 30, 2011 are derived from the audited consolidated financial statements as of the date.

FINISAR NON-GAAP FINANCIAL MEASURES

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles, or GAAP, Finisar provides 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 which occur relatively infrequently and which management considers to be outside our core operating results. Some of these non-GAAP measures also exclude the ongoing impact of historical business decisions made in different business and economic environments. Management believes that tracking non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income and non-GAAP net income per share provides management and the investment community with valuable insight into our 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:

  • Changes in excess and obsolete inventory reserve (predominantly non-cash charges or non-cash benefits);
  • Amortization of acquired technology (non-cash charges related to technology obtained in acquisitions);
  • Stock-based compensation expense (non-cash charges);
  • The cost of covering employee and employer tax liabilities arising from the special investigation into our historical stock option granting practices (non-recurring cash charges);
  • Acquisition method accounting adjustment for sale of acquired inventory (non-cash charges);
  • Expense related to recent flooding in Thailand (non-recurring charges); and
  • Reduction in force costs (non-recurring 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:

  • Gain or loss on litigation settlements and resolutions and related costs (non-recurring cash charges or benefits);
  • Shareholder class action and derivative litigation costs (non-recurring cash expenses 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);
  • Acquisition related costs (non-recurring cash charges);
  • Amortization of purchased intangibles (non-cash charges); and
  • Restructuring costs and recoveries (non-recurring cash charges).

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

  • Interest income on legal settlements and resolutions (non-recurring benefits)
  • Amortization of discount on convertible debt and imputed interest expense (non-cash charges);
  • Imputed interest expense related to restructuring (amortization of imputed interest expense associated with previously incurred restructuring costs);
  • Gains and losses on sales of assets (non-recurring or non-cash losses and cash gains related to the periodic disposal of assets no longer required for current activities);
  • Dollar denominated foreign exchange transaction losses (gains) (non-cash charges);
  • Loss related to minority and equity method investments (non-cash charges);
  • Debt extinguishment loss (non-recurring charges);
  • Fair value re-measurement of equity investment (non-cash gain from re-measurement of value of prior investment in an investee); and
  • Differences between cash payable for income taxes and the provision for income taxes in accordance with GAAP, less discrete items.

In calculating non-GAAP income (loss) per share in this release, we have included the shares issuable upon conversion of our outstanding convertible notes and excluded the interest expenses associated with such notes in such periods where such treatment is dilutive to non-GAAP income (loss) per share.

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
(in thousands, except per share data)
Three Months Ended Twelve Months Ended Three Months Ended
April 30, 2012 April 30, 2011 April 30, 2012 April 30, 2011 January 29, 2012
(Unaudited)
GAAP to non-GAAP reconciliation of gross profit:
Gross profit - GAAP $ 65,480 $ 74,909 $ 273,344 $ 312,272 $ 71,102
Gross margin - GAAP 27.3 % 31.6 % 28.7 % 32.9 % 29.3 %
Adjustments:
Cost of revenues
Change in excess and obsolete inventory reserve 5,027 3,737 10,370 9,306 1,732
Amortization of acquired technology 1,515 1,071 6,311 4,685 1,637
Stock compensation 1,139 1,388 6,281 4,797 1,596
Payroll taxes related to options investigation - - - (83 ) -
Acquisition method accounting adjustment for sale of acquired inventory 963 - 4,998 11 952
Flood-related expense 1,222 - 1,222 - -
Reduction in force costs 62 7 906 50 243
Total cost of revenue adjustments 9,928 6,203 30,088 18,766 6,160
Gross profit - non-GAAP 75,408 81,112 303,432 331,038 77,262
Gross margin - non-GAAP 31.4 % 34.2 % 31.9 % 34.9 % 31.8 %
GAAP to non-GAAP reconciliation of operating income:
Operating income - GAAP 12,111 21,265 39,326 111,716 11,308
Operating margin - GAAP 5.0 % 9.0 % 4.1 % 11.8 % 4.7 %
Adjustments:
Total cost of revenue adjustments 9,928 6,203 30,088 18,766 6,160
Research and development
Reduction in force costs 35 21 801 51 693
Stock compensation 2,288 2,162 9,123 6,509 2,200
Payroll taxes related to options investigation - - - (118 ) -
Sales and marketing
Reduction in force costs 36 46 36 270 -
Stock compensation 727 653 3,105 2,168 747
Payroll taxes related to options investigation - - - (42 ) -
General and administrative
Reduction in force costs 41 15 1,055 136 51
Stock compensation 1,768 1,421 7,467 5,057 1,746
Payroll taxes related to options investigation - - - (73 ) -
Acquisition related costs - 995 1,602 995 304
Litigation settlements and resolutions and related costs (7,422 ) (94 ) (7,515 ) 778 (185 )
Shareholder class action and derivative litigation costs 447 - 1,072 - (10 )
Amortization of purchased intangibles 897 382 3,494 1,531 959
Restructuring recoveries - - (322 ) - -
Total cost of revenue and operating expense adjustments 8,745 11,804 50,006 36,028 12,665
Operating income - non-GAAP 20,856 33,069 89,332 147,744 23,973
Operating margin - non-GAAP 8.7 % 14.0 % 9.4 % 15.6 % 9.9 %
GAAP to non-GAAP reconciliation of income from continuing operations:
Income from continuing operations - GAAP 13,162 16,352 38,140 88,379 8,909
Total cost of revenue and operating expense adjustments 8,745 11,804 50,006 36,028 12,665
Interest income from legal settlement (434 ) - (434 ) - -
Non-cash imputed interest expenses on convertible debt - - - 742 -
Imputed interest related to restructuring 133 73 805 147 206
Other income (expense), net
Loss (gain) on sale of assets 3 (144 ) (4 ) 17 (229 )
Loss related to minority and equity method investments - 413 619 413 -
Other miscellaneous expenses (income) (424 ) - 177 (61 ) 351
Foreign exchange transaction loss (gain) 506 574 226 2,393 362
Debt extinguishment loss - 2,652 419 9,218 -
Fair value remeasurement of equity investment (3 ) - (5,432 ) - -
Provision for income taxes
Income tax provision adjustments (1,454 ) 389 (1,345 ) 1,472 (386 )
Total adjustments 7,072 15,761 45,037 50,369 12,969
Income from continuing operations - non-GAAP 20,234 32,113 83,177 138,748 21,878
GAAP to non-GAAP reconciliation of loss from discontinued operations:
Loss from discontinued operations - GAAP - - - (284 ) -
Loss from discontinued operations - non-GAAP - - - (284 ) -
GAAP to non-GAAP reconciliation of net income:
Net income - GAAP 13,162 16,352 38,140 88,095 8,909
Total adjustments from continuing operations 7,072 15,761 45,037 50,369 12,969
Total adjustments from discontinued operations - - - - -
Total adjustments 7,072 15,761 45,037 50,369 12,969
Net income, non-GAAP $ 20,234 $ 32,113 $ 83,177 $ 138,464 $ 21,878
Non-GAAP income from continuing operations $ 20,234 $ 32,113 $ 83,177 $ 138,748 $ 21,878
Add: interest expense for dilutive convertible notes 539 560 2,156 4,595 539
Non-GAAP adjusted income from continuing operations $ 20,773 $ 32,673 $ 85,333 $ 143,343 $ 22,417
Non-GAAP income per share from continuing operations - basic $ 0.22 $ 0.36 $ 0.92 $ 1.72 $ 0.24
Non-GAAP income per share from continuing operations - diluted $ 0.21 $ 0.33 $ 0.87 $ 1.55 $ 0.23
Shares used in computing non-GAAP net income per share from continuing operations - basic 91,349 89,584 90,823 80,582 91,001
Shares used in computing non-GAAP net income per share from continuing operations - diluted 98,528 97,837 97,935 92,715 97,781
Non-GAAP EBITDA - Continuing operations
Non-GAAP income from continuing operations $ 20,234 $ 32,113 $ 83,177 $ 138,748 $ 21,878
Depreciation expense 12,583 9,922 45,561 35,694 11,388
Amortization 227 208 851 1,050 208
Interest expense 444 504 2,272 4,946 505
Income tax expense 667 242 3,350 2,976 1,261
Non-GAAP EBITDA - continuing operations $ 34,155 $ 42,989 $ 135,211 $ 183,414 $ 35,240
Non-GAAP EBITDA - Discontinued operations
Non-GAAP income from discontinuing operations - - - (284 ) -
Depreciation expense - - - - -
Non-GAAP EBITDA - Discontinued operations $ - $ - $ - $ (284 ) $ -
Total Non-GAAP EBITDA $ 34,155 $ 42,989 $ 135,211 $ 183,130 $ 35,240

Contact Information:

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

Press contact:
Victoria McDonald
Sr. Manager, Corporate Communications
408-542-4261