Alliance Fiber Optic Products (AFOP) Misses Q3 EPS by 5c; Approves Stock Buyback

Alliance Fiber Optic Products (NASDAQ: AFOP) reported Q3 EPS of $0.25, $0.05 worse than the analyst estimate of $0.30. Revenue for the quarter came in at $18.1 million versus the consensus estimate of $24.38 million.

The company also announced that its board of directors has approved a stock repurchase program under which it will begin purchasing up to fifteen million dollars of its outstanding shares of Common Stock. The duration of the repurchase program is open-ended.

Under the program, AFOP could purchase shares of Common Stock from time to time through open market and privately negotiated transactions at prices depending on prevailing market conditions and other factors. The program does not obligate AFOP to repurchase any particular amount of common stock during any period and the program may be modified or suspended at any time at the Company's discretion. The repurchase will be funded by cash on hand.

For earnings history and earnings-related data on Alliance Fiber Optic Products (AFOP) click here.

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