Finisar Announces Fourth Fiscal Quarter and Full Year 2016 Financial Results
SUNNYVALE, CA -- (Marketwired) -- 06/16/16 --
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)
Jan 31, Nov 01, Aug 02, May 03,
May 1, 2016 2016 2015 2015 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
Three Months Ended Twelve Months Ended Ended
------------------- --------------------- ---------
May 1, May 03, May 1, May 03, Jan 31,
2016 2015 2016 2015 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
Three Months Twelve Months Months
Ended Ended Ended
----------------- ----------------- --------
May 1, May 03, May 1, May 03, Jan 31,
2016 2015 2016 2015 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
Investor Contact: Kurt Adzema Chief Financial Officer 408-542-5050 or [email protected] contact:Victoria McDonaldDirector, Corporate Communications408-542-4261
Source: Finisar