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Finisar Corporation, a global technology leader in fiber optic solutions for high speed networks, today announced financial results for its fourth quarter and fiscal year ended April 30, 2009. These results are preliminary and unaudited. Final audited results for the fiscal year ended April 30, 2009 will be included in the Company's upcoming annual report on Form 10-K to be filed with the SEC.
Highlights for the quarter included:
# Total revenues decreased to $116.7 million, down $19.7 million, or 14.4%, from $136.4 million in the preceding quarter and down $4.3 million, or 3.6%, from $121.0 million in the fourth quarter of the prior year;
# Optics revenues decreased to $107.5 million, down $18.6 million, or 14.8%, from $126.1 million in the preceding quarter and down $3.9 million, or 3.5%, from $111.4 million in the fourth quarter of the prior year. Excluding approximately $25.1 million of additional revenues in the quarter as a result of the Optium merger completed on August 29, 2008, optics revenues of $82.4 were down $29.0 million, or 26.1% from $111.4 million in the fourth quarter of the prior year;
# Revenues from the sale of products for 10/40 Gbps applications decreased to $40.6 million, down $8.5 million, or 17.3%, from $49.1 million in the preceding quarter but increased $9.4 million, or 30.1%, from $31.2 million in the fourth quarter of the prior year primarily due to the Optium merger;
# Network Test revenues decreased to $9.2 million, down $1.1 million, or 10.4%, from $10.3 million in the preceding quarter, and decreased $0.4 million, or 4.4%, from $9.6 million in the fourth quarter of the prior year;
# Gross margin was 25.4%, a decrease from 30.2% in the preceding quarter and from 32.9% in the fourth quarter of the prior year, due in part to a charge for the impairment of current technology associated with a previous acquisition and higher per unit manufacturing costs as a result of lower unit shipment levels;
# Operating loss before a charge for goodwill impairment and the impairment of current technology was $8.4 million, or (7.2)% of revenues, compared to an operating loss of $3.2 million, or (2.4)% of revenues, in the preceding quarter and $0.3 million, or (0.3)% of revenues, in the fourth quarter of the prior year;
# A charge of $13.4 million for the impairment of the remaining balance of goodwill was recognized following the completion of an analysis of all goodwill, which was in addition to an estimated charge of $225.3 million recorded in previous quarters;
# A net loss of $24.2 million, or $(0.05) per share, compared to a net loss of $47.4 million, or $(0.10) per share, in the preceding quarter and a net loss of $44.1 million, or $(0.14) per share, in the fourth quarter of the prior year; and
# Cash and short-term investments, plus other long-term investments that can be readily converted into cash, totaled $37.2 million at the end of the fourth quarter compared to $35.3 million at the end of the prior quarter. The Company continues to maintain a secured credit facility totaling $45.0 million under which no borrowings were outstanding at the end of the quarter. Approximately $25 million was available to borrow under this secured credit facility pursuant to covenants that were modified as of the end of the quarter. Additional lines of credit covering the sale of accounts receivable and standby letters of credit were fully utilized as of the end of the quarter. Finisar has classified certain of its investments as long-term based on its intent to hold these securities until maturity, although they can be readily sold if required.
Finisar Corp. (