Finisar announces record revenues and profitability

Sunnyvale, CA--Finisar Corporation (NASDAQ: FNSR), a manufacturer of subsystems and components for fiber-optic communications, announced record financial results for its second quarter ended October 31, 2010. Revenues increased to $240.9 million, up $33.1 million, or 15.9%, from $207.9 million in the preceding quarter and up $95.2 million, or 65.3%, from $145.7 million in the second quarter of the prior year.

"In our just completed second quarter, we reached our previously announced target for non-GAAP operating margin of 17.0%, upwardly revised just last quarter, substantially earlier than we had predicted. Achieving this level of operating margin was driven by our strong revenue growth combined with minimal increases in operating expenses," said Jerry Rawls, Finisar's executive Chairman of the Board. "We achieved new company records for quarterly revenues, operating income and net income."

"Furthermore, the market environment continued to be very strong for Finisar, driven by increased demand for a broad range of LAN/SAN and metro/telecom products," said Eitan Gertel, Finisar's Chief Executive Officer. "The company continued to gain market share, including in the WSS/ROADM line card segment where revenues grew 27.3% over the previous quarter. We expect revenues for WSS/ROADM line cards to grow another 20% to 30% sequentially in our fiscal third quarter."

Finisar indicated that it currently expects revenues for its third fiscal quarter ending January 30, 2011 to be in the range of $247 to $262 million.

SOURCE: Finisar; http://investor.finisar.com/releaseDetail.cfm?ReleaseID=534124

Posted by: Gail Overton

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