JANUARY 30, 2011 -- Infinera Corp., a provider of digital optical communications systems, announced $454.4 million in GAAP (generally accepted accounting principles) revenues for the year ended Dec. 25, 2010, compared to $309.1 million in 2009.
GAAP revenues for the fourth quarter (ended Dec. 25) were $117.1million compared to $130.1 million in the third quarter of 2010 and $90.2 million in the fourth quarter of 2009.
GAAP gross margins for the quarter were 49% compared to 50% in the third quarter of 2010 and 38% in the fourth quarter of 2009. GAAP net loss for the quarter was $2.7 million, or $(0.03) per share, compared to a net income of $4.4 million, or $0.04 per basic and diluted share, in the third quarter of 2010 and a net loss of $18.7 million, or $(0.19) per share, in the fourth quarter of 2009.
Non-GAAP gross margins for the quarter were 51%, the same as in the third quarter of 2010 and compared to 40% in the fourth quarter of 2009. Non-GAAP net income for the quarter was $7.6 million, or $0.07 per diluted share, compared to net income of $18.7 million, or $0.18 per diluted share in the third quarter of 2010 and a net loss of $6.5 million, or $(0.07) per share, in the fourth quarter of 2009.
GAAP gross margins for 2010 were 45% compared to 33% in 2009. GAAP net loss for the year was $27.9 million, or $(0.28) per share compared to $86.6 million, or $(0.91) per share in 2009.
Non-GAAP gross margins for the year were 47% compared to 36% in 2009. Non-GAAP net income for the year was $22.4 million or $0.21 per diluted share in 2010, compared to net loss of $45.4 million or $(0.48) per share in 2009.
The Non-GAAP measures above exclude restructuring and other related costs, and non-cash stock-based compensation.
“2010 was a year of strong growth in bandwidth demand worldwide, and our customers saw growth in their networks, driven by a number of applications, notably video, mobility, and cloud computing,” says Tom Fallon, president and chief executive officer, Infinera Corp. “Service providers continue to look for ways to improve the economic performance of their networks through both efficiency and rapid response to their revenue-creating opportunities. With our digital optical architecture, we enable them to do so with the unique combination of world-class optics and digital network intelligence.
“In fiscal 2011, we will continue to focus on meeting the needs of our customers and on addressing market expansion opportunities,” Fallon continues. “In addition, we will focus on expense management, while at the same time, ensuring that we invest appropriately to enable the successful launch of our PIC-based 100G product in 2012. We remain on track to ship our differentiated 40G solution with FlexCoherent technology for our current DTN networks later this year.”