Finisar expects record third quarter revenues
FEBRUARY 9, 2010 -- Are happy days here again? Finisar Corp. (NASDAQ: FNSR) says that, on the basis of preliminary financial results, it expects to report revenues of $166 to $167 million for its fiscal third quarter ended January 31, 2010.
FEBRUARY 9, 2010 -- Are happy days here again? Finisar Corp. (NASDAQ: FNSR) says that, on the basis of preliminary financial results, it expects to report revenues of $166 to $167 million for its fiscal third quarter ended January 31, 2010. This figure would surpass earlier revenue guidance of $148 to $158 million provided by the company early in the quarter.
While Finisar cautioned that these results are preliminary and subject to adjustment, the company says that such revenue levels would set a new revenue record. The previous record was approximately $163 million for Finisar and Optium Corp. on a combined basis for the fiscal quarter ended July 31, 2008, just prior to the merger of the two companies.
The company currently expects to be at the upper end of its original guidance for the quarter on a non-GAAP basis of 30%-32% for gross margin and 6%-8% for operating margin. Results under GAAP are expected to include approximately $8 to $10 million in additional non-cash and infrequently occurring charges.
Other preliminary highlights for the quarter include:
- Based on the mid-point of the new expected range, third quarter revenues would represent an increase of $20.8 million, or 14.3%, compared to $145.7 million in the preceding quarter. It also would stand as an increase of $40.4 million, or 32.1%, compared to $126.1 million in the prior fiscal year period.
- Revenue growth in the third quarter as compared to the preceding second quarter was primarily a result of increased sales of the company's products for 10 Gbps and ROADM applications, although revenue in almost every product category increased sequentially in the quarter.
Finisar will discuss its financial earnings results for the third quarter and its current business outlook during its regular quarterly conference call scheduled for Wednesday, March 3, 2010, at 2:00 p.m. PST/5:00 EST.