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Company Delivers Sequential Revenue Growth and Lower Pro Forma Operating Expenses

San Jose, Calif., January 22, 2002 -- Oplink Communications, Inc. (Nasdaq: OPLK), a designer and manufacturer of innovative optical components and integrated subsystems, today announced results for its second fiscal quarter ended December 31, 2001.

For the second quarter, Oplink reported revenues of $10.6 million, as compared to revenues of $10.0 million reported in the previous quarter. The Company reported for the second quarter a GAAP net loss of $6.7 million or $0.04 per share compared to a GAAP net loss of $45.0 million or $0.28 per share reported in the previous quarter. The Company reported for the second quarter a pro forma net loss of $5.9 million or $0.04 per share, which is in line with the Company’s guidance. This compares to a pro forma net loss of $8.3 million or $0.05 per share reported in the previous quarter. Pro forma results exclude amortization of deferred compensation and goodwill and restructuring charges and other special charges as detailed within the attached tables. In addition, the Company reduced pro forma operating expenses approximately 5% from the prior quarter.

“On the customer and product front, we are pleased to announce that we added a new 10% customer in Siemens in our second quarter and believe that this relationship presents a significant opportunity to Oplink over the long-term, as Siemens has a strong global presence, wide array of products and an extensive customer base, ” commented Fred Fromm, President and CEO of Oplink. “In addition, we saw a high level of design activity at Siemens, Lucent, Nortel and other customers and were the recipient of several design wins in all market segments: metro, access and long-haul. We are beginning to realize the benefits of our recent acquisition of Aurora Photonics and shipped our first acousto-optical product in the second quarter. Finally, we added Shanghai to our list of ISO 9001:2000 facilities, bringing both of our China manufacturing facilities to this high quality level.

“We are also satisfied with our financial performance in the second quarter. We were effective at managing costs and reducing cash used in operating activities to nearly breakeven of less than $100,000, as we near the completion of the transfer of our manufacturing operations to our China facilities. We closed the quarter with $233 million in cash and are targeting positive operating cash flow in the third or fourth quarter of fiscal 2002.”

“Our performance in the second quarter supports our belief that we are taking the right approach to this market by cutting costs to preserve cash, focusing on key strategic relationships with our top customers and introducing new, innovative products. We continue to take competitive steps to position ourselves for future market growth.”

Conference Call Information

The Company will host a corresponding conference call and live Webcast at 2:00 p.m. Pacific Time on January 22, 2002. The Webcast will be available live on the Company's corporate website at www.oplink.com and via replay beginning two hours after the completion of the call. An audio replay of the call will also be available to investors beginning at 5:00 p.m. PT on January 22, 2002 by dialing 800-642-1687 entering pass code 2884663.

About Oplink Communications

Oplink designs, manufactures and markets fiber optic networking components and integrated optical subsystems that expand optical bandwidth, amplify optical signals, monitor and protect wavelength performance and redirect light signals within an optical network. Oplink offers a broad line of products that increase the performance of optical networks and enable service providers and optical system manufacturers to provide flexible and scalable bandwidth to support the exponential increase of data traffic on the Internet. The Company supplies products worldwide to telecommunications equipment providers. Oplink is online at www.oplink.com.

Except for the purely historical information contained herein, this news release regarding second quarter results contains forward-looking statements regarding our business activities, expected benefits of our cost cutting measures, future financial results and other matters that involve risks and uncertainties. These risks include, but are not limited to, the widespread downturns in the overall economy in the United States and other parts of the world and the telecommunications industry, sudden reductions in customer orders, the difficulties associated with transitioning our manufacturing operations to China, the challenge to effectively manage our inventory levels and operating expenses during periods of weakening demand, the impact of reductions in work force and other restructuring on financial results, the impact of reductions in work force on productivity and expected product manufacturing and other plans, our reliance upon third parties to supply our raw materials and equipment, intense competition in our target markets and potential pricing pressure that may arise from changing supply-demand conditions in the industry, the need to retain and motivate key personnel, risks associated with the protection of our, and possible infringement of others', intellectual property, and other risks detailed from time to time in our SEC filings, including our annual report filed on Form 10K dated September 29, 2001 and Form 10-Q, dated November 14, 2001.

The foregoing information represents Oplink's outlook only as of the date of this press release, and Oplink undertakes no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.

Financial Tables

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