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OPLINK COMMUNICATIONS REPORTS FOURTH QUARTER AND FISCAL YEAR 2002 FINANCIAL RESULTS

SAN JOSE, Calif., July 30, 2002 -- Oplink Communications, Inc. (NASDAQ: OPLK), a leading designer and manufacturer of innovative optical components and integrated subsystems, today announced financial results for the fourth quarter and fiscal year ended June 30, 2002.

For the fourth quarter, Oplink reported revenues of $7.7 million and a GAAP net loss of $8.2 million, or $0.05 per share. On a pro forma basis, the Company reported a net loss of $4.7 million, or $0.03 per share, which excludes approximately $3.5 million for the amortization of deferred compensation and goodwill and intangible assets, costs associated with the proposed merger of Oplink and Avanex, restructuring and other special charges and gain on sale of excess fixed assets as detailed in the attached tables. For the fourth quarter, the Company had two customers who each accounted for more than 10% of the Company’s total revenue for the quarter. The Company also had shipments during June 2002 of approximately $1.0 million from its China facility to China customers, which is not recognized in the fourth quarter, but will be recognized as revenue along with related costs in the next quarter due to Company policy, which is in accordance with GAAP. GAAP and pro forma results for the fourth quarter of 2002 include revenue, which unexpectedly utilized fully reserved inventory of approximately $480,000.

Fourth quarter 2002 financial results compare to revenues of $9.6 million and a GAAP net loss of $8.4 million, or $0.05 per share reported in the third quarter of 2002 and revenues of $20.3 million and a GAAP net loss of $29.4 million, or $0.18 per share reported in the fourth quarter of 2001. On a pro forma basis, net loss in the third quarter of 2002 was $5.8 million, or $0.04 per share, and net loss in the fourth quarter of 2001 was $6.7 million, or $0.04 per share. Pro forma results for the third quarter of 2002 exclude the amortization of deferred compensation of $1.8 million, amortization of goodwill and intangible assets of $42,000, costs associated with the proposed merger of Oplink and Avanex of $1.4 million, and gain on sale of excess fixed assets of $671,000. Pro forma results for the fourth quarter of 2001 exclude $22.6 million for the amortization of deferred compensation and goodwill and intangible assets, in-process research & development, restructuring and other special charges and the write down of intangible assets as detailed in the attached tables.

For fiscal year 2002, the Company reported revenues of $37.9 million and a GAAP net loss of $68.4 million, or $0.42 per share and a pro forma net loss of $24.7 million, or $0.15 per share. This compares to revenues of $131.8 million and a GAAP net loss of $80.4 million, or $0.65 per share and pro forma net loss of $21.9 million, or $0.14 per share, reported for fiscal year 2001. Fiscal year 2002 pro forma net loss excludes $43.7 million in charges related to the amortization of deferred compensation and goodwill and intangible assets, costs associated with the proposed merger of Oplink and Avanex, provision for excess inventory, restructuring and other special charges and gain on sale of excess fixed assets as detailed in the attached tables. Fiscal year 2001 pro forma net loss excludes $58.5 million in charges related to the amortization of deferred compensation and goodwill, in-process research & development, restructuring and other special charges, write down of intangible assets, costs related to a discount feature of a convertible note payable to Cisco Systems and related interest expense as detailed in the attached tables.

About Oplink

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 was incorporated in 1995 and is headquartered in San Jose, California. The company's primary manufacturing facility is in Zhuhai, China. Oplink also has a research and development facility in Shanghai, China.

Financial Tables

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