-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LfcfAcUuuXsFdowp0wwiJZizfZ3QCBhnJNW3Ipfvn7B1a+QY+TKdgxp0DhHPJtOp 9HQZgubQjR12OrsDZ3saIg== 0001122342-08-000018.txt : 20080424 0001122342-08-000018.hdr.sgml : 20080424 20080424161639 ACCESSION NUMBER: 0001122342-08-000018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080331 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080424 DATE AS OF CHANGE: 20080424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIANCE FIBER OPTIC PRODUCTS INC CENTRAL INDEX KEY: 0001122342 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 770554122 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-31857 FILM NUMBER: 08774627 BUSINESS ADDRESS: STREET 1: 275 GIBRALTAR DRIVE CITY: SUNNYVALE STATE: CA ZIP: 94089 BUSINESS PHONE: 4087366900 MAIL ADDRESS: STREET 1: 275 GIBRALTAR DRIVE CITY: SUNNYVALE STATE: CA ZIP: 94089 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCE FIBER OPTICS PRODUCTS INC DATE OF NAME CHANGE: 20000822 8-K 1 form8k042408.htm

UNITED STATES

     SECURITIES AND EXCHANGE COMMISSION
     Washington, D.C. 20549

     ____________

     FORM 8-K

     CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

     Date of Report (Date of earliest event reported): April 24, 2008
     

     ALLIANCE FIBER OPTIC PRODUCTS, INC.

     (Exact name of registrant as specified in its charter)

     Delaware                        0-31857                   77-0554122     
(State or other jurisdiction     (Commission              (IRS Employer
     of incorporation)               File Number)               Identification No.)
 

     275 Gibraltar Drive, Sunnyvale, California      94089

     (Address of principal executive offices)     (Zip Code)

     Registrant¡¦s telephone number, including area code: (408) 736-6900

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨     

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨     

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨     

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨     

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 



Item 2.02. Results of Operations and Financial Condition.
 
     The information in this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.
 

On April 24, 2008, Alliance Fiber Optic Products, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2008. A copy of the earnings release is furnished herewith as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

Exhibit           Description               
          

99.1          Press Release dated April 24, 2008 announcing first quarter 2008 results.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

     Dated: April 24, 2008
 

ALLIANCE FIBER OPTIC PRODUCTS, INC.
 
 
By     /s/ Anita K. Ho               
Name:     Anita K. Ho

Title:     Acting Chief Financial Officer

EXHIBIT INDEX

Exhibit

Number      Description

99.1     

     Press release dated April 24, 2008 announcing first quarter 2008 results.

EX-99 2 form8k042408exhibit99-1.htm

Contact:


Anita Ho
Acting Chief Financial Officer
Alliance Fiber Optic Products, Inc.                                                                                                           April 24, 2008
Phone: 408-736-6900 x168

AFOP REPORTS 1 st QUARTER 2008 RECORD RESULTS

WITH 40% REVENUE GROWTH OVER THE YEAR AGO QUARTER

Sunnyvale, CA - April 24, 2008 - Alliance Fiber Optic Products, Inc. (NASDAQ CM: AFOP), an innovative supplier of fiber optic components, subsystems and integrated modules for the optical network equipment market, today reported its financial results for the first quarter ended March 31, 2008.


Revenues for the first quarter of 2008 totaled $9,400,000, a 40% increase from revenues of $6,700,000 recorded in the first quarter of 2007 and 2% increase compared with revenue of $9,200,000 for the fourth quarter of 2007. The Company recorded net income for the first quarter of 2008 of $820,000, significantly improved over $389,000 for the first quarter of 2007. This compares to net income for the fourth quarter of 2007 of $1,045,000.


Included in net income for the quarter ended March 31, 2008 was $51,000 of stock-based compensation charges under FAS 123(R). Included in expenses for the quarter ended March 31, 2007 and the fourth quarter of 2007 were $124,000 and $80,000 of stock-based compensation charges under SFAS 123(R), respectively.

 

During the quarter, we reclassified $15,573,000 of auction rate securities from short-term investments into long-term investments.

 

Peter Chang, President and Chief Executive Officer, commented, "We are very pleased with the financial performance and progress AFOP made in the quarter ending March 31, 2008. With continued sequential quarterly revenue growth, we delivered record sales in the quarter. This is the eighteenth consecutive quarter with revenue growth over the year ago quarter."


"In addition to 40% revenue growth over the year ago quarter, we also improved our operating profits significantly from the operating loss of $20,000 in the first quarter of 2007 to an operating profit of $486,000 in the first quarter of 2008.  We believe our performance in revenue growth reflects increasing demand from key customers, solid progress in product development, and continued improvement of our operations."

 

"Based on input from our customers and current backlog, we expect that revenues in the second quarter of 2008 will continue to increase and will be above $9.5M, which will be another record quarterly sales achievement for AFOP." concluded Mr. Chang.

 

Conference Call
Management will host a conference call at 1:30 p.m. Pacific Time on April 24, 2008 to discuss AFOP's first quarter 2008 financial results. To participate in AFOP's conference call, please call 877-407-9210 at least ten minutes prior to the call in order for the operator to connect you. The confirmation number for the call is  280937. AFOP will also provide a live webcast of its first quarter 2008 conference call at AFOP's website: www.afop.com. An audio replay will be available until May 3, 2008. The dial in for the replay is 877-660-6853. The replay pass-codes (account # 286; conference ID#: 280937) are both required for the replay.

 

About AFOP
Founded in 1995, Alliance Fiber Optic Products, Inc. designs, manufactures and markets a broad range of high performance fiber optic components and integrated modules. AFOP's products are used by leading and emerging communications equipment manufacturers to deliver optical networking systems to the long-haul, enterprise, metropolitan and last mile access segments of the communications network. AFOP offers a broad product line of passive optical components including interconnect systems, couplers and splitters, thin film DWDM components and modules, fixed and variable optical attenuators, and depolarizers. AFOP is headquartered in Sunnyvale, California, with manufacturing and product development capabilities in the United States, Taiwan and China. AFOP's website is located at http://www.afop.com .



Except for the historical information contained herein, the matters set forth in this press release, including statements as to future market demand, the factors that resulted in our revenue growth, and the sustainability of those factors in future periods, future revenue growth, and our expectations regarding second quarter 2008 results, including our expectations regarding our second quarter 2008 revenues, are forward looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, but not limited to, general economic conditions and trends, the impact of competitive products and pricing, timely introduction of new technologies, timely design acceptance by our customers, the acceptance of new products and technologies by our customers, order trends and customer demand, the timing of customer orders, loss of key customers, ability to ramp new products into volume production, industry-wide shifts in supply and demand for optical components and modules, industry overcapacity, failure of cost control initiatives, financial stability in foreign markets, and other risks detailed from time to time in our SEC reports, including AFOP's quarterly report on Form 10-K for the year ended December 31, 2007. These forward-looking statements speak only as of the date hereof. AFOP disclaims any intention or obligation to update or revise any forward-looking statements.

ALLIANCE FIBER OPTIC PRODUCTS, INC.
Condensed Consolidated Balance Sheets
(in thousands)

  Mar. 31,
2008
Dec. 31,
2007
(Unaudited)
           
ASSETS            
Current assets:    
       Cash and short-term investments     $ 19,747   $ 36,480  
       Accounts receivable       6,317     5,393  
       Inventories       5,108     5,003  
       Other current assets      

560

     481  
          Total current assets      
31,732 		   
47,357 		 
 
 
Long-term investments 15,573 -
Property and equipment       4,518     4,373  
Other assets       239     226  
          Total assets     $ 52,062   $ 51,956  
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
       Accounts payable     $ 4,682   $ 4,523  
       Accrued expenses and other liabilities       2,872     3,520  
          Total current liabilities       7,554     8,043  
Long-term liabilities       1,051     1,006  
          Total liabilities       8,605     9,049  
Stockholders' equity       43,457     42,907  
          Total liabilities and stockholders' equity     $ 52,062   $ 51,956  

 

ALLIANCE FIBER OPTIC PRODUCTS, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)

Three Months Ended
      Mar. 31,
2008
Dec. 31,
2007
Mar. 31,
2007
Revenues     $ 9,401   $ 9,214   $ 6,701      
Cost of revenues       6,455     6,336     4,602          
     Gross profit       2,946     2,878     2,099          
Operating expenses:    
     Research and development       898     804     689          
     Sales and marketing       668     590     569          
     General and administrative       894     864     861          
          Total operating expenses       2,460     2,258     2,119          
Income (loss) from operations       486   620   (20)    
Interest and other income, net       396     425     409          
Net income before tax     882   1,045 389
Income tax 62 - -
Net income  $ 820 $ 1,045 $ 389
Net income per share:    
     Basic     $ 0.02   $ 0.03 $ 0.01
     Diluted     $ 0.02   $ 0.02 $ 0.01
Shares used in per share calculation:    
     Basic       41,392     41,187     40,539          
     Diluted       44,423     45,010     44,664          
     
Included in costs and expenses above:    
Stock based compensation charges    
     Cost of revenue     $ 22   $ 28   $ 51      
     Research and development       10     13     20          
     Sales and marketing       7     9     12          
     General and administrative       12     30     41          
          Total     $ 51   $ 80   $ 124      



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