0001206774-11-001611.txt : 20110725 0001206774-11-001611.hdr.sgml : 20110725 20110725161538 ACCESSION NUMBER: 0001206774-11-001611 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110725 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110725 DATE AS OF CHANGE: 20110725 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: 11984834 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 afop_8k.htm CURRENT REPORT afop_8k.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): July 25, 2011
 
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:
 
o      
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     
o   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 July 25, 2011, Alliance Fiber Optic Products, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2011. 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 July 25, 2011 announcing second quarter 2011 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: July 25, 2011
 
  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 July 25, 2011 announcing second quarter 2011 results.

EX-99.1 2 exhibit99-1.htm PRESS RELEASE DATED JULY 25, 2011 ANNOUNCING SECOND QUARTER 2011 RESULTS. exhibit99-1.htm
Contact:
 
Anita Ho  
Acting Chief Financial Officer  
Alliance Fiber Optic Products, Inc. July 25, 2011
Phone: 408-736-6900 x168  

AFOP REPORTS IMPROVED SECOND QUARTER, 2011 FINANCIAL RESULTS
WITH SEQUENTIAL GROWTH AND GUIDANCE
 
Sunnyvale, CA – July 25, 2011 - 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 second quarter ended June 30, 2011.
 
Revenues for the second quarter of 2011 totaled $10,655,000, a 13% increase from revenues of $9,450,000 reported in the previous quarter, and a 12% decrease from revenues of $12,086,000 reported in the second quarter of 2010. The Company recorded net income for the second quarter of 2011 of $1,249,000, or $0.14 per share based on 8.9 million shares outstanding, compared to $1,021,000, or $0.12 per share based on 8.8 million shares outstanding, for the first quarter of 2011. This compares to net income for the second quarter of 2010 of approximately $1,606,000, or $0.19 per share based on 8.5 million shares outstanding.
 
Included in expenses for the quarter ended June 30, 2011 was $171,000 of stock-based compensation. Included in expenses for the quarter ended March 31, 2011 and the quarter ended June 30, 2010 were $83,000 and $51,000 of stock-based compensation charges.
 
Peter Chang, President and Chief Executive Officer, commented, “We are pleased with the financial performance and progress AFOP made in the quarter ended June 30, 2011. With strong customer demand across most market segments and sequential revenue growth, we delivered improved quarterly sales and higher margins, and generated increased profits in the quarter.”
 
“While macro-economic conditions are uncertain, demand for bandwidth continues to increase and the fiber optic market continues to show signs of recovery from the first half of 2011. Based on input from our customers, we expect that revenues in the third quarter of 2011 will grow by 5 to 10 percent sequentially. Additionally we remain optimistic about our opportunity for revenue growth and profit improvements for the remainder of 2011.” concluded Mr. Chang.
 
 

Conference Call
Management will host a conference call at 1:30 p.m. Pacific Time on July 25, 2011 to discuss AFOP’s second quarter 2011 financial results. To participate in AFOP’s conference call, please call 877-675-3572 at least ten minutes prior to the call in order for the operator to connect you. The confirmation number for the call is 82098769. AFOP will also provide a live webcast of its second quarter 2011 conference call at AFOP’s website, www.afop.com. An audio replay will be available until August 25, 2011. The dial in number for the replay is 800-642-1687 or 706-645-9291. The replay conference ID is 82098769.
 
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 CWDM and DWDM components and modules, optical attenuators, and micro-optics devices. 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 our expectations regarding future revenue levels and profits, our ability to generate profits from operations and the time periods thereof, our beliefs regarding business conditions, our customer base, our product portfolio, and our ability to continue to focus on our operational efficiencies or our successes in doing so, 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, customer demand for our products, the timing of customer orders, loss of key customers, ability to ramp new products into volume production, the costs associated with running our operations, industry-wide shifts in supply and demand for optical components and modules, industry overcapacity and demand for bandwidth, failure of cost control initiatives, our ability to obtain and maintain operational efficiencies, 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-Q for the quarter ended March 31, 2011. 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)
 
    Jun. 30,   Dec. 31,
    2011   2010
        (Unaudited)          
ASSETS            
Current assets:            
       Cash and short-term investments   $ 35,857   $ 45,360
       Accounts receivable     7,179     7,224
       Inventories     7,688     7,439
       Other current assets     620     733
              Total current assets     51,344     60,756
             
Long-term investments     10,010     -
Property and equipment, net     7,996     7,523
Other assets     181     170
              Total assets   $ 69,531   $ 68,449
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
Current liabilities:            
       Accounts payable   $ 4,146   $ 4,931
       Accrued expenses and other current liabilities     3,082     4,737
              Total current liabilities     7,228     9,668
             
Long-term liabilities:            
       Other long-term liabilities     757     777
              Total liabilities     7,985     10,445
             
Stockholders' equity     61,546     58,004
              Total liabilities and stockholders' equity   $      69,531   $      68,449
             
 

ALLIANCE FIBER OPTIC PRODUCTS, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
 
    Three Months Ended   Six Months Ended
    Jun. 30,   Mar. 31,   Jun. 30,   Jun. 30,   Jun. 30,
        2011       2011       2010       2011       2010
Revenues   $ 10,655     $ 9,450     $ 12,086   $ 20,105     $ 20,492
                                     
Cost of revenues     7,202       6,415       8,035     13,617       13,746
       Gross profit     3,453       3,035       4,051     6,488       6,746
                                     
Operating expenses:                                    
       Research and development     804       718       870     1,522       1,579
       Sales and marketing     566       550       636     1,116       1,197
       General and administrative     1,015       1,028       971     2,043       1,904
              Total operating expenses     2,385       2,296       2,477     4,681       4,680
                                     
Income from operations     1,068       739       1,574     1,807       2,066
Interest and other income, net     174       129       106     303       256
Net income before tax   $ 1,242     $ 868     $ 1,680   $ 2,110     $ 2,322
Income tax     (7 )     (153 )     74     (160 )     75
Net income   $ 1,249     $ 1,021     $ 1,606   $ 2,270     $ 2,247
                                     
Net income per share:                                    
       Basic   $ 0.14     $ 0.12     $ 0.19   $ 0.26     $ 0.26
       Diluted   $ 0.14     $ 0.11     $ 0.18   $ 0.25     $ 0.26
                                     
Shares used in per share calculation:                                    
       Basic     8,852       8,823       8,541     8,838       8,518
       Diluted     9,068       9,258       8,744     9,178       8,697
                                     
Included in costs and expenses above:                                    
Stock based compensation charges                                    
       Cost of revenue   $ 23     $ 23     $ 22   $ 46     $ 45
       Research and development     11       8       7     19       15
       Sales and marketing     39       15       6     54       21
       General and administrative     98       37       16     135       53
              Total   $      171     $      83     $      51   $      254     $      134