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June 16, 2016 at 4:00 PM EDT

Finisar Announces Fourth Fiscal Quarter and Full Year 2016 Financial Results

SUNNYVALE, CA -- (Marketwired) -- 06/16/16 --

Finisar Corporation(NASDAQ: FNSR), a global technology leader for subsystems and components for fiber optic communications, today announced financial results for its fourth quarter and full fiscal year 2016, ended May 1, 2016.

COMMENTARY

"Revenues for our fourth fiscal quarter were $318.8 million, an increase of $9.6 million, or 3.1% compared to the prior quarter, primarily driven by growth in demand for 40G and 100G transceivers for datacom applications including CFP, CFP2, CFP4, QSFP and QSFP28 form factors. Better than expected gross margins, due to favorable product mix, and lower expenses resulted in earnings per fully diluted share exceeding the upper end of our prior guidance range," said Jerry Rawls, Finisar's Chief Executive Officer.

FINANCIAL HIGHLIGHTS - Fourth Quarter Ended May 1, 2016

         
Summary GAAP Results   Fourth   Third
    Quarter   Quarter
    Ended   Ended
    May 1, 2016   January 31, 2016
    (in thousands, except per share amounts)
         
Revenues   $318,794   $309,206
Gross margin   28.4%   28.4%
Operating expenses   $76,306   $77,282
Operating income   $14,135   $10,458
Operating margin   4.4%   3.4%
Net income   $13,072   $12,084
Income per share-basic   $0.12   $0.11
Income per share-diluted   $0.12   $0.11
         
Basic shares   107,612   107,180
Diluted shares   109,386   108,128
         
         
         
Summary Non-GAAP Results (a)   Fourth   Third
    Quarter   Quarter
    Ended   Ended
    May 1, 2016   January 31, 2016
    (in thousands, except per share amounts)
         
Revenues   $318,794   $309,206
Non-GAAP Gross margin   30.6%   30.3%
Non-GAAP Operating expenses   $66,186   $67,292
Non-GAAP Operating income   $31,239   $26,309
Non-GAAP Operating margin   9.8%   8.5%
Non-GAAP Net income   $31,824   $26,604
Non-GAAP Income per share-basic   $0.30   $0.25
Non-GAAP Income per share-diluted   $0.29   $0.25
         
Basic shares   107,612   107,180
Diluted shares   109,386   108,128
         
(a) In evaluating the operating performance of Finisar's business, Finisar management utilizes financial measures that exclude certain charges and credits required by U.S. generally accepted accounting principles, or GAAP, that are considered by management to be outside of Finisar's core ongoing operating results. A reconciliation of Finisar's non-GAAP financial measures to the most directly comparable GAAP measures, as well as additional related information, can be found under the heading "Finisar Non-GAAP Financial Measures" below.
   

Financial Statement Highlights for the Fourth Quarter of Fiscal 2016:

  • Revenues were $318.8 million, an increase of $9.6 million, or 3.1%, from $309.2 million in the preceding quarter.
  • Sales of products for datacom applications increased by $23.6 million, or 10.8%, compared to the preceding quarter, primarily driven by growth in demand for 40G and 100G transceivers including CFP, CFP2, CFP4, QSFP, and QSFP28 form factors
  • Sales of products for telecom applications decreased by $14.1 million, or (15.6)%, compared to the preceding quarter, primarily as the result of the full three months of the telecom price negotiations and an unexpected decline in demand for legacy products including 10G fixed wavelength and tunable transceivers and amplifiers. In addition, factors expected to partially offset the negative impacts on telecom revenue above during the quarter were lower in magnitude than expected due to delays in adding manufacturing capacity for wavelength selective switches and delays in the qualification of new ROADM linecard designs.
  • GAAP gross margin was 28.4% compared to 28.4% in the preceding quarter.
  • Non-GAAP gross margin was 30.6% compared to 30.3% in the prior quarter, as favorable product mix was partially offset by the impact of the full three months of annual telecom price negotiations, which typically take effect on January 1.
  • GAAP operating expenses were $76.3 million compared to $77.3 million in the prior quarter.
  • Non-GAAP operating expenses decreased to $66.2 million compared to $67.3 million in the prior quarter primarily due to lower G&A costs including lower legal expenses.
  • GAAP earnings per fully diluted share was $0.12 compared to $0.11 in the preceding quarter.
  • Non-GAAP earnings per fully diluted share was $0.29 compared to $0.25 in the preceding quarter.
  • Cash, cash equivalents and short term investments increased $31.4 million to $562.5 million at the end of the fourth quarter, compared to $531.1 million at the end of the preceding quarter.

FINANCIAL HIGHLIGHTS - Fiscal Year Ended May 1, 2016

         
Summary GAAP Results        
    Fiscal Year   Fiscal Year
    Ended   Ended
    May 1, 2016   May 3, 2015
    (in thousands, except per share amounts)
         
Revenues   $1,263,166   $1,250,944
Gross margin   28.1%   28.1%
Operating expenses   $313,627   $324,116
Operating income   $41,022   $26,794
Operating margin   3.2%   2.1%
Net income   $35,193   $11,887
Income per share-basic   $0.33   $0.12
Income per share-diluted   $0.32   $0.11
         
Basic shares   106,678   101,408
Diluted shares   108,870   104,970
         
         
         
Summary Non-GAAP Results (b)        
    Fiscal Year   Fiscal Year
    Ended   Ended
    May 1, 2016   May 3, 2015
    (in thousands, except per share amounts)
         
Revenues   $1,263,166   $1,250,944
Non-GAAP Gross margin   30.3%   30.9%
Non-GAAP Operating expenses   $269,909   $270,040
Non-GAAP Operating income   $112,333   $116,071
Non-GAAP Operating margin   8.9%   9.3%
Non-GAAP Net income   $109,817   $110,376
Non-GAAP Income per share-basic   $1.03   $1.09
Non-GAAP Income per share-diluted   $1.01   $1.04
         
Basic shares   106,678   101,408
Diluted shares   108,870   106,819
         
(b) In evaluating the operating performance of Finisar's business, Finisar management utilizes financial measures that exclude certain charges and credits required by U.S. generally accepted accounting principles, or GAAP, that are considered by management to be outside of Finisar's core ongoing operating results. A reconciliation of Finisar's non-GAAP financial measures to the most directly comparable GAAP measures, as well as additional related information, can be found under the heading "Finisar Non-GAAP Financial Measures" below.
   

Financial Statement Highlights for Fiscal 2016:

  • Revenues were $1,263.2 million, an increase of $12.2 million, or 1.0%, from $1,250.9 million in the preceding year.
  • Sales of products for datacom applications decreased by $4.2 million, or (0.5)%, compared to the preceding year primarily as the result of having only 52 weeks in the fiscal year compared to 53 weeks in fiscal 2015.
  • Sales of products for telecom applications increased by $16.4 million, or 5.2%, compared to the preceding year primarily driven by growth in the demand for wavelength selective switches.
  • GAAP gross margin was 28.1% compared to 28.1% in the preceding year.
  • Non-GAAP gross margin was 30.3% compared to 30.9% in the prior year due to lower average selling prices.
  • GAAP operating expenses were $313.6 million compared to $324.1 million in the prior year.
  • Non-GAAP operating expenses were $269.9 million compared to $270.0 million in the prior year.
  • GAAP earnings per fully diluted share was $0.32 compared to $0.11 in the preceding year.
  • Non-GAAP earnings per fully diluted share was $1.01 compared to $1.04 in the preceding year.
  • Cash, cash equivalents and short term investments increased $72.3 million to $562.5 million at the end of the fiscal year, compared to $490.2 million at the end of the preceding fiscal year.

OUTLOOK

The Company indicated that for the first quarter of fiscal 2017 it currently expects revenues in the range of $323 to $343 million, non-GAAP gross margin of approximately 31%, non-GAAP operating margin of approximately 9.9% to 10.9%, and non-GAAP earnings per fully diluted share in the range of approximately $0.27 to $0.33.

CONFERENCE CALL

Finisar will discuss its financial results for the fourth quarter and current business outlook during its regular quarterly conference call scheduled for Thursday, June 16, 2016, at 2:00 pm PT (5:00 pm ET). To listen to the call you may connect through the Finisar investor relations page at http://investor.finisar.com/ or dial 877-681-3372 (domestic) or 719-325-4790 (international) and enter conference ID 9069246.

An audio replay will be available for two weeks following the call by dialing 1-888-203-1112 (domestic) or +1-719-457-0820 and then following the prompts: enter conference ID 9069246 and provide your name, affiliation, and contact number. A replay of the webcast will be available shortly after the conclusion of the call on the Company's website until the next regularly scheduled earnings conference call.

SAFE HARBOR UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statement concerning Finisar's expected financial performance. These statements are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on our current expectations, estimates, assumptions and projections about our business and industry, and the markets and customers we serve, and they are subject to numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate. Finisar assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties which could cause actual results to differ materially from those projected. Examples of such risks include those associated with: the uncertainty of customer demand for Finisar's products; the rapidly evolving markets for Finisar's products and uncertainty regarding the development of these markets; Finisar's historical dependence on sales to a limited number of customers and fluctuations in the mix of products and customers in any period; ongoing new product development and introduction of new and enhanced products; the challenges of rapid growth followed by periods of contraction; and intensive competition. Further information regarding these and other risks relating to Finisar's business is set forth in Finisar's annual report on Form 10-K (filed June 19, 2015) and quarterly SEC filings.

ABOUT FINISAR

Finisar Corporation(NASDAQ: FNSR) is a global technology leader for fiber optic subsystems and components that enable high-speed voice, video and data communications for telecommunications, networking, storage, wireless, and cable TV applications. For over 25 years, Finisar has provided critical optics technologies to system manufacturers to meet the increasing demands for network bandwidth and storage. Finisar is headquartered in Sunnyvale, California, USA with R&D, manufacturing sites, and sales offices worldwide. For additional information, visit www.finisar.com .

FINISAR FINANCIAL STATEMENTS The following financial tables are presented in accordance with GAAP.

   
   
Finisar Corporation  
Consolidated Balance Sheets  
(in thousands)  
                     
  May 1, 2016   Jan 31, 2016   Nov 01, 2015   Aug 02, 2015   May 03, 2015  
      (Unaudited)   (Unaudited)   (Unaudited)      
ASSETS                              
Current assets:                              
  Cash and cash equivalents $ 299,221   $ 268,330   $ 258,270   $ 232,997   $ 197,443  
  Short-term held-to-maturity investments   263,255     262,726     262,500     262,695     292,748  
  Accounts receivable, net   249,257     241,384     230,065     234,798     213,234  
  Accounts receivable, other   44,576     41,933     39,982     40,807     40,650  
  Inventories   273,291     262,591     264,706     282,093     283,670  
  Prepaid expenses and other assets   18,483     25,317     20,538     22,649     36,518  
    Total current assets   1,148,083     1,102,281     1,076,061     1,076,039     1,064,263  
Property, equipment and improvements, net   348,613     342,818     344,695     322,043     315,777  
Purchased intangible assets, net   18,388     20,686     22,983     25,086     27,188  
Goodwill   106,735     106,735     106,735     106,735     106,735  
Minority investments   4,051     3,692     3,647     2,997     2,847  
Other assets   21,119     21,516     23,133     34,960     35,072  
    Total assets $ 1,646,989   $ 1,597,728   $ 1,577,254   $ 1,567,860   $ 1,551,882  
                               
LIABILITIES AND STOCKHOLDERS' EQUITY                              
Current liabilities:                              
  Accounts payable $ 141,591   $ 131,240   $ 133,220   $ 139,600   $ 131,510  
  Accrued compensation   36,084     32,908     31,680     26,392     24,918  
  Other accrued liabilities   42,206     45,492     43,301     39,753     39,238  
  Deferred revenue   13,529     11,933     12,438     11,480     9,850  
    Total current liabilities   233,410     221,573     220,639     217,225     205,516  
Long-term liabilities:                              
  Convertible notes, net of current portion   231,011     228,561     226,151     223,760     221,406  
  Other non-current liabilities   14,882     21,765     23,195     21,545     21,167  
    Total liabilities   479,303     471,899     469,985     462,530     448,089  
Stockholders' equity:                              
  Common stock   108     108     107     107     104  
  Additional paid-in capital   2,605,859     2,593,587     2,577,246     2,564,506     2,551,114  
  Accumulated other comprehensive income (loss)   (25,188 )   (41,701 )   (31,835 )   (14,390 )   861  
  Accumulated deficit   (1,413,093 )   (1,426,165 )   (1,438,249 )   (1,444,893 )   (1,448,286 )
    Total stockholders' equity   1,167,686     1,125,829     1,107,269     1,105,330     1,103,793  
Total liabilities and stockholders' equity $ 1,646,989   $ 1,597,728   $ 1,577,254   $ 1,567,860   $ 1,551,882  
                               

Note - Balance sheet amounts as of May 3, 2015 are derived from the audited consolidated financial statements as of the date.

   
   
   
Finisar Corporation  
Consolidated Statements of Operations  
(Unaudited, in thousands, except per share data)  
                       
    Three Months Ended   Twelve Months Ended   Three Months Ended  
    May 1, 2016   May 03, 2015   May 1, 2016   May 03, 2015   Jan 31, 2016  
Revenues   $ 318,794   $ 320,042   $ 1,263,166   $ 1,250,944   $ 309,206  
Cost of revenues     226,723     229,390     901,316     888,573     219,836  
Impairment of long-lived assets     -     -     1,071     5,722     -  
Amortization of acquired developed technology     1,630     1,435     6,130     5,739     1,630  
Gross profit     90,441     89,217     354,649     350,910     87,740  
Gross margin     28.4 %   27.9 %   28.1 %   28.1 %   28.4 %
Operating expenses:                                
  Research and development     50,169     51,117     203,389     202,089     49,840  
  Sales and marketing     11,621     11,800     46,619     46,178     11,899  
  General and administrative     13,848     15,303     60,117     72,856     14,875  
  Impairment of long-lived assets     -     -     830     45     -  
  Amortization of purchased intangibles     668     713     2,672     2,948     668  
    Total operating expenses     76,306     78,933     313,627     324,116     77,282  
Income from operations     14,135     10,284     41,022     26,794     10,458  
Interest income     802     536     2,345     1,811     709  
Interest expense     (3,017 )   (3,335 )   (11,750 )   (12,022 )   (2,933 )
Other income (expenses), net     (80 )   4,041     3,214     4,099     1,968  
Income before income taxes     11,840     11,526     34,831     20,682     10,202  
Provision (benefit) for income taxes     (1,232 )   4,199     (362 )   8,795     (1,882 )
Net income   $ 13,072   $ 7,327   $ 35,193   $ 11,887   $ 12,084  
                                 
Net income per share attributable to Finisar Corporation common stockholders:                                
                                 
  Basic   $ 0.12   $ 0.07   $ 0.33   $ 0.12   $ 0.11  
  Diluted   $ 0.12   $ 0.07   $ 0.32   $ 0.11   $ 0.11  
                                 
Shares used in computing net income per share - basic     107,612     104,005     106,678     101,408     107,180  
Shares used in computing net income per share - diluted     109,386     107,535     108,870     104,970     108,128  
                                 

FINISAR NON-GAAP FINANCIAL MEASURES

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles, or GAAP, Finisar provides the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission: non-GAAP gross profit, non-GAAP operating income, non-GAAP income and non-GAAP net income per share. These non-GAAP financial measures are supplemental information regarding the Company's operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or that occur relatively infrequently and/or that management considers to be outside of our ongoing core operating results. Management believes that tracking non-GAAP gross profit, non-GAAP operating income, non-GAAP net income and non-GAAP net income per share provides management and the investment community with valuable insight into our ongoing core current operations, our ability to generate cash and the underlying business trends which are affecting our performance. These non-GAAP measures are used by both management and our Board of Directors, along with the comparable GAAP information, in evaluating our current performance and planning our future business activities. In particular, management finds it useful to exclude non-cash charges in order to better correlate our operating activities with our ability to generate cash from operations and to exclude certain cash charges as a means of more accurately predicting our liquidity requirements. We believe that these non-GAAP measures, when used in conjunction with our GAAP financial information, also allow investors to better evaluate our financial performance in comparison to other periods and to other companies in our industry.

In calculating non-GAAP gross profit in this release, we have excluded the following items from cost of revenues in applicable periods in this release:

  • Changes in excess and obsolete inventory reserve (predominantly non-cash charges);
  • Amortization of acquired technology (non-cash charges related to technology obtained in acquisitions);
  • Duplicate facility costs during facility move (non-core cash charges);
  • Stock-based compensation expense (non-cash charges);
  • Impairment of long-lived assets (non-cash charges);
  • Reduction in force costs (non-core cash charges); and
  • Acquisition related retention payments (non-core cash charges).

In calculating non-GAAP operating income in this release, we have excluded the same items to the extent they are classified as operating expenses, and have also excluded the following items in applicable periods in this release:

  • Gain or loss on litigation settlements and resolutions and related costs (non-core cash charges or benefits);
  • Shareholder class action and derivative litigation costs (non-core cash charges associated with the derivative litigation related to our historical stock option granting practices and related to the class action and derivative litigation related to our March 8, 2011 earnings announcement);
  • Employee and employer tax liabilities related to the 2006 special investigation into our historical stock option granting practices (non-core cash charges);
  • Acquisition related costs (non-core cash charges);
  • Impairment of acquired R&D reimbursement receivable (non-core non-cash charges);
  • Unclaimed property tax audit accrual (non-core charges); and
  • Amortization of purchased intangibles (non-cash charges).

In calculating non-GAAP income and non-GAAP income per share in this release, we have also excluded the following items in applicable periods in this release:

  • Imputed interest expenses on convertible debt (non-cash charges);
  • Imputed interest related to restructuring (non-cash charges);
  • Other interest income (non-core benefits);
  • Gains and losses on sales of assets (non-cash losses and cash gains related to the periodic disposal of assets no longer required for current activities);
  • Gain related to minority investments (non-core benefit);
  • Other miscellaneous expenses (income) (non-core charges or benefits);
  • Dollar denominated foreign exchange transaction losses (gains) (non-cash charges or benefits); and
  • Amortization of debt issuance costs (non-cash charges).

In addition, in this release we have adjusted non-GAAP income and non-GAAP income per share for the difference between GAAP income taxes and non-GAAP income taxes.

A reconciliation of this non-GAAP financial information to the corresponding GAAP information is set forth below:

   
   
Finisar Corporation  
Reconciliation of Results of Operations under GAAP and non-GAAP  
(Unaudited, in thousands, except per share data)  
                       
    Three Months Ended   Twelve Months Ended   Three Months Ended  
    May 1, 2016   May 03, 2015   May 1, 2016   May 03, 2015   Jan 31, 2016  
GAAP to non-GAAP reconciliation of gross profit:                                
Gross profit - GAAP   $ 90,441   $ 89,217   $ 354,649   $ 350,910   $ 87,740  
Gross margin - GAAP     28.4 %   27.9 %   28.1 %   28.1 %   28.4 %
Adjustments:                                
Cost of revenues                                
  Change in excess and obsolete inventory valuation adjustments     2,102     2,752     7,227     10,293     1,293  
  Amortization of acquired technology     1,630     1,435     6,130     5,739     1,630  
  Duplicate facility costs during facility move     8     4     101     776     7  
  Stock compensation     2,847     2,692     11,000     10,216     2,539  
  Impairment of long-lived assets     -     420     1,282     6,266     -  
  Reduction in force costs     369     406     1,704     1,571     364  
  Acquisition related retention payment     28     72     149     340     28  
    Total cost of revenue adjustments     6,984     7,781     27,593     35,201     5,861  
Gross profit - non-GAAP     97,425     96,998     382,242     386,111     93,601  
Gross margin - non-GAAP     30.6 %   30.3 %   30.3 %   30.9 %   30.3 %
                                 
GAAP to non-GAAP reconciliation of operating income:                                
Operating income - GAAP     14,135     10,284     41,022     26,794     10,458  
Operating margin - GAAP     4.4 %   3.2 %   3.2 %   2.1 %   3.4 %
Adjustments:                                
Total cost of revenue adjustments     6,984     7,781     27,593     35,201     5,861  
Total operating expense adjustments                                
  Operating expenses - GAAP     76,306     78,933     313,627     324,116     77,282  
    Research and development                                
      Reduction in force costs     386     82     904     790     230  
      Duplicate facility costs during facility move     7     143     284     1,009     7  
      Acquisition related retention payment     32     104     222     595     32  
      Stock compensation     4,855     5,084     19,386     18,916     4,723  
      Impairment of long-lived assets     -     -     287     -     -  
      Impairment of acquired R&D reimbursement receivable     -     87     -     87     -  
  Sales and marketing                                
      Reduction in force costs     1     -     225     -     44  
      Acquisition related retention payment     -     12     15     50     2  
      Stock compensation     1,747     1,749     6,885     6,503     1,713  
  General and administrative                                
      Reduction in force costs     49     -     1,403     103     39  
      Duplicate facility costs     24     -     191     152     150  
      Acquisition related retention payment     4     8     (1 )   (24 )   -  
      Stock compensation     2,381     2,894     10,241     10,977     2,343  
      Payroll taxes related to options investigation     -     -     -     17     -  
      Acquisition related costs     (1 )   18     434     292     39  
      Litigation settlements and resolutions and related costs     1     (6 )   17     11,748     -  
      Shareholder class action and derivative litigation costs     (184 )   (121 )   (184 )   (131 )   -  
      Unclaimed property tax audit accrual     150     -     150     -     -  
  Amortization of purchased intangibles     668     713     2,672     2,948     668  
  Impairment of long-lived assets     -     (1 )   587     44     -  
        Total operating expense adjustments     10,120     10,766     43,718     54,076     9,990  
  Operating expenses - non-GAAP     66,186     68,167     269,909     270,040     67,292  
Operating income - non-GAAP     31,239     28,831     112,333     116,071     26,309  
Operating margin - non-GAAP     9.8 %   9.0 %   8.9 %   9.3 %   8.5 %
                                 
GAAP to non-GAAP reconciliation of income before income taxes:                                
Income before income taxes - GAAP     11,840     11,526     34,831     20,682     10,202  
Adjustments:                                
Total cost of revenue adjustments     6,984     7,781     27,593     35,201     5,861  
Total operating expense adjustments     10,120     10,766     43,718     54,076     9,990  
Total Interest and other adjustments                                
Other interest income     (6 )   -     (119 )   -     (113 )
Non-cash imputed interest expenses on convertible debt     2,449     2,334     9,605     9,153     2,411  
Imputed interest related to restructuring     40     47     171     196     42  
Other (income) expense, net                                
    Loss (gain) on sale of assets     165     (559 )   (579 )   (317 )   (644 )
    Loss (gain) related to minority investments     -     (1,470 )   -     (1,470 )   -  
    Other miscellaneous income     (184 )   (850 )   (1,824 )   (1,028 )   (1,503 )
    Foreign exchange transaction (gain) or loss     362     (607 )   925     1,373     1,205  
    Amortization of debt issuance cost     154     154     616     616     154  
      Total Interest and other adjustments     2,980     (951 )   8,795     8,523     1,552  
Income before income taxes - non-GAAP     31,924     29,122     114,937     118,482     27,605  
                                 
GAAP to non-GAAP reconciliation of net income:                                
Net income - GAAP     13,072     7,327     35,193     11,887     12,084  
Total cost of revenue adjustments     6,984     7,781     27,593     35,201     5,861  
Total operating expense adjustments     10,120     10,766     43,718     54,076     9,990  
Total Interest and other adjustments     2,980     (951 )   8,795     8,523     1,552  
Income tax provision adjustments     (1,332 )   1,950     (5,482 )   689     (2,883 )
  Total adjustments     18,752     19,546     74,624     98,489     14,520  
Net income - non-GAAP   $ 31,824   $ 26,873   $ 109,817   $ 110,376   $ 26,604  
                                 
Non-GAAP net income for diluted earnings per share calcuation                                
Non-GAAP net income   $ 31,824   $ 26,873   $ 109,817   $ 110,376   $ 26,604  
Add: interest expense for dilutive convertible notes     -     -     -     1,072     -  
Adjusted non-GAAP income   $ 31,824   $ 26,873   $ 109,817   $ 111,448   $ 26,604  
                                 
Basic non-GAAP income per share                                
  GAAP earnings per share   $ 0.12   $ 0.07   $ 0.33   $ 0.12   $ 0.11  
  Impact of all non-GAAP adjustments   $ 0.18   $ 0.19   $ 0.70   $ 0.97   $ 0.14  
  Non-GAAP earnings per share   $ 0.30   $ 0.26   $ 1.03   $ 1.09   $ 0.25  
                                 
Diluted non-GAAP income per share                                
  GAAP earnings per share   $ 0.12   $ 0.07   $ 0.32   $ 0.11   $ 0.11  
  Impact of all non-GAAP adjustments   $ 0.17   $ 0.18   $ 0.69   $ 0.93   $ 0.14  
  Non-GAAP earnings per share   $ 0.29   $ 0.25   $ 1.01   $ 1.04   $ 0.25  
                                 
Shares used in computing non-GAAP income per share                                
  Basic     107,612     104,005     106,678     101,408     107,180  
  Diluted     109,386     107,535     108,870     106,819     108,128  
                                 

Finisar-F

Investor Contact:
Kurt Adzema
Chief Financial Officer
408-542-5050 or
Investor.relations@finisar.com

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Director, Corporate Communications
408-542-4261

Source: Finisar

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