StockSelector.com
  Research, Select, & Monitor Friday, July 21, 2017 10:33:16 AM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Finisar Corporation$27.33($.03)(.11%)

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Finisar Announces All-time Record Fiscal 2017 Revenues
   Thursday, June 15, 2017 4:01:20 PM ET

Finisar Corporation (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, ended April 30, 2017.

COMMENTARY

"Revenues for fiscal 2017, were $1.449 billion, an all-time record for Finisar and an increase of $186.1 million, or 14.7%, over fiscal 2016. Despite continued robust demand in our fourth fiscal quarter for our 100G QSFP28 transceivers for datacenter applications, which grew over 30% over the third quarter, our overall revenues were $357.5 million, a decrease of $23.1 million, or 6.1%, compared to the third quarter. This decline was primarily the result of a decline in telecom revenues due to lower revenues from our Chinese OEM customers and the impact of the full three months of the annual telecom price erosion," said Jerry Rawls, Finisar’s Chief Executive Officer.

FINANCIAL HIGHLIGHTS - Fourth Quarter Ended April 30, 2017
Summary GAAP Results              Fourth             Third
                                  Quarter            Quarter
                                  Ended              Ended
                                  April 30, 2017     January 29, 2017
                                  (in thousands, except per share amounts)
Revenues                          $     357,527      $     380,588
Gross margin                            35.0   %           35.9    %
Operating expenses                $     84,324       $     81,731
Operating income                  $     40,839       $     54,906
Operating margin                        11.4   %           14.4    %
Net income                        $     130,245      $     46,387
Income per share-basic            $     1.17         $     0.42
Income per share-diluted          $     1.13         $     0.40
Basic shares                            111,438            110,956
Diluted shares                          115,242            114,873
Summary Non-GAAP Results (a)
                                  Fourth             Third
                                  Quarter            Quarter
                                  Ended              Ended
                                  April 30, 2017     January 29, 2017
                                  (in thousands, except per share amounts)
Revenues                          $     357,527      $     380,588
Non-GAAP Gross margin                   36.2      %        37.0    %
Non-GAAP Operating expenses       $     70,952       $     70,538
Non-GAAP Operating income         $     58,411       $     70,375
Non-GAAP Operating margin               16.3      %        18.5    %
Non-GAAP Net income               $     57,515       $     67,204
Non-GAAP Income per share-basic   $     0.52         $     0.61
Non-GAAP Income per share-diluted $     0.50         $     0.59
Basic shares                            111,438            110,956
Diluted shares                          115,242            114,873

_____________

(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 2017:

-- Revenues were $357.5 million, a decrease of $23.1 million, or (6.1)%, from $380.6 million in the third quarter.

-- Sales of datacom products decreased by $2.8 million, or (1.1)%, compared to the third quarter. Sales of 100G QSFP28 transceivers for datacom applications increased over 30% compared to the prior quarter; however, this increase was more than offset by lower demand for other datacom products, primarily our 10G and below shortwave transceivers.

-- Sales of telecom products decreased by $20.2 million, or (18.2)%, compared to the third quarter. This decrease was primarily due to reduced revenues from our Chinese OEM customers and the impact of the full three months of the annual telecom price erosion.

-- GAAP gross margin was 35.0% compared to 35.9% in the third quarter primarily due to the impact of the full three months of the annual telecom price erosion.

-- Non-GAAP gross margin was 36.2% compared to 37.0% in the third quarter.

-- GAAP operating expenses were $84.3 million compared to $81.7 million in the third quarter.

-- Non-GAAP operating expenses were $71.0 million compared to $70.5 million in the third quarter.

-- GAAP operating margin was 11.4% compared to 14.4% in the third quarter.

-- Non-GAAP operating margin was 16.3% compared to 18.5% in the third quarter.

-- GAAP earnings per fully diluted share was $1.13 compared to $0.40 in the third quarter. In the fourth quarter of fiscal 2017, the Company realized a non-cash benefit of $103.3 million to the GAAP income tax provision due to the release of a significant portion of its valuation allowance against certain U.S. deferred tax assets.

-- Non-GAAP earnings per fully diluted share was $0.50 compared to $0.59 in the third quarter primarily due to the lower revenue levels.

-- Cash, cash equivalents and short-term investments increased $22.6 million to approximately $1.2 billion at the end of the fourth quarter.

FINANCIAL HIGHLIGHTS - Fiscal Year Ended April 30, 2017
Summary GAAP Results
                                   Fiscal Year           Fiscal Year
                                   Ended                 Ended
                                   April 30, 2017        May 1, 2016
                                   (in thousands, except per share amounts)
Revenues                           $     1,449,303       $     1,263,166
Gross margin                             34.8      %           28.1      %
Operating expenses                 $     326,762         $     313,627
Operating income                   $     176,884         $     41,022
Operating margin                         12.2      %           3.2       %
Net income                         $     249,346         $     35,193
Income per share-basic             $     2.26            $     0.33
Income per share-diluted           $     2.19            $     0.32
Basic shares                             110,405               106,678
Diluted shares                           114,097               108,870
Summary Non-GAAP Results (b)
                                   Fiscal Year           Fiscal Year
                                   Ended                 Ended
                                   April 30, 2017        May 1, 2016
                                   (in thousands, except per share amounts)
Revenues                           $     1,449,303       $     1,263,166
Non-GAAP Gross margin                    35.9         %        30.3      %
Non-GAAP Operating expenses        $     280,252         $     269,909
Non-GAAP Operating income          $     240,556         $     112,333
Non-GAAP Operating margin                16.6         %        8.9       %
Non-GAAP Net income                $     231,698         $     109,817
Non-GAAP Income per share-basic    $     2.10            $     1.03
Non-GAAP Income  per share-diluted $     2.03            $     1.01
Basic shares                             110,405               106,678
Diluted shares                           114,097               108,870

_____________

(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 2017:

-- Revenues were $1,449.3 million, an increase of $186.1 million, or 14.7%, from $1,263.2 million in the preceding year.

-- Sales of products for datacom applications increased by $112.6 million, or 12.1%, compared to the preceding year. This increase was due primarily to growth in demand for 100G transceivers, which grew over 80% compared to the prior year.

-- Sales of products for telecom applications increased by $73.5 million, or 22.0%, compared to the preceding year primarily driven by growth in the demand for 100G.

-- GAAP gross margin was 34.8% compared to 28.1% in the preceding year primarily due to favorable product mix.

-- Non-GAAP gross margin was 35.9% compared to 30.3% in the prior year.

-- GAAP operating expenses were $326.8 million compared to $313.6 million in the prior year.

-- Non-GAAP operating expenses were $280.3 million compared to $269.9 million in the prior year.

-- GAAP operating margin was 12.2% compared to 3.2% in the prior year.

-- Non-GAAP operating margin was 16.6% compared to 8.9% in the prior year.

-- GAAP earnings per fully diluted share was $2.19 compared to $0.32 in the preceding year. During fiscal 2017, the Company realized a non-cash benefit of $103.3 million to the GAAP income tax provision due to the release of a significant portion of its valuation allowance against certain U.S. deferred tax assets.

-- Non-GAAP earnings per fully diluted share was $2.03 compared to $1.01 in the preceding year.

-- Cash, cash equivalents and short term investments increased $674.3 million to $1.2 billion at the end of the fiscal year, compared to $562.5 million at the end of the preceding fiscal year. This increase was primarily due to the issuance of $575.0 million of 0.50% convertible notes due in December 2036, which yielded net proceeds of $569.3 million. Excluding those net proceeds, cash would have increased $105.0 million during the year.

OUTLOOK

Finisar indicated that for the first quarter of fiscal 2018 it currently expects revenues in the range of $330 to $350 million, non-GAAP gross margin of approximately 35%, non-GAAP operating margin of approximately 14%, and non-GAAP earnings per fully diluted share in the range of approximately $0.37 to $0.43.

Finisar has not provided a reconciliation of its first quarter outlook for non-GAAP gross margin, non-GAAP operating margin and non-GAAP earnings per fully diluted share because estimates of all of the reconciling items cannot be provided without unreasonable efforts. It is difficult to reasonably provide a forward-looking estimate of certain reconciling items between such non-GAAP forward-looking measures and the comparable forward-looking GAAP measures. Certain factors that are materially significant to Finisar’s ability to estimate these items are out of its control and/or cannot be reasonably predicted, including with respect to restructuring charges, litigation settlements and resolutions and related costs, and the timing of tax related adjustments. Accordingly, a reconciliation of such non-GAAP forward-looking measures to the comparable forward-looking GAAP measures are not available within a reasonable range of predictability.

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 15, 2017, 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 1-(855) 473-9088 (domestic) or 1- (720) 405-0995 (international) and enter conference ID 61562686.

An audio replay will be available for two weeks following the call by dialing 1- (855) 859-2056 (domestic) or 1-404-537-3406 (international) and then following the prompts: enter conference ID 61562686 and provide your name, affiliation, and contact number. A replay of the webcast will be available shortly after the conclusion of the call on Finisar’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 17, 2016) and quarterly SEC filings.

ABOUT FINISAR

Finisar Corporation (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 Statements of Operations
(Unaudited, in thousands, except per share data)
                                                                              Three Months Ended                  Twelve Months Ended                     Three Months Ended
                                                                              Apr 30, 2017       May 1, 2016      Apr 30, 2017         May 1, 2016        Jan 29, 2017
Revenues                                                                      $    357,527       $   318,794      $    1,449,303       $   1,263,166      $      380,588
Cost of revenues                                                                   231,374           226,723           941,164             901,316               242,961
Impairment of long-lived assets                                                    -                 -                 -                   1,071                 -
Amortization of acquired developed technology                                      990               1,630             4,493               6,130                 990
Gross profit                                                                       125,163           90,441            503,646             354,649               136,637
Gross margin                                                                       35.0    %         28.4    %         34.8      %         28.1      %           35.9    %
Operating expenses:
Research and development                                                           58,973            50,169            217,914             203,389               54,691
Sales and marketing                                                                12,322            11,621            50,644              46,619                13,092
General and administrative                                                         12,316            13,848            55,442              60,117                13,235
Impairment of long-lived assets                                                    -                 -                 -                   830                   -
Amortization of purchased intangibles                                              713               668               2,762               2,672                 713
Total operating expenses                                                           84,324            76,306            326,762             313,627               81,731
Income from operations                                                             40,839            14,135            176,884             41,022                54,906
Interest income                                                                    3,299             802               6,763               2,345                 1,717
Interest expense                                                                   (8,953  )         (3,017  )         (20,363   )         (11,750   )           (5,399  )
Other income (expenses), net                                                       (488    )         (80     )         (90       )         3,214                 (338    )
Income before income taxes                                                         34,697            11,840            163,194             34,831                50,886
Provision (benefit) for income taxes                                               (95,548 )         (1,232  )         (86,152   )         (362      )           4,499
Net income                                                                    $    130,245       $   13,072       $    249,346         $   35,193         $      46,387
Net income per share attributable to Finisar Corporation common stockholders:
Basic                                                                         $    1.17          $   0.12         $    2.26            $   0.33           $      0.42
Diluted                                                                       $    1.13          $   0.12         $    2.19            $   0.32           $      0.40
Shares used in computing net income per share - basic                              111,438           107,612           110,405             106,678               110,956
Shares used in computing net income per share - diluted                            115,242           109,386           114,097             108,870               114,873
Finisar Corporation
Consolidated Balance Sheets
(in thousands)
                                               Apr 30, 2017            Jan 29, 2017            Oct 30, 2016                    Jul 31, 2016          May 1, 2016
                                               (Unaudited)             (Unaudited)             (Unaudited)                     (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents                      $         260,228       $         240,593       $         282,963               $    280,414          $   299,221
Short-term held-to-maturity investments                  976,595                 973,675                 343,319                    313,389              263,255
Accounts receivable, net                                 272,377                 280,098                 277,667                    255,036              249,257
Accounts receivable, other                               48,807                  58,498                  49,997                     43,678               44,576
Inventories                                              331,388                 312,271                 292,439                    272,592              273,291
Prepaid expenses and other assets                        19,462                  20,526                  17,140                     18,646               18,483
Total current assets                                     1,908,857               1,885,661               1,263,525                  1,183,755            1,148,083
Property, equipment and improvements, net                383,919                 357,039                 341,563                    338,918              348,613
Purchased intangible assets, net                         13,019                  14,638                  16,339                     16,197               18,388
Goodwill                                                 106,735                 106,735                 106,735                    106,735              106,735
Minority investments                                     3,161                   3,322                   3,893                      3,974                4,051
Other assets                                             16,964                  19,072                  14,102                     15,365               14,656
Deferred tax assets                                      107,225                 5,203                   3,906                      3,563                4,845
Total assets                                   $         2,539,880     $         2,391,670     $         1,750,063             $    1,668,507        $   1,645,371
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable                               $         140,568       $         155,916       $         153,023               $    136,317          $   141,591
Accrued compensation                                     54,520                  50,640                  45,213                     36,332               36,084
Other accrued liabilities                                43,697                  43,081                  36,736                     39,201               42,206
Deferred revenue                                         13,015                  14,965                  17,818                     16,468               13,529
Total current liabilities                                251,800                 264,602                 252,790                    228,318              233,410
Long-term liabilities:
Convertible notes                                        707,782                 699,903                 234,679                    232,016              229,393
Other non-current liabilities                            17,594                  12,594                  13,279                     14,056               14,882
Total liabilities                                        977,176                 977,099                 500,748                    474,390              477,685
Stockholders’ equity:
Common stock                                             112                     111                     111                        110                  108
Additional paid-in capital                               2,784,204               2,768,396               2,639,355                  2,621,260            2,605,859
Accumulated other comprehensive income (loss)            (57,865    )            (59,944    )            (49,772    )               (38,109    )         (25,188    )
Accumulated deficit                                      (1,163,747 )            (1,293,992 )            (1,340,379 )               (1,389,144 )         (1,413,093 )
Total stockholders’ equity                               1,562,704               1,414,571               1,249,315                  1,194,117            1,167,686
Total liabilities and stockholders’ equity     $         2,539,880     $         2,391,670     $         1,750,063             $    1,668,507        $   1,645,371
Note - Balance sheet amounts as of May 1, 2016 are derived from the audited consolidated financial statements as of the date.

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 Finisar’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 that 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:

-- Impairment of long-lived/other assets (non-cash charges);

-- Gain or loss on litigation settlements and resolutions and related costs (non-core cash charges or benefits);

-- Shareholder class action and derivative litigation (non-core cash charge);

-- Unclaimed property tax audit accrual (non-core charges and benefits);

-- Acquisition related costs (non-core cash charge) 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:

-- Other interest income (non-core cash benefits);

-- Imputed interest expenses on convertible debt (non-cash charges);

-- Imputed interest related to restructuring (non-cash charges);

-- 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);

-- Loss (gain) related to minority investment (non-core charges or benefits);

-- 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 including the non-cash benefit of to the GAAP income tax provision due to the release of a significant portion of the valuation allowance against certain U.S. deferred tax assets.

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
                                                                  Apr 30, 2017          May 1, 2016         Apr 30, 2017          May 1, 2016      Jan 29, 2017
GAAP to non-GAAP reconciliation of gross profit:
Gross profit - GAAP                                               $    125,163          $   90,441          $    503,646          $   354,649      $      136,637
Gross margin - GAAP                                                    35.0    %            28.4    %            34.8    %            28.1    %           35.9    %
Adjustments:
Cost of revenues
Change in excess and obsolete inventory valuation adjustments (1)      -                    2,102                -                    7,227               -
Amortization of acquired technology                                    990                  1,630                4,493                6,130               990
Duplicate facility costs during facility move                          10                   8                    36                   101                 10
Stock compensation                                                     3,071                2,847                12,249               11,000              3,182
Impairment of long-lived assets                                        -                    -                    -                    1,282               -
Reduction in force costs                                               103                  369                  287                  1,704               68
Acquisition related retention payment                                  26                   28                   97                   149                 26
Total cost of revenue adjustments                                      4,200                6,984                17,162               27,593              4,276
Gross profit - non-GAAP                                                129,363              97,425               520,808              382,242             140,913
Gross margin - non-GAAP                                                36.2    %            30.6    %            35.9    %            30.3    %           37.0    %
GAAP to non-GAAP reconciliation of operating income:
Operating income - GAAP                                                40,839               14,135               176,884              41,022              54,906
Operating margin - GAAP                                                11.4    %            4.4     %            12.2    %            3.2     %           14.4    %
Adjustments:
Total cost of revenue adjustments                                      4,200        #       6,984       #        17,162       #       27,593              4,276
Total operating expense adjustments
Operating expenses - GAAP                                              84,324               76,306               326,762              313,627             81,731
Research and development
Reduction in force costs                                               46                   386                  338                  904                 30
Duplicate facility costs during facility move                          10                   7                    34                   284                 10
Acquisition related retention payment                                  32                   32                   128                  222                 32
Stock compensation                                                     5,613                4,855                21,737               19,386              5,461
Impairment of long-lived/other assets                                  2,387                -                    2,387                287                 -
Sales and marketing
Reduction in force costs                                               19                   1                    48                   225                 -
Acquisition related retention payment                                  2                    -                    2                    15                  -
Stock compensation                                                     1,889                1,747                7,438                6,885               1,921
General and administrative
Reduction in force costs                                               5                    49                   58                   1,403               20
Duplicate facility costs during facility move                          176                  24                   641                  191                 168
Acquisition related retention payment                                  -                    4                    (2      )            (1      )           -
Stock compensation                                                     2,823                2,381                11,172               10,241              2,807
Acquisition related costs                                              (343    )            (1      )            (289    )            434                 21
Litigation settlements and resolutions and related costs               -                    1                    93                   17                  47
Shareholder class action and derivative litigation costs               -                    (184    )            -                    (184    )           -
Unclaimed property tax audit accrual                                   -                    150                  (37     )            150                 (37     )
Amortization of purchased intangibles                                  713                  668                  2,762                2,672               713
Impairment of  long-lived assets/intangible assets                     -                    -                    -                    587                 -
Total operating expense adjustments                                    13,372               10,120               46,510               43,718              11,193
Operating expenses - non-GAAP                                          70,952               66,186               280,252              269,909             70,538
Operating income - non-GAAP                                            58,411               31,239               240,556              112,333             70,375
Operating margin - non-GAAP                                            16.3    %            9.8     %            16.6    %            8.9     %           18.5    %
GAAP to non-GAAP reconciliation of income before income taxes:
Income before income taxes - GAAP                                      34,697               11,840               163,194              34,831              50,886
Adjustments:
Total cost of revenue adjustments                                      4,200                6,984                17,162               27,593              4,276
Total operating expense adjustments                                    13,372               10,120               46,510               43,718              11,193
Other interest income                                                  -                    (6      )            -                    (119    )           -
Non-cash imputed interest expenses on convertible debt                 7,494                2,449                16,936               9,605               4,464
Imputed interest related to restructuring                              32                   40                   141                  171                 34
Other (income) expense, net
Loss (gain) on sale of assets                                          124                  165                  134                  (579    )           35
Loss related to minority investments                                   -                    -                    643                  -                   643
Other miscellaneous income                                             (115    )            (184    )            (395    )            (1,824  )           (280    )
Foreign exchange transaction (gain) or loss                            326                  362                  (877    )            925                 (204    )
Amortization of  debt issuance cost                                    385                  154                  950                  616                 257
Total Interest and other adjustments                                   8,246                2,980                17,532               8,795               4,949
Income before income taxes - non-GAAP                                  60,515               31,924               244,398              114,937             71,304
GAAP to non-GAAP reconciliation of net income:
Net income - GAAP                                                      130,245              13,072               249,346              35,193              46,387
Total cost of revenue adjustments                                      4,200                6,984                17,162               27,593              4,276
Total operating expense adjustments                                    13,372               10,120               46,510               43,718              11,193
Total Interest and other adjustments                                   8,246                2,980                17,532               8,795               4,949
Income tax provision adjustments                                       (98,548 )            (1,332  )            (98,852 )            (5,482  )           399
Total adjustments                                                      (72,730 )            18,752               (17,648 )            74,624              20,817
Net income - non-GAAP                                             $    57,515           $   31,824          $    231,698          $   109,817      $      67,204
Basic non-GAAP income per share
GAAP earnings per share                                           $    1.17             $   0.12            $    2.26             $   0.33         $      0.42
Impact of all non-GAAP adjustments                                $    (0.65   )        $   0.18            $    (0.16   )        $   0.70         $      0.19
Non-GAAP earnings per share                                       $    0.52             $   0.30            $    2.10             $   1.03         $      0.61
Diluted non-GAAP income per share
GAAP earnings per share                                           $    1.13             $   0.12            $    2.19             $   0.32         $      0.40
Impact of all non-GAAP adjustments                                $    (0.63   )        $   0.17            $    (0.16   )        $   0.69         $      0.19
Non-GAAP earnings per share                                       $    0.50             $   0.29            $    2.03             $   1.01         $      0.59
Shares used in computing non-GAAP income per share
Basic                                                                  111,438              107,612              110,405              106,678             110,956
Diluted                                                                115,242              109,386              114,097              108,870             114,873
(1) Non-GAAP adjustment no longer made effective fiscal 2017.

Finisar-F

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

Press contact:
Victoria McDonald
Director, Corporate Communications
408-542-4261

https://resource.globenewswire.com/Resource/Download/f09e8e7b-bf48-4b41-99b9-ae8cc43c032e?size=1

<img src="http://www.globenewswire.com/newsroom/ti?ndecode=MTUwIzY4MjQ5ODg=" alt="" width="1" height="1"/>



Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2017 StockSelector.com. All rights reserved.