Telecoms ♦ financial news
preceding quarter and up $95.2 million, or 65.3%, from $145.7 million in the second quarter of the prior year.
Compared to the preceding quarter, the sale of 10 Gbps or faster products increased $13.3 million, or 14.1%, the sale of less than 10 Gbps products increased $12.1 million, or 15.4%, the sale of ROADM related products, including wavelength selective switches (WSS) increased $8.3 million, or 27.3%, and the sale of products for analog and cable television (CATV) applications decreased $0.7 million, or (15.6)%.
Compared to the second quarter of 2009, the sale of 10 Gbps or faster products increased $52.0 million, or 94.0%, the sale of less than 10 Gbps products increased $21.3 million, or 30.5%, the sale of ROADM related products increased $23.3 million, or 151.0%, and the sale of products for CATV applications decreased $1.4 million, or (28.6)%.
Gross margin increased to 34.2% from 34.1% in the preceding quarter and 27.3% in the second quarter of the prior year. Operating income increased to $36.1 million, or 15.0% of revenues, compared to $23.7 million, or 11.4% of revenues, in the preceding quarter and an operating loss of $(2.0) million, or (1.3)% of revenues, in the second quarter of the prior year.
Net income from continuing operations was $33.8 million, or $0.39 per diluted share, compared to $19.4 million, or $0.24 per diluted share, in the preceding quarter and a loss of $(31.4) million, or $(0.49) per share, in the second quarter of the prior year.
Cash generated during the second quarter, after working capital adjustments and capital expenditures, excluding the items described in the next paragraph, totaled $18.0 million. Accounts receivable and inventory increased $20.8 million and $12.4 million, respectively.
The increase in accounts receivable was driven by increased revenue levels as days sales outstanding, or DSOs, were 66 days compared to 67 days in the prior quarter. The increase in inventory was due in part to planned inventory build-up in anticipation of further revenue growth in the third quarter. Capital expenditures were $13.4 million compared to $12.1 million in the preceding quarter and $7.6 million in
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www.compoundsemiconductor.net November/December 2010 the second quarter of the prior year.
In addition during the quarter, the Company received $11.3 million in cash, net of related legal fees, under a settlement and cross license agreement with Source Photonics, Inc. This settlement resolved a lawsuit brought by Finisar claiming infringement of Finisar patents.
Finisar also paid $29.6 million in cash to retire convertible subordinated notes which matured on October 15, 2010 and made scheduled principal payments of an additional $1.0 million on its Malaysian debt.
Finally, the Company used $5.9 million in cash to make a strategic minority investment in a small opto-electronics company.
Cash and cash equivalents totaled $184.9 million at the end of the second quarter compared to $192.2 million at the end of the preceding quarter.
Under Finisar’s $70.0 million secured credit facility with Wells Fargo Foothill, LLC, no borrowings were outstanding and $66.6 million was available to borrow at the end of the second quarter.
JDSU Stockholders Approve All Proposals at 2010 Annual Meeting
The firm plan to increase the maximum number of shares of common stock that may be issued under the 2003 Plan by 12,200,000.
JDSU has announced the results of its Annual Meeting of Stockholders held on November 30, 2010. Stockholders approved all three proposals presented for their consideration.
Firstly, Martin A. Kaplan and Kevin J. Kennedy were re-elected to serve on JDSU’s Board of Directors for three year terms ending in 2013.
Secondly, stockholders approved an amendment to the JDSU’s Amended and Restated 2003 Equity Incentive Plan to increase the maximum number of shares of common stock that may be issued under the 2003 Plan by 12,200,000.
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