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NeoPhotonics Reports Third Quarter 2017 Financial Results


 Tags:   News: Cameras & Photography                This was published: 6 Nov 2017 - 09:26 pm         Print article: Printer friendly page
          

NeoPhotonics Corporation (NYSE: NPTN), a leading designer and manufacturer of optoelectronic solutions for the highest speed communications networks in telecom and datacenter applications, today announced financial results for its third quarter ended September 30, 2017.



“We are focused on growth initiatives in telecom, data center and cloud markets, as well as operational execution to lower our breakeven level as China continues with steady though muted demand,” said Tim Jenks, Chairman and CEO of NeoPhotonics. “Growth drivers in our markets include Metro deployments across the globe, China high speed build-outs in advance of 5G wireless, and data centers and big data applications that are embracing our higher speed technologies and leverage NeoPhotonics’ core strengths,” concluded Mr. Jenks.

Third Quarter Summary

  • Revenue was $71.1 million, in comparison to $73.2 million in the prior quarter
  • Gross margin was 14.8%, compared to 22.9% in the prior quarter
  • Non-GAAP Gross margin was 18.6%, compared to 23.9% in the prior quarter
  • Net loss was $18.2 million, compared to a net loss of $9.3 million in the prior quarter
  • Non-GAAP net loss was $10.9 million, compared to a net loss of $6.6 million in the prior quarter
  • Diluted net loss per share was $0.42, in comparison to a net loss of $0.22 per share in the prior quarter
  • Non-GAAP diluted net loss per share was $0.25, compared to a net loss of $0.15 in the prior quarter
  • Adjusted EBITDA was negative $4.5 million, compared to positive $48,000 in the prior quarter

Non-GAAP results in the third quarter of 2017 exclude $0.4 million of asset sale related costs and amortization of acquisition-related intangibles, $1.9 million of stock-based compensation expense, $2.0 million of end-of-life related inventory write-downs and $3.1 million of restructuring charges. A reconciliation of the Non-GAAP and Adjusted EBITDA financial measures to the most directly comparable GAAP financial measures is provided in the financial schedules portion at the end of this press release.

As of September 30, 2017, cash and cash equivalents, short-term investments and restricted cash, together totaled $73.7 million, compared to $79.0 million at June 30, 2017. Restricted cash as of September 30, 2017 was $2.9 million, down from $3.3 million at June 30, 2017.

Outlook for the Quarter Ending December 31, 2017

    GAAP   Non-GAAP
Revenue   $69 to $74 million
Gross Margin   19% to 22%   20% to 23%
Operating Expenses   $25 to $26 million   $23 to $24 million
Earnings per share   $0.29 to $0.19 net loss   $0.23 to $0.13 net loss
   

The Non-GAAP outlook for the fourth quarter of 2017 excludes the impact of expected amortization of intangibles of approximately $0.3 million, the anticipated impact of stock-based compensation of approximately $1.9 million, of which $0.3 million is estimated for cost of goods sold and $0.7 million for the expected impact of restructuring charges.

Non-GAAP and Adjusted EBITDA Measures vs. GAAP Financial Measures

The Company’s non-GAAP and adjusted EBITDA measures exclude certain GAAP financial measures. A reconciliation of the Non-GAAP and Adjusted EBITDA financial measures to the most directly comparable GAAP financial measures is provided in the financial schedules portion at the end of this press release. These non-GAAP financial measures differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. NeoPhotonics believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Conference Call

The Company will host a conference call today, Monday, November 6, 2017, at 4:30 P.M. Eastern Time (1:30 P.M. Pacific Time). The call will be available, live, to interested parties by dialing 800-239-9838. For international callers, please dial +1-323-794-2551. The Conference ID number is 9384833. A live webcast will be available in the Investor Relations section of NeoPhotonics’ website at: http://ir.neophotonics.com/phoenix.zhtml?c=236218&p=irol-calendar.

A replay of the webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days.

Article source - Business Wire, all right reserved. Copyright 2017
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Further information:
Organisation name:    NeoPhotonics Corporation
Organisation stock symbol: NYSE:NPTN


Latest stock price data for NYSE:NPTN

 


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