AFOP Announces Preliminary First Quarter 2016 Revenues
07 Abril 2016 - 8:43PM
Alliance Fiber Optic Products, Inc. (NASDAQ:AFOP), an innovative
supplier of fiber optic components, subsystems and integrated
modules for the optical network equipment market, today announced
preliminary first quarter 2016 revenues of approximately $12.4
million, which is lower than previously announce guidance. As
announced earlier today, AFOP also confirmed that it has entered
into a definitive merger agreement under which Corning Incorporated
(NYSE:GLW) will make an all-cash tender offer to acquire all of the
outstanding shares of AFOP.
Additional information regarding full first quarter
2016 results will be disclosed in AFOP’s Quarterly Report on Form
10-Q for the quarter ended March 31, 2016.
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 preliminary first
quarter 2016 revenue levels and the pending merger, 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,
and preliminary results should not be considered as an indication
of future performance. These risks and uncertainties include, but
not limited to, adjustments in the company’s accounts as the result
of the closing of the company’s books for the quarter, the impact
of the planned acquisition of the company by Corning Incorporated
on the company’s business, general economic conditions and trends,
trends in demand for bandwidth, the rate of conversion from copper
to fiber technology, 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, our ability
to ramp new products into volume production, the mix of products
sold and product pricing, 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, the success 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 annual report on Form 10-K for
the year ended December 31, 2015. 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.
Contact:
Alliance Fiber Optic Products, Inc.
Keting Lin, IR Associate
408-736-6900 x188
Email: klin@afop.com
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