Optical Communication Products, Inc. (Nasdaq: OCPI), a manufacturer
of fiber optic subsystems and modules for metropolitan area, local
area and storage area networks, today reported financial results
for the quarter ended March 31, 2006, which is the second quarter
of OCP's fiscal year ending September 30, 2006. Revenue for the
second quarter of fiscal 2006 increased 35.6% to $18.3 million from
$13.5 million for the same period in fiscal 2005, and increased
3.3% compared with $17.7 million for the first quarter of fiscal
2006. Net income for the second quarter of 2006 was $2.1 million
compared to a net loss of $1.1 million for the same period in
fiscal 2005, and net income $1.1 million for the first quarter of
fiscal 2006. The earnings per diluted share for the second quarter
of fiscal 2006 was $0.02 per share compared with a loss per diluted
share of $0.01 for the same period in fiscal 2005, and earnings per
diluted share of $0.01 for the first quarter of fiscal 2006. In
addition, during the second quarter of fiscal 2006, the Company
utilized approximately $582,000 of inventory in production that had
previously been written down to zero. "Our second quarter
performance was in line with our expectations and we are pleased
with the overall results," said Dr. Muoi Van Tran, OCP's Chairman
and CEO. "We also continue to enjoy a strong cash position, with
approximately $148.3 million in cash, cash equivalents and
marketable securities as of March 31, 2006." The current economic
environment continues to limit the company's visibility with
respect to its long-term revenue forecasts. In the short-term,
revenue in the third quarter ending June 30, 2006 is expected to be
within the range of $14 million to $16 million. "Our forecasted
reduction in revenue for the third quarter as compared to the
second quarter arises from a combination of factors, including a
shift in the mix of products sold, as well as a reduction in the
number of orders from some of our customers for reasons that appear
to be specific to their business," Dr. Tran added. "Despite the
lower revenue projections for the current quarter, we believe we
are maintaining our market share as orders from our two largest
customers remain consistent with our last quarter. Additionally, we
are taking the necessary and appropriate steps to position OCP for
continued growth in the future." Expanding OCP's Senior Management
Team OCP announced that its Board of Directors is expanding the
company's senior management team from three to five persons by
adding a new Chief Financial Officer and Vice President of
Manufacturing, and by promoting Susie L. Nemeti to the newly
created position of Senior Vice President of Corporate Affairs and
Administration and Chief Corporate Development Officer. Philip F.
Otto, who is currently serving as an advisor to OCP's finance
department, will become the company's interim CFO. The Company is
presently conducting a search for a permanent CFO, assisted by an
executive search firm. "The increasingly demanding environment in
which public companies are operating today, coupled with growth
opportunities being pursued by OCP, make it wise and timely for us
to augment our management team with another senior executive," said
Dr. Tran. "I am pleased Phil Otto has agreed to serve on an interim
basis while we conduct a nationwide search for a Chief Financial
Officer." Mr. Otto brings to OCP extensive financial management
experience in technology companies. Most recently, he was Chairman
and CEO of MedioStream, Inc., a California software company. He is
the former Chairman, Chief Executive Officer and Chief Financial
Officer of California Microwave, Inc., a NASDAQ-traded
communications equipment firm. Earlier in his career, Mr. Otto was
Chairman and CEO of Telco Systems, Inc., a publicly-traded fiber
optics equipment company. Mr. Otto holds a Bachelor of Science
degree from the Yale School of Engineering and an MBA from Harvard
Business School. Susie L. Nemeti, a co-founder of the company who
has been serving as Vice President of Finance and Administration,
Chief Accounting Officer, and Corporate Secretary, as well as Chief
Financial Officer since 1991, has been elevated to Senior Vice
President of Corporate Affairs and Administration and Chief
Corporate Development Officer. She will retain her position of
Corporate Secretary. Prior to joining OCP, Ms. Nemeti was Manager
of Accounting at PCO, Inc., a fiber optic products manufacturer,
and held positions as a Financial Analyst and Controller for five
years in real estate acquisitions and property management. Ms.
Nemeti has over 18 years of experience in the fiber optics industry
and earned her Bachelor of Science degree in business
administration and accounting from the University of Southern
California. Dr. Tran said, "Susie Nemeti, whose responsibilities
have included those of CFO, is a key member of our senior
management team. Her broad range of responsibilities has continued
to expand as OCP has grown. Adding a second financial executive
with public company experience will enable Susie to fully focus her
talents on the core areas of strategic and tactical business
development, legal affairs, and other critical activities. Her
guidance will continue to be instrumental to our growth and
success." OCP also announced today that Dr. Liew-Chuang Chiu, OCP's
Director of Manufacturing who joined the company in 2005, has been
promoted to Vice President of Manufacturing. From 2004 to 2005, Dr.
Chiu was a Director of Operations of JDS Uniphase Corporation. From
1998 to 2004, Dr. Chiu served as Vice President of Operations of
E2O, a fiber optics sub-systems company acquired by JDS in 2004.
Previously, Dr. Chiu was Manager of Research and Development with
Hewlett Packard's components operation in Singapore. He holds B.S.,
M.S. and Ph.D degrees in Applied Physics from the California
Institute of Technology. Additionally, OCP has promoted Mohammed
Ghorbanali to the position of Senior Vice President of Technical
Operations and Chief Operating Officer. He is a co-founder of OCP
and has been Vice President of Technical Operations and COO since
March 1999. From November 1991 to March 1999, Mr. Ghorbanali was
OCP's Vice President of Manufacturing, Research and Development.
Mr. Ghorbanali has more than 20 years experience in the fiber
optics field, and earned his Bachelor of Science degree in
electrical engineering as well as his Master's degree from San Jose
State University. The appointments of Mr. Otto, Ms. Nemeti, and Mr.
Ghorbanali become effective on May 15, 2006. Dr. Chiu's appointment
is effective immediately. About Optical Communication Products OCP
designs, manufactures and sells a comprehensive line of high
performance, highly reliable fiber optic subsystems and modules for
metropolitan area, local area and storage area networks. OCP's
subsystems and modules include optical transmitters, receivers,
transceivers and transponders that convert electronic signals into
optical signals and back to electronic signals, enabling high-speed
communication of voice and data traffic over public and private
fiber optic networks. For more information, visit OCP's web site at
www.ocp-inc.com. OCP was founded in 1991 and has its headquarters
in Woodland Hills, California. Furukawa Electric Co. Ltd., based in
Tokyo, beneficially owns 58.25% of OCP's outstanding capital stock
as of March 31, 2006. Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995: This release contains
forward-looking statements that involve risks and uncertainties.
Actual results may differ materially from the results predicted.
Important factors which could cause actual results to differ
materially from those expressed or implied in the forward-looking
statements include those detailed under "Risk Factors" and
elsewhere in filings with the Securities and Exchange Commission
made from time to time by OCP, including its periodic filings on
Forms 10-K, 10-Q and 8-K. Other factors that could cause our actual
results to differ materially from those expressed or implied in the
forward-looking statements include the risks that the market
downturn in the fiber optic communications market will last longer
than anticipated, our customers are unable to reduce their
inventory levels in the near-term, and we are unable to diversify
and increase our customer base. On September 29, 2003, OCP
announced that a special committee of its board of directors is
evaluating strategic alternatives to enhance shareholder value and
liquidity and that the special committee had retained Bear, Stearns
& Co. Inc., which is advising the committee in evaluating
strategic alternatives, including a special dividend, share
repurchases, strategic merger or sale of the Company. Other factors
that could cause OCP's actual results to differ materially from
those expressed or implied in the forward-looking statements
include the risk that none of the strategic alternatives being
evaluated will be implemented by OCP. OCP undertakes no obligation
to release publicly any revisions to any forward-looking statements
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. -0- *T Optical
Communication Products, Inc. Statements Of Operations (In
thousands, except per share data) Three Months Ended Six Months
Ended March 31, March 31, -------------------- --------------------
2006 2005 2006 2005 ----------- -------- ----------- --------
(Unaudited) (Unaudited) Revenue $18,342 $13,527 $36,090 $27,551
Cost of Revenue 11,969 8,991 23,408 17,550 ----------- --------
----------- -------- Gross Profit 6,373 4,536 12,682 10,001
----------- -------- ----------- -------- Operating expenses:
Research and development 2,497 3,918 5,759 7,645 Sales and
marketing 1,313 1,252 2,502 2,454 General and administrative 1,826
1,248 3,939 2,441 ----------- -------- ----------- -------- Total
expenses 5,636 6,418 12,200 12,540 ----------- -------- -----------
-------- Income (loss) from operations 737 (1,882) 482 (2,539)
----------- -------- ----------- -------- Other income, net 1,504
811 2,887 1,437 ----------- -------- ----------- -------- Income
(loss) before income taxes 2,241 (1,071) 3,369 (1,102) Income tax
provision 105 - 140 - ----------- -------- ----------- -------- Net
income (loss) $2,136 $(1,071) $3,229 $(1,102) =========== ========
=========== ======== Basic earnings (loss) per share $0.02 $(0.01)
$0.03 $(0.01) =========== ======== =========== ======== Diluted
earnings (loss) per share $0.02 $(0.01) $0.03 $(0.01) ===========
======== =========== ======== Basic Shares Outstanding 113,193
112,861 113,107 112,838 =========== ======== =========== ========
Diluted Shares Outstanding 114,144 112,861 113,995 112,838
=========== ======== =========== ======== *T -0- *T Optical
Communication Products, Inc. Balance Sheets (In thousands, except
share and per share data) March 31, September 30, -----------
------------- ASSETS 2006 2005 ----------- -------------
(Unaudited) Current Assets: Cash and cash equivalents $83,713
$83,975 Marketable securities 64,615 64,645 Accounts receivable
less allowance for doubtful accounts: $418 at March 31, 2006 and
$426 at September 30, 2005 11,468 9,481 Inventories 19,951 15,318
Deferred income taxes 735 Prepaid expenses and other current assets
574 1,017 ----------- ------------- Total current assets 181,056
174,436 Property, plant and equipment, net 23,440 24,914 Intangible
assets, net 686 902 ----------- ------------- Total $205,182
$200,252 =========== ============= LIABILITIES AND STOCKHOLDERS'
EQUITY Current Liabilities: Accounts payable $3,038 $3,169 Accounts
payable to related parties 5,027 4,095 Accrued bonus 1,319 1,916
Other accrued expenses 2,158 2,434 Income taxes payable 152 130
----------- ------------- Total current liabilities 11,694 11,744
----------- ------------- Other long-term liabilities 200 200
Stockholders' equity: Class A - common stock, $.001 par value;
200,000,000 shares authorized, 47,307,531 shares and 46,903,871
shares issued and outstanding at March 31, 2006 and September 30,
2005, respectively. 47 47 Class B - common stock $.001 par value;
66,000,000 shares authorized, 66,000,000 shares issued and
outstanding at March 31, 2006 and September 30, 2005 66 66
Additional paid-in capital 134,775 133,024 Retained earnings 58,400
55,171 ----------- ------------- Total stockholders' equity 193,288
188,308 ----------- ------------- Total $205,182 $200,252
=========== ============= *T
Optical Communication (NASDAQ:OCPI)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Optical Communication (NASDAQ:OCPI)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024