Earnings Call Excerpt
Finisar Corporation (FNSR)
F2Q09 Earnings Call
December 9, 2008 5:00 pm ET
Executives
Jerry Rawls - Chairman, President, and Chief Executive Officer
Eitan Gertel - Chief Executive Officer
Stephen Workman - Chief Financial Officer, Senior Vice President of Finance, Secretary
Analysts
John Harmon - Needham & Co.
Natarajan Subrahmanyan - Sanders Morris Harris Group
Ajit Pai - Thomas Weisel Partners
Paul A. Bonenfant - Morgan Keegan & Co.
John Lau - Jefferies & Company
Presentation
Operator
Good afternoon. My name is Kara and I will be your operator today. I would like to welcome everyone to the Finisar second quarter financial results conference call. (Operator Instructions) Jerry Rawls, President and Executive Chairman of the Board for Finisar, Eitan Gertel, Chief Executive Officer for Finisar, and Steve Workman, Chief Financial Officer, will be hosting this call. (Operator Instructions) Mr. Rawls, Mr. Gertel, and Mr. Workman, you may begin your conference.
Jerry Rawls
Good afternoon, everyone. We appreciate your taking the time to listen to our conference call today. A replay of this call should appear on our website within eight hours. An audio replay will be available for two weeks by calling 800-642-1687 for domestic or 706-645-9291 for international. Enter ID #74889122.
Now I need to remind all of you that any forward-looking statements in today’s discussion are subject to risks and uncertainties which are discussed at length in our most recent quarterly SEC filing. Actual events and results can differ materially from these forward-looking statements.
As a reminder, we break down our revenues between two business segments: optics and network test equipment, which we often refer to as network tools. In addition, we break down our optic revenues by distance with optical transceivers design for short distance data center links designated as LAN/SAN, and optical products designed for longer distance applications, referred to as either metro telecom or analog and CATV. We also identify those products capable of transmission speeds greater than 10 gigabits per second. WE also break down of our revenues by going to the Investor Relation section of our website and looking under financial information.
Now turning to Finisar’s results for the second quarter of fiscal 2009 which ended on November 2, 2008. Total revenues $159.5 million, up $30.8 million or 23.9% from $128.7 million in the previous quarter. Our original guidance for the quarter was for revenues to be between $156 and $167 million.
Optics revenues of $147.7 million were up $32 million or 27.6% from $115.8 million in the previous quarter, reflecting the impact of the merger with Optium, which became effective on August 29.. As a result of that closing date, we picked up only two months of their operating results in this quarter. That’s important to understand, not only for the impact on revenues this quarter, but also for the increase in operating costs and expenses compared to last quarter.
- To read the full transcript on Seeking Alpha, click here »
