-- Revenues from 10/40 Gbps products increased to approximately
$29 million in the quarter, up $11 million from $18 million in the
prior quarter. Of this increase:
- Approximately $8 million was from increased shipments of the
Company's SFP+, XFP and X2 transceivers for 10 Gbps Ethernet and
Sonet applications.
- Approximately $2 million was from the sale of 40 Gbps 300 pin
transponders that we were unable to ship in the second quarter due
to firmware problems. Those problems were corrected and the
products were shipped in the third quarter.
-- Revenues from the sale of 8Gbps Fibre Channel SAN transceivers exceeded
$2 million in the quarter.
The Company currently expects fourth quarter revenues will be in the range
of $110-$115 million. The Company also reported that its balance of cash
and investments that could be readily converted into cash rose to
approximately $122 million, up from $115 million in the prior quarter.
Finisar plans to review its third quarter results and discuss its business
outlook during a conference call for investors at 5:00 p.m. EST (2:00 p.m.
PST) on March 3, 2008. The call will be broadcast live over the Internet
on the Investor Relations section of Finisar's web site, located at
www.Finisar.com. To listen to the Webcast, interested investors are
encouraged to log onto the broadcast at least 15 minutes prior to the call.
Participating in the call will be Jerry Rawls, Finisar's President and CEO,
and Steve Workman, Finisar's CFO.
SAFE HARBOR UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACTS OF 1995
The statements contained in this press release that are not purely
historical are forward-looking statements within the meaning of Section 21E
of the Securities Exchange Act of 1934, as amended, including statements
regarding expected revenues for the third and fourth fiscal quarter. All
forward-looking statements included in this press release are based upon
information available to Finisar as of the date hereof, and Finisar assumes
no obligation to update any such forward-looking statements.
Forward-looking statements involve risks and uncertainties which could
cause actual results to differ materially from those projected. These risks
include those associated with the normal quarterly financial closing
process which could result in adjustments to preliminary third quarter
financial results. Risks that could affect the Company's fourth quarter
revenues include those associated with the rapidly evolving markets for
Finisar's products and uncertainty regarding the development of these
markets; Finisar's historical dependence on sales to a limited number of
customers and fluctuations in the mix of products and customers in any
period; ongoing new product development and introduction of new and
enhanced products; the challenges of rapid growth followed by periods of
contraction; and intensive competition. Additional risks include the
impact of any regulatory review or civil litigation arising from the recent
filing of restated financial information. Further information regarding
these and other risks relating to Finisar's business is set forth in
Finisar's Annual Report on Form 10-K and other reports as filed with the
Securities and Exchange Commission.
ABOUT FINISAR
Finisar Corporation (Contact Information: Contact: Steve Workman Chief Financial Officer 408-548-1000 Investor Relations 408-542-5050 investor.relations@Finisar.com