Finisar Corporation (NASDAQ:FNSR) reported its results for the first quarter. Finisar Corporation is a provider of optical subsystems and components that connect short-distance local area networks, or LANs, and storage area networks, or SANs, and longer distance metropolitan area networks, or MANs and wide area networks, or WANs.

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Finisar Earnings Cheat Sheet for the First Quarter

Results: Net income for Finisar Corporation fell to $10.1 million (11 cents per share) vs. $19.1 million (23 cents per share) a year earlier. This is a decline of 47% from the year earlier quarter.

Revenue: Rose 9.8% to $228.2 million from the year earlier quarter.

Quoting Management: “In our just completed fiscal first quarter, our revenues were $228.2 million, 9.8% greater than the prior year period but 3.7% less than the preceding quarter. The sequential decline in revenues was primarily driven by continued softness in demand from our telecom customers, particularly Chinese OEMs. We achieved a non-GAAP gross margin of 32.1%, exceeding our prior guidance of 30.7% to 31.7%. This resulted from lower than expected manufacturing costs. Our non-GAAP earnings per diluted share were $0.21, exceeding our prior guidance of $0.16 to $0.20, as our operating expenses were also lower than expected,” said Jerry Rawls, Finisar’s executive Chairman of the Board.

Key Stats:

Revenue has risen the past four quarters. Revenue increased 25.7% to $236.9 million in the fourth quarter of the last fiscal year. The figure rose 57.6% in the third quarter of the last fiscal year from the year earlier and climbed 65.3% in the second quarter of the last fiscal year from the year-ago quarter.

Competitors to Watch: JDS Uniphase Corporation (NASDAQ:JDSU), Oclaro, Inc. (NASDAQ:OCLR), Oplink Communications, Inc (NASDAQ:OPLK), EMCORE Corporation (NASDAQ:EMKR), Opnext, Inc. (NASDAQ:OPXT), Alliance Fiber Optic Products, Inc. (NASDAQ:AFOP), Cisco Systems, Inc. (NASDAQ:CSCO), and Arris Group, Inc. (NASDAQ:ARRS).

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(Source: Xignite Financials)

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