Earnings Drop While Datacom Revenues Climb at Finisar
SUNNYVALE, Calif., June 18, 2015 — Demand for data communications equipment drove an 8.1 percent increase in revenues at Finisar Corp. in fiscal 2015. But as the company closed its books May 3, it reported a nearly 90 percent drop in profits.
Net income for fiscal 2015 was $11.9 million, or 11 cents per diluted share, compared to $111.8 million, or $1.09 per diluted share the previous year. Revenues increased to $1.25 billion, up $94.1 million from $1.16 billion in fiscal 2014.
Sales of products for datacom applications increased by $111.4 million, or 13.6 percent, compared to the preceding year. Telecom product sales decreased by $17.3 million, or 5.2 percent, compared to the preceding year.
The company expects revenues in the range of $308 million to $328 million in the first quarter of fiscal 2016
Finisar develops fiber optic subsystems and components that enable high-speed voice, video and data communications for telecommunications, networking, storage, wireless and cable TV applications.