Earnings Drop While Datacom Revenues Climb at Finisar

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.