Contact:
Keting Lin, IR Associate
Alliance Fiber Optic Products, Inc. February 04, 2015
Phone: 408-736-6900 x188

AFOP REPORTS RECORD ANNUAL SALES AND OPERATING PROFITS FOR 2014.
WITH SEQUENTIAL GROWTH GUIDANCE

Sunnyvale, CA – February 4, 2015 - Alliance Fiber Optic Products, Inc. (Nasdaq GM: AFOP), an innovative supplier of fiber optic components, subsystems and integrated modules for the optical network equipment market, today reported its financial results for the fourth quarter and year ended December 31, 2014.

Revenues for the fourth quarter of 2014 totaled $18,809,000, a 4% increase from revenues of $18,096,000 reported in the previous quarter and a 14% decrease from revenues of $21,804,000 reported in the fourth quarter of 2013. The Company recorded net income for the fourth quarter of 2014 of $3,961,000, or $0.22 per share, compared to $4,303,000, or $0.23 per share for the previous quarter, and compared to net income for the fourth quarter of 2013 of $7,055,000, or $0.38 per share. Included in net income for the fourth quarter of 2014, the third quarter of 2014 and the fourth quarter of 2013 are an income tax provision adjustment of $216,000, and income tax benefit adjustments of $168,000 and $2,335,000 respectively, as a result of deferred income tax benefits and expenses based on utilization of previous net operating loss. Excluding these adjustments, net income in the fourth quarter of 2014 was $4,177,000, or $0.23 per share, compared to net income in the previous quarter of $4,135,000, or $0.22 per share and net income in the fourth quarter of 2013 of $4,720,000, or $0.26 per share.

Revenues for the year ended December 31, 2014 were $85,987,000, a 13% increase over revenues of $76,070,000 reported in the previous year. Operating income for the year ended December 31, 2014 was $21,603,000, compared with $17,101,000 for the previous year. The Company recorded a net profit for the year ended December 31, 2014 of $17,061,000, or $0.92 per share. This compares with a net profit of $18,808,000, or $1.06 per share, for the year ended December 31, 2013. Included in net income for the year ended December 31, 2014 and the year ended December 31, 2013 are an income tax provision adjustment of $2,841,000 and an income tax benefit adjustment of $2,335,000, respectively, as a result of deferred income tax benefit and expenses based on utilization of net operating loss. Excluding these adjustments, net income in the year ended December 31, 2014 was $19,902,000, or $1.08 per share, compared to net income in the year ended December 31, 2013 of $16,473,000, or $0.93 per share.

“Fiscal year 2014 represented a year of continued record setting growth for AFOP,” commented Peter Chang, President and Chief Executive Officer. “Despite the softer second half of 2014, overall annual revenues grew 13% to a new record level. With our operational efficiency, we achieved quarterly gross margins above the average of our peers throughout the year, which resulted in improved annual gross margins, from 38% in 2013 to 40% in 2014. More importantly, our operating profits increased to record levels again in 2014. In addition,


The following information was filed by Alliance Fiber Optic Products Inc (AFOP) on Wednesday, February 4, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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