Contact:

 

Keting Lin, IR Associate
Alliance Fiber Optic Products, Inc.
408-736-6900 x188
Email: klin@afop.com

April 22, 2015

AFOP REPORTS IMPROVED FINANCIAL RESULTS IN Q1 2015
WITH GUIDANCE FOR CONSECUTIVE SEQUENTIAL INCREASES IN Q2 2015

Sunnyvale, CA – April 22, 2015 - Alliance Fiber Optic Products, Inc. (Nasdaq GM: AFOP), an innovative supplier of fiber optic components, subsystems and integrated modules for the fiber optic communication market, today reported its financial results for the first quarter ended March 31, 2015.

Revenues for the first quarter of 2015 were $21,663,000, a 15% increase from revenues of $18,809,000 reported in the fourth quarter of 2014 and a 13% decrease from revenues of $24,882,000 reported in the first quarter of 2014.

Net income for the quarter ended March 31, 2015 $2,926,000, or $0.16 per share, compared to net income of $1,409,000, or $0.08 per share, for the fourth quarter of 2014, and net income of $5,015,000, or $0.27 per share, for the first quarter of 2014. Included in net income for the first quarter of 2015 and the fourth quarter of 2014 was income tax expense of approximately $1,800,000 and $2,768,000 respectively.

Non-GAAP net income for the quarter ended March 31, 2015 was $5,222,000, or $0.29 per share, compared to, non-GAAP net income of $4,655,000, or $0.25 per share, for the fourth quarter of 2014 and non-GAAP net income of $6,391,000, or $0.35 per share, for the first quarter of 2014.

Gross margin for the quarter ended March 31, 2015 increased to 41%, compared to 40% in the fourth quarter of 2014 and 40% in the year ago quarter. Operating margin for the quarter ended March 31, 2015 was 25%, compared to 23% in the fourth quarter of 2014 and 26% in the year ago quarter.

Non-GAAP gross margin for the quarter ended March 31, 2015 was 41%, compared to 40% in the fourth quarter of 2014 and 41% in the year ago quarter. Non-GAAP operating margin for the quarter ended March 31, 2015 was 27%, compared to 26% in the fourth quarter of 2014 and 29% in the year ago quarter.

Peter Chang, President and Chief Executive Officer, commented, “Thanks to the support of our customers and the effort by our Asia operations, we were able to deliver quarterly revenue within our previous guidance, during a normally slower season which includes the Chinese New Year holiday. With our focus on operational excellence, we further improved our quarterly financial performance with record gross margin and continued quarterly profits.”


The following information was filed by Alliance Fiber Optic Products Inc (AFOP) on Wednesday, April 22, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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