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

October 28, 2015

AFOP REPORTS THIRD QUARTER, 2015 FINANCIAL RESULTS

Sunnyvale, CA – October 28, 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 third quarter ended September 30, 2015.

Revenues for the third quarter of 2015 were $18,060,000, similar to revenues of $18,096,000 reported in the third quarter of 2014, and a 28% decrease from revenues of $25,045,000 reported in the second quarter of 2015.

Net income for the quarter ended September 30, 2015, was $3,653,000, or $0.20 per share, compared to net income of $4,303,000, or $0.23 per share, for the third quarter of 2014, and net income of $5,040,000, or $0.28 per share, for the second quarter of 2015.

Gross margin for the quarter ended September 30, 2015 was 39.3%, compared to 39.5% in the year ago quarter and 41.9% in the second quarter of 2015. Operating margin for the quarter ended September 30, 2015 was 20.6%, compared to 22.9% in the year ago quarter and 27.0% in the second quarter of 2015.

Non-GAAP net income for the quarter ended September 30, 2015 was $4,197,000, or $0.24 per share, compared to non-GAAP net income of $4,571,000, or $0.25 per share, for the third quarter of 2014, and non-GAAP net income of $6,705,000, or $0.38 per share, for the second quarter of 2015.

Non-GAAP gross margin for the quarter ended September 30, 2015 was 40.1%, compared to 39.9% in the year ago quarter and 42.5% in the second quarter of 2015. Non-GAAP operating margin for the quarter ended September 30, 2015 was 25.3%, compared to 25.3% in the year ago quarter and 30.1% in the second quarter of 2015.

Peter Chang, President and Chief Executive Officer, commented, “During the third quarter, we experienced the effect of inventory control by our largest Web 2.0 customer, which resulted in a sequential decrease in our third quarter revenue. Despite that, our revenue from other customers grew on a year over year basis to help us achieve a similar level of revenues compared with the year ago quarter. We believe we adjusted to this temporary shortfall well and continued to deliver strong financial performance within our industry peer group. Most importantly, we made good progress meeting our customers’ needs, extending our product technology and improving our operations during the quarter.”

“Regarding forward guidance, we expect revenues in the remaining quarter of 2015 to be higher sequentially. Data bandwidth demands continue to increase and the conversion from copper technology to fiber technology in data center applications continues accelerating. We are encouraged by growing demands for our products and the prospect of delivering record sales and profits in the coming years.” concluded Mr. Chang. 


The following information was filed by Alliance Fiber Optic Products Inc (AFOP) on Wednesday, October 28, 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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