Contact:
Keting Lin, IR Associate
Alliance Fiber Optic Products, Inc. February 18, 2016
Phone: 408-736-6900 x188

AFOP REPORTS ANNUAL SALES AND OPERATING PROFITS FOR 2015.
WITH SEQUENTIAL GROWTH GUIDANCE

Sunnyvale, CA – February 18, 2016 - 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, 2015.

Revenues for the fourth quarter of 2015 totaled $16,421,000, a 9% decrease from revenues of $18,060,000 reported in the previous quarter and a 13% decrease from revenues of $18,809,000 reported in the fourth quarter of 2014. The Company recorded net income for the fourth quarter of 2015 of $787,000, or $0.05 per share, compared to $3,653,000, or $0.20 per share for the previous quarter, and compared to net income for the fourth quarter of 2014 of $1,409,000, or $0.08 per share.

Revenues for the year ended December 31, 2015 were $81,189,000, a 6% decrease over revenues of $85,987,000 reported in the previous year. Operating income for the year ended December 31, 2015 was $19,194,000, compared with $21,603,000 for the previous year. The Company recorded a net profit for the year ended December 31, 2015 of $13,038,000, or $0.74 per basic share. This compares with a net profit of $14,508,000, or $0.78 per basic share, for the year ended December 31, 2014.

“Fiscal year 2015 represented a year of continued profitability and investment for AFOP,” commented Peter Chang, President and Chief Executive Officer. “With the softer second half of 2015, overall annual revenues were off 6% from 2014’s record performance. With our operational efficiency, we achieved annual and quarterly gross margins above the average of our peers throughout the year, which resulted in improved annual Non-GAAP based gross margins, from 40% in 2014 to 41% in 2015. In addition, AFOP increased shareholder value during the year through a stock buyback program to reduce the number of outstanding shares by over 2.5 million, while still maintaining a strong balance sheet.”

“While we are pleased with the continued profitable financial performance for 2015, we are encouraged with the business prospects in this coming year with the progress we have made with customers, new products, and the continued strong demand in the global fiber optics markets. In the first quarter of 2016, we expect revenues to be in the range of $17M to $19M. Earnings per share in the first quarter of 2016 will improve with fewer outstanding shares from the stock buyback program in 2015 and no foreign subsidiary annual tax adjustment. In addition, we are encouraged by the prospects of continuous sequential quarterly growth, which would result in a year of record revenue and profits in the full year 2016.” concluded Mr. Chang.


The following information was filed by Alliance Fiber Optic Products Inc (AFOP) on Thursday, February 18, 2016 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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