EXHIBIT 99.1
(OPNEXT LOGO)
FOR IMMEDIATE RELEASE
Contact: Doug Dean
Investor Relations
(732) 544-3212
ddean@opnext.com
OPNEXT REPORTS FOURTH QUARTER AND FULL YEAR UNAUDITED OPERATING RESULTS
Fremont, CA. (May 19, 2009)
Opnext, Inc. (NASDAQ: OPXT), a global leader in the design and manufacturing of optical modules and components, today announced unaudited financial results for the fourth quarter and full year ended March 31, 2009.
Financial Highlights for the Fourth Quarter Ended March 31, 2009:
    Sales increased $13.1 million, or 18.6%, to $83.6 million compared to $70.5 million for the quarter ended December 31, 2008. Sales for the quarter included $37.8 million from StrataLight Communications, Inc. (“StrataLight”), which was acquired on January 9, 2009. Sales of 40Gbps products increased $34.6 million to $39.7 million as a result of the acquisition of StrataLight, while sales of 10Gbps and below products decreased $18.8 million, or 31.3%, to $41.2 million, and sales of industrial and commercial products decreased $2.7 million, or 50.0%, to $2.7 million. The decline in sales of 10Gbps and below products occurred in all major product categories except XFP products.
 
    Sales increased $10.9 million, or 15.0%, compared to $72.7 million for the quarter ended March 31, 2008, as a result of the acquisition of StrataLight. Sales of 40Gbps products increased $29.9 million as a result of the acquisition of StrataLight, while sales of 10Gbps and below products decreased $17.3 million, or 29.6%, and sales of industrial and commercial products decreased $1.7 million, or 38.6%.
 
    Sales to Alcatel-Lucent, Cisco and Nokia Siemens Networks (“NSN”) represented 68.5% of total sales, as compared to 62.8% for the quarter ended December 31, 2008, and 65.5% for the quarter ended March 31, 2008, giving pro forma effect to the acquisition of StrataLight. As compared to both periods, declines in sales to Alcatel-Lucent and Cisco were offset by increased sales to NSN during the quarter ended March 31, 2009.
 
    Gross margin was 8.7% as compared to 22.1% for the quarter ended December 31, 2008. Gross margin includes a 460 basis point negative effect from non-cash charges and costs associated with the acquisition of StrataLight. Excluding these effects as well as the impact from stock-based compensation expense, non-GAAP gross margin was 13.5% as compared to 22.3% for the quarter ended December 31, 2008. The decrease in non-GAAP gross margin includes a 530 basis point negative effect from a charge to discontinue certain early generation 10Gbps multimode fiber products, a 480 basis point negative effect from unfavorable foreign currency exchange fluctuations and hedging programs, as well as the negative effects of lower 10Gbps and below and industrial and commercial product sales volumes, lower average selling prices, and lower optical chip and TOSA yields that have since been remedied. These effects were partially offset by benefits from lower excess and obsolete inventory charges, cost reductions and higher relative margins from the sale of StrataLight products.
 
    Operating loss was $118.9 million for the quarter ended March 31, 2009, as compared to operating losses of $15.5 million and $0.8 million for the quarters ended December 31, 2008 and March 31, 2008, respectively. The loss for the quarter ended March 31, 2009 primarily resulted from $98.8 million of non-cash charges and costs related to the acquisition of StrataLight, while the quarter ended December 31, 2008 included a $5.7 million goodwill impairment charge. Excluding these items

 


The following information was filed by Opnext Inc (OPXT) on Tuesday, May 19, 2009 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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