Exhibit 99.1
(OPNEXT LOGO)
FOR IMMEDIATE RELEASE
Contact: Steve Pavlovich
Investor Relations
(510) 743-6833
spavlovich@opnext.com
OPNEXT REPORTS SECOND FISCAL QUARTER UNAUDITED OPERATING RESULTS
Fremont, CA. (November 4, 2010)
Opnext, Inc. (NASDAQ: OPXT), a global leader in the design and manufacturing of optical modules and components, today announced unaudited financial results for its second fiscal quarter ended September 30, 2010.
Financial Highlights for the Second Fiscal Quarter Ended September 30, 2010:
   
Revenue increased $7.5 million, or 9.5%, to $86.4 million, compared to $78.9 million in the quarter ended June 30, 2010. Revenue from sales of 10Gbps and below products increased $0.7 million, or 1.2%, to $56.5 million, compared to the quarter ended June 30, 2010, primarily as a result of increased sales of XFP modules. Revenue from sales of 40Gbps and above products increased $5.9 million, or 35.9%, to $22.2 million, compared to the quarter ended June 30, 2010, primarily as a result of an increase in sales of 40Gbps and 100Gbps modules. 40Gbps subsystem sales were flat compared to the quarter ended June 30, 2010. Revenue from sales of industrial and commercial products increased $1.0 million, or 14.9%, to $7.7 million, compared to the quarter ended June 30, 2010.
 
   
Revenue increased $5.4 million, or 6.7%, from $81.0 million in the quarter ended September 30, 2009. Revenue from sales of 10Gbps and below products increased $6.6 million, or 13.2%, compared to the quarter ended September 30, 2009. This growth was driven by increased sales of XFP and SFP+ modules, partially offset by decreased sales of Xenpak and X2 modules. Revenue from sales of 40Gbps and above products decreased $5.8 million, or 20.7%, compared to the quarter ended September 30, 2009, primarily as a result of a decline in revenue from 40Gbps subsystem sales, partially offset by increased revenue from sales of 40Gbps and 100Gbps modules. Revenue from sales of industrial and commercial products increased $4.6 million, or 148.4%, compared to the quarter ended September 30, 2009.
 
   
Alcatel-Lucent, Cisco Systems, Inc., and Huawei Technologies Co., Ltd. each represented 10% or more of total revenues in the quarter ended September 30, 2010. Combined, sales to these three customers represented 47% of total revenues compared to 51% in the quarter ended June 30, 2010.
 
   
Gross margin was 20.4% for the quarter ended September 30, 2010, compared to 18.8% in the quarter ended June 30, 2010. Non-GAAP gross margin was 22.2% in the quarter ended September 30, 2010, compared to 20.9% in the quarter ended June 30, 2010. Compared to the quarter ended June 30, 2010, gross margin was favorably impacted by higher sales volumes, a higher mix of 40Gbps and above revenues, lower average per unit material and outsourcing costs, and lower obsolete inventory and warranty charges. Gross margin was unfavorably impacted by a 140 basis point negative impact from foreign currency exchange rate fluctuations, and lower average per unit selling prices.
 
   
Operating loss was $13.6 million for the quarter ended September 30, 2010, compared to an operating loss of $16.2 million for the quarter ended June 30, 2010. Non-GAAP operating loss was $9.8 million for the quarter ended September 30, 2010, compared to $12.0 million for the quarter ended June 30, 2010. The decrease in non-GAAP operating loss primarily resulted from higher gross margin.
 
   
Net loss was $14.4 million for the quarter ended September 30, 2010, or $0.16 per fully diluted share, compared to a net loss of $16.3 million, or $0.18 per fully diluted share, for the quarter ended June 30, 2010. Non-GAAP net loss for the quarter ended September 30, 2010 was $10.7 million, or $0.12 per fully diluted share, compared to a non-GAAP net loss of $12.1 million, or $0.13 per fully diluted share, for the quarter ended June 30, 2010.

 

 


The following information was filed by Opnext Inc (OPXT) on Thursday, November 4, 2010 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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