Exhibit 99.1
     
FOR IMMEDIATE RELEASE   (OPNEXT LOGO)
Contact: Steve Pavlovich
Investor Relations
(510) 743-6833
spavlovich@opnext.com
OPNEXT REPORTS FOURTH QUARTER AND FULL YEAR UNAUDITED OPERATING RESULTS
Fremont, CA. (May 19, 2011)
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 fiscal quarter and full year ended March 31, 2011.
Financial Highlights for the Fourth Fiscal Quarter Ended March 31, 2011:
   
Revenue decreased $1.8 million, or 2%, to $95.3 million compared to $97.1 million for the quarter ended December 31, 2010 due to a ten-day interruption in the Company’s module manufacturing operations in Japan following the earthquake and tsunami on March 11, 2011. Revenue from sales of 10Gbps and below products decreased $12.4 million, or 20%, to $48.9 million, primarily due to lower sales of 300 Pin, Xenpak and X2 modules. 40Gbps and above revenue increased $10.3 million, or 37%, to $38.2 million, driven by growth in 40Gbps and 100Gbps module and 40Gbps subsystem revenues. Revenue from sales of industrial and commercial products increased $0.3 million, or 4%, to $8.2 million.
   
Revenue increased $18.5 million, or 24%, from $76.8 million for the quarter ended March 31, 2010. Revenue from sales of 10Gbps and below products increased $0.1 million, or less than 1%, as increased sales of SFP+, XFP, and X2 modules were partially offset by decreased sales of Xenpak and 300 Pin modules. 40Gbps and above revenue increased $16.3 million, or 74%, as increased 40Gbps and 100Gbps module revenues were partially offset by decreased research and development contract and 40Gbps subsystem revenues. Revenue from sales of industrial and commercial products increased $2.1 million, or 34%.
   
Cisco Systems, Inc. (“Cisco”) and Huawei Technologies Co., Ltd. (“Huawei”) each represented 10% or more of total revenues for the quarter ended March 31, 2011. Combined, these customers represented 33% of total revenues in the quarter ended March 31, 2011, compared to 30% for the quarter ended December 31, 2010.
   
Gross margin was 19.6% compared to 20.0% for the quarter ended December 31, 2010. Non-GAAP gross margin was 21.3% for the quarter ended March 31, 2011, compared to 21.5% for the quarter ended December 31, 2010. Compared to the quarter ended December 31, 2010, gross margin was unfavorably impacted by lower average selling prices, a 110 basis point negative effect from idle capacity and damaged inventory charges as a result of the March 11 earthquake and a 60 basis point negative effect from foreign currency exchange rate fluctuations and hedging programs. Gross margin was favorably impacted by a higher mix of 40Gbps and above revenues, lower average per unit material and outsourcing costs and an 80 basis point net benefit from the sale of previously written down inventory.
   
Operating loss was $12.0 million for the quarter ended March 31, 2011, compared to a $10.0 million operating loss for the quarter ended December 31, 2010. Non-GAAP operating loss was $8.4 million for the quarter ended March 31, 2011, compared to $5.3 million for the quarter ended December 31, 2010. The increase in non-GAAP operating loss primarily resulted from lower absolute gross margin, higher research and development expenses related to advanced product development programs and prototype builds associated with new product introductions, and a $1.0 million negative effect from foreign currency exchange rate fluctuations and hedging programs.
   
Net income was $9.0 million, or $0.10 per fully diluted share, for the quarter ended March 31, 2011, compared to a net loss of $10.2 million, or $(0.11) per fully diluted share, for the quarter ended December 31, 2010. Net income for the quarter ended March 31, 2011 includes a $21.4 million gain on sale of technology assets net of costs directly associated with the transaction. Non-GAAP net loss for the quarter ended March 31, 2011 was $8.7 million, or $(0.10) per fully diluted share, compared to a non-GAAP net loss of $5.5 million, or $(0.06) per fully diluted share, for the quarter ended December 31, 2010.

 

 


The following information was filed by Opnext Inc (OPXT) on Thursday, May 19, 2011 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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