Exhibit 99.1
(OPNEXT LOGO)
FOR IMMEDIATE RELEASE
Contact: Steve Pavlovich
Investor Relations
(510) 743-6833
spavlovich@opnext.com
OPNEXT REPORTS FIRST QUARTER UNAUDITED OPERATING RESULTS
FREMONT, CA. (August 4, 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 first fiscal quarter ended June 30, 2011.
Financial Highlights for the First Fiscal Quarter Ended June 30, 2011:
    Revenue of $93.1 million was down 2% sequentially and up 18% compared to the quarter ended June 30, 2010.
 
    Gross margin of 21.8% was up 2.2 percentage points sequentially and up 3.0 percentage points compared to the quarter ended June 30, 2010. Non-GAAP gross margin of 23.5% was up 2.2 percentage points sequentially and up 2.6 percentage points compared to the quarter ended June 30, 2010. The improvement relative to the quarter ended March 31, 2011 includes a 100 basis point benefit from lower idle capacity and damaged inventory charges resulting from the March 11, 2011 earthquake in Japan, partially offset by a 30 basis point negative effect from foreign currency exchange rate fluctuations.
 
    EBITDA was $2.0 million compared to $17.3 million in the quarter ended March 31, 2011 and negative $8.5 million in the quarter ended June 30, 2010. Adjusted EBITDA was $1.9 million compared to negative $2.2 million in the quarter ended March 31, 2011 and negative $6.1 million in the quarter ended June 30, 2010.
 
    Cash used in operations was $1.7 million compared to $2.1 million in the quarter ended March 31, 2011 and $19.7 million in the quarter ended June 30, 2010.
 
    Cash and cash equivalents was $97.2 million at June 30, 2011. Net of short-term loans payable, cash and cash equivalents was $78.5 million at June 30, 2011.
 
    Revenues from sales of 40Gbps and above products decreased 11% compared to the quarter ended March 31, 2011 due to lower 40G subsystem sales and 40G DQPSK and 100G CFP module production constraints.
 
    Cisco and FiberHome each represented 10% or more of total revenue for the quarter ended June 30, 2011, and combined represented 40% of total revenue compared to 28% in the March 2011 quarter.
 
    GAAP R&D expense of $13.5 million and Non-GAAP R&D expense of $13.1 million were each down $2.1 million compared to the quarter ended March 31, 2011, primarily due to the timing of material and outsourcing costs associated with new product introductions.
 
    Net gain on sale of technology assets was $2.1 million in the quarter ended June 30, 2011. Net gain on sale of technology assets was $21.4 million in the quarter ended March 31, 2011.

 

 


The following information was filed by Opnext Inc (OPXT) on Thursday, August 4, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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