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 1, 2011) Opnext, Inc. (NASDAQ: OPXT), a global leader in the design and manufacture of optical modules and components, today announced unaudited financial results for the second fiscal quarter ended September 30, 2011.
Financial Highlights for the Second Fiscal Quarter Ended September 30, 2011:
  Revenue of $86.0 million was down 7.6 percent sequentially and down 0.5 percent compared to the quarter ended September 30, 2010.
  Revenue from sales of 40Gbps and above products decreased 6% compared to the quarter ended June 30, 2011 as lower sales of 40Gbps line-side modules and subsystems were partially offset by higher sales of 40Gbps and 100Gbps client-side modules.
  Other than Cisco Systems, Inc., no customer represented more than ten percent of total revenue in the quarter ended September 30, 2011.
  Gross margin of 20.1% was down 1.7 percentage points sequentially and down 0.3 percentage points compared to the quarter ended September 30, 2010. Non-GAAP gross margin of 21.9% was down 1.6 percentage points sequentially and down 0.3 percentage points compared to the quarter ended September 30, 2010. The decline relative to the quarter ended June 30, 2011 primarily resulted from lower production volumes and an 80 basis point negative effect from foreign currency exchange rate fluctuations.
  GAAP R&D expense of $14.0 million and Non-GAAP R&D expense of $13.6 million were each up $0.5 million compared to the quarter ended June 30, 2011.
  EBITDA was negative $1.5 million compared to positive $2.0 million for the quarter ended June 30, 2011 and negative $6.4 million for the quarter ended September 30, 2010. EBITDA for the quarter ended June 30, 2011 included a $2.1 million net gain on the sale of technology assets. Adjusted EBITDA for the quarter ended September 30, 2011 was positive $0.1 million compared to positive $1.9 million for the quarter ended June 30, 2011 and negative $4.4 million for the quarter ended September 30, 2010.
  Cash used in operations was $1.9 million compared to $1.7 million used in the quarter ended June 30, 2011 and $6.2 million used in the quarter ended September 30, 2010.
  Cash and cash equivalents were $90.5 million at September 30, 2011. Net of short-term loans payable, cash and cash equivalents were $71.0 million at September 30, 2011.

 

 


The following information was filed by Opnext Inc (OPXT) on Tuesday, November 1, 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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