Applied Optoelectronics, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Earnings Guidance for the Fourth Quarter of 2016 and Effective Tax Rate Guidance for the Full Year of 2017
November 03, 2016 at 04:03 pm EDT
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Applied Optoelectronics, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported total revenue of $70,137,000 against $57,085,000 a year ago. Operating income was $6,760,000 against $6,122,000 a year ago. Net income before income taxes was $6,404,000 against $3,106,000 a year ago. Net income was $17,736,000 or $0.97 per diluted share against $2,700,000 or $0.16 per diluted share a year ago. Non-GAAP operating income was $8,055,000 against $6,925,000 a year ago. Non-GAAP net income was $6,956,000 against $6,663,000 a year ago. Adjusted EBITDA was $11,471,000 against $9,655,000 a year ago.
For the nine months, the company reported total revenue of $175,813,000, compared with $136,951,000 a year ago. Operating income was $7,176,000 against $10,695,000 a year ago. Net income before income taxes was $5,537,000 against $8,655,000 a year ago. Net income was $17,009,000 or $0.95 per diluted share against $8,114,000 or $0.50 per diluted share a year ago. Non-GAAP operating income was $11,064,000 against $13,185,000 a year ago. Non-GAAP net income was $9,136,000 against $13,025,000 a year ago. Adjusted EBITDA was $20,215,000 against $20,534,000 a year ago.
For the fourth quarter of 2016, the company currently expects revenue in the range of $75 million to $79 million; non-GAAP gross margin in the range of 34% to 35.5%; and non-GAAP net income in the range of $8.5 million to $9.5 million, and non-GAAP fully diluted earnings per share in the range of $0.46 to $0.51 using approximately 18.5 million shares.
The company expects mid-term annual effective tax rate starting in 2017 to be approximately 20%.
Applied Optoelectronics, Inc. is a vertically integrated provider of fiber-optic networking products. The Company designs and manufactures a range of optical communications products at varying levels of integration, from components, subassemblies, and modules to complete turn-key equipment. The Company also designs, manufactures, and integrates its own analog and digital lasers using the proprietary Molecular Beam Epitaxy (MBE), and Metal Organic Chemical Vapor Deposition (MOCVD) fabrication process. The Company has manufacturing facilities in Taipei, Taiwan and Ningbo, China. The Company manufactures lasers and laser components and performs research and development activities for laser component and optical module products. The Company offers its fiber-optic networking products, primarily for four networking end-markets, such as cable television, (CATV), Internet data center, telecommunications, (telecom), and fiber-to-the-home (FTTH).
Applied Optoelectronics, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Earnings Guidance for the Fourth Quarter of 2016 and Effective Tax Rate Guidance for the Full Year of 2017