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Applied Optoelectronics Reports Third Quarter 2015 Results

The following excerpt is from the company's SEC filing.

Sugar Land, Texas, November 5, 2015 – Applied Optoelectronics, Inc. (NASDAQ: AAOI),

a leading provider of fiber-optic access network products for the internet datacenter, cable broadband and fiber-to-the-home markets, today announced financial results for its third quarter ended September 30, 2015.

“We achieved record revenue that exceeded the high end of our guidance for the third quarter. Our strong topline results were driven by accelerated shipments for our 40G datacenter products, partially offset by lower than expected revenue for our CATV products,” said Dr. Thompson Lin, Applied Optoelectron ics, Inc. (AOI) Founder and CEO.

“Revenue for our datacenter products grew 30% sequentially and 92% year-over-year, bringing our year-to-date growth to 71%, which is well above our initial annual target. Looking into the fourth quarter, given the accelerated datacenter demand in the third quarter and consolidation activities in CATV, we expect revenue to decline sequentially and to return to more normalized order patterns in the first quarter of 2016.”

Lin continued, “We believe AOI is very well positioned to continue to grow from the move to advanced optics in the datacenter as 40G deployments continue and the transition to 100G is just beginning. AOI was recently awarded two 100G design wins from two hyperscale datacenter customers. Leveraging our vertically integrated manufacturing model to internally source key components such as 25G laser diodes and 100G light engines helped enable us to rapidly bring 100G transceivers to market,” continued Lin.

Third Quarter 2015 Financial Summary

Total revenue grew to $57.1 million, up 56% compared with $36.5 million in the third quarter 2014 and up 15% compared with $49.6 million in the second quarter 2015.

GAAP gross margin was 31.6%, compared with 33.2% in the third quarter 2014 and 33.7% in the second quarter 2015. Non-GAAP gross margin was 31.7%, compared with 33.3% in the third quarter 2014 and 33.7% in the second quarter 2015.

GAAP net income was $2.7 million or $0.16 per diluted share, compared with net income of $1.6 million or $0.10 per diluted share in the third quarter 2014 and net income of $6.1 million or $0.38 per diluted share in the second quarter 2015.

on-GAAP net income was $6.7 million or $0.40 per diluted share, compared with non-GAAP net income of $3.1 million or $0.20 per diluted share in the third quarter 2014 and non-GAAP net income of $6.1 million or $0.38 per diluted share in the second quarter 2015.

On September 30, 2015, cash, cash equivalents, short-term investments and restricted cash totaled $50.1 million, compared with the June 30, 2015 balance of $44.3 million.

A reconciliation between all GAAP and non-GAAP information referenced above is contained in the tables below.

Please also refer to “Non-GAAP Financial Measures” below for a description of these non-GAAP financial measures.

Fourth Quarter 2015 Business Outlook

For the fourth quarter of 2015, the company currently expects:

Revenue in the range of $49.0 million to $52.0 million

Non-GAAP gross margin in the range of 33.5% to 34.5%

Non-GAAP net income in the range of $4.9 million to $5.9 million, and non-GAAP fully diluted earnings per share in the range of $0.28 to $0.33 using approximately 17.7 million shares

Please refer to the note below on forward-looking statements and the risks involved with such statements as well as the note on non-GAAP financial measures.

Conference Call Information

Applied Optoelectronics will host a conference call today, November 5, 2015 at 4:30 p.m. Eastern time / 3:30 p.m. Central time for analysts and investors to discuss its third quarter results and outlook for its fourth quarter of 2015. Open to the public, investors may access the call by dialing (412) 317-6789. A live audio webcast of the conference call along with supplemental financial information will also be accessible on the company's website at investors.ao-inc.com. Following the webcast, an archived version will be available on the website for one year. A telephonic replay of the call will be available two hours after the call and will run for five business days and may be accessed by dialing (412) 317-0088 and entering passcode 10074185.

Forward-Looking Information

This press release contains forward-looking statements. These...


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