SUNNYVALE, Calif., May 22, 2013 (GLOBE NEWSWIRE) -- Alliance Fiber Optic Products, Inc. (Nasdaq:AFOP), an innovative supplier of fiber optic components, subsystems and integrated modules for the optical network equipment market, today announced that it will raise its financial guidance for the quarter ended June 30, 2013.
For the 2nd quarter of 2013, the Company expects to report net sales above $16 million, exceeding the previously stated revenue guidance of $14 million provided in the first quarter, 2013 conference call. This revenue level represents a 32% and 39% increase on a sequential and year over year basis respectively. In addition, with such record quarterly revenues, the Company expects improved gross margin and record quarterly profits in the 2nd quarter of 2013 as well.
"We are pleased to raise our guidance. Customer demands remained stronger than expected, since the last conference call, while our operation made continuous progress in capacity expansion. With all the progress we have made so far, we are optimistic about delivering record quarterly financial performance in this quarter. We will continue capacity expansion efforts to support our customers' growing demand and to increase AFOP market share in this upcoming industry growth cycle," commented Peter Chang, President and Chief Executive Officer.
Detailed financial results for the second quarter as well as the outlook for the third quarter of 2013 will be provided, when complete second quarter end results are announced on a conference call to be held in the week of July 22, 2013.
About AFOP
Founded in 1995, Alliance Fiber Optic Products, Inc. designs, manufactures and markets a broad range of high performance fiber optic components and integrated modules. AFOP's products are used by leading and emerging communications equipment manufacturers to deliver optical networking systems to the long-haul, enterprise, metropolitan and last mile access segments of the communications network. AFOP offers a broad product line of passive optical components including interconnect systems, couplers and splitters, thin film CWDM and DWDM components and modules, optical attenuators, and micro-optics devices. AFOP is headquartered in Sunnyvale, California, with manufacturing and product development capabilities in the United States, Taiwan and China. AFOP's website is located at http://www.afop.com.
Except for the historical information contained herein, the matters set forth in this press release, including statements as to our expectations regarding future revenue levels and profits and the time periods thereof are forward looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, but not limited to general economic conditions and trends, trends in demand for bandwidth, the impact of competitive products and pricing, timely introduction of new technologies, timely design acceptance by our customers, the acceptance of new products and technologies by our customers, customer demand for our products, the timing of customer orders, loss of key customers, our ability to ramp new products into volume production, the mix of products sold and product pricing, the costs associated with running our operations, industry-wide shifts in supply and demand for optical components and modules, industry overcapacity and demand for bandwidth, the success of cost control initiatives, our ability to obtain and maintain operational efficiencies, financial stability in foreign markets, and other risks detailed from time to time in our SEC reports, including AFOP's quarterly report on Form 10-Q for the quarter ended March 31, 2013. These forward-looking statements speak only as of the date hereof. AFOP disclaims any intention or obligation to update or revise any forward-looking statements.