Media: Anna Vue, email@example.com, Infinera Corporation, 916-595-8157
Investors/Analysts Jenifer Kirtland/Bob Jones (firstname.lastname@example.orgemail@example.com), Infinera Corporation, 408-543-8139/408-543-8140
Sunnyvale, CA, April 24, 2013 – Infinera Corporation (NASDAQ: INFN), a leading provider of digital optical communications systems, today released financial results for the first quarter ended March 30, 2013.
GAAP revenues for the first quarter of 2013 were $124.6 million compared to $128.1 million in the fourth quarter of 2012 and $104.7 million in the first quarter of 2012.
GAAP gross margin for the first quarter of 2013 was 34% compared to 34% in the fourth quarter of 2012 and 39% in the first quarter of 2012. GAAP net loss for the quarter was $(15.3) million, or $(0.13) per share, compared to net loss of $(16.1) million, or $(0.14) per share, in the fourth quarter of 2012 and net loss of $(20.6) million, or $(0.19) per share, in the first quarter of 2012.
Non-GAAP gross margin for the first quarter of 2013 was 36% compared to 36% in the fourth quarter of 2012 and 40% in the first quarter of 2012, excluding non-cash stock-based compensation expenses. Non-GAAP net loss for the first quarter of 2013 was $(7.3) million, or $(0.06) per share, compared to net loss of $(6.0) million, or $(0.05) per share, in the fourth quarter of 2012 and net loss of $(11.2) million, or $(0.10) per share, in the first quarter of 2012.
“Our first quarter performance demonstrated solid execution in a traditionally slow quarter for the industry,” said Tom Fallon, president and chief executive officer. “The DTN-X platform continued to gain traction in the market. During the quarter, we received purchase commitments from six additional customers, including two new to Infinera, for a total of 27 DTN-X customer commitments to date. Customer deployments were strong and we shipped a record number of 100G ports.
“The economic value proposition offered by Infinera’s photonic integration and long-haul 500G super-channels has generated significant interest among potential customers. As a result, our new business pipeline is extremely active and we are pursuing global opportunities in a wide variety of markets.
“We are increasingly confident in our outlook for Infinera. We exited the first quarter with an increased backlog and a robust pipeline of potential new business, positioning us well for 2013.”
Conference Call Information:
Infinera will host a conference call for analysts and investors to discuss its first quarter results and its outlook for the second quarter today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). A live webcast of the conference call will also be accessible from the Investor Relations’ section of the company’s website at www.infinera.com. Following the webcast, an archived version will be available on the website for 90 days. To hear the replay, parties in the United States and Canada should call 1-866-459-3539. International parties can access the replay at 1-203-369-1328.
Infinera provides Digital Optical Networking systems to telecommunications carriers worldwide. Infinera’s systems are unique in their use of a breakthrough semiconductor technology: the photonic integrated circuit (PIC). Infinera’s systems and PIC technology are designed to provide customers with simpler and more flexible engineering and operations, faster time-to-service, and the ability to rapidly deliver differentiated services without reengineering their optical infrastructure. For more information, please visit www.infinera.com.
This press release contains certain forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties. These statements are based on information available to Infinera as of the date hereof and actual results could differ materially from those stated or implied due to risks and uncertainties. Forward-looking statements include statements regarding Infinera’s expectations, beliefs, intentions or strategies regarding the future including statements that the economic value proposition offered by Infinera’s photonic integration and long-haul 500G super-channels has generated significant interest among potential customers; that our new business pipeline is extremely active and we are pursuing global opportunities in a wide variety of markets; that we are increasingly optimistic about the outlook for Infinera; and that we exited the first quarter with an increased backlog, strong bookings, and a robust pipeline of potential new business, positioning us well for 2013. Such forward-looking statements can be identified by forward-looking words such as "anticipated," "believed," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include aggressive business tactics by our competitors, our reliance on single-source suppliers, our ability to protect our intellectual property, claims by others that we infringe their intellectual property, and our ability to respond to rapid technological changes, and other risks that may impact our business are set forth in our annual reports on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 5, 2013, as well as subsequent reports filed with or furnished to the SEC. These reports are available on our website at www.infinera.com and the SEC’s website at www.sec.gov. Infinera assumes no obligation to, and does not currently intend to, update any such forward-looking statements.
Use of Non-GAAP Financial Information
In addition to disclosing financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP), this press release and the accompanying tables contain certain non-GAAP measures that exclude non-cash stock-based compensation expenses and non-recurring restructuring and other related costs. We believe these adjustments are appropriate to enhance an overall understanding of our underlying financial performance and also our prospects for the future and are considered by management for the purpose of making operational decisions. In addition, these results are the primary indicators management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss), basic and diluted net income (loss) per share, or gross margin prepared in accordance with GAAP. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and are subject to limitations. For a description of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measures, please see the section titled, “GAAP to Non-GAAP Reconciliations.” We anticipate disclosing forward-looking non-GAAP information in our conference call to discuss our first quarter results, including an estimate of non-GAAP earnings for the second quarter of 2013 that excludes non-cash stock-based compensation expenses.
A copy of this press release can be found on the Investor Relations’ page of Infinera’s website at www.infinera.com.
Infinera Corporation and the Infinera logo are trademarks or registered trademarks of Infinera Corporation. All other trademarks used or mentioned herein belong to their respective owners.