Boston, MA 03/03/2014 (wallstreetpr) – Applied Optoelectronics Inc (NASDAQ:AAOI) announced financial results for fourth quarter 2013 and full year 2013.
The leading provider of fiber optic access networks products for the cable broadband, internet data centre and fiber to the home markets announced the results for the fourth quarter and the year ended Dec 31, 2013 results on Thursday, Feb 27.
Fourth Quarter 2013 Results
Applied Optoelectronics Inc (NASDAQ:AAOI)’s total revenue for the fourth quarter increased 26% year over year to $23.7 million. This is an increase of $4.9 million as compared to the total revenue growth of $18.9 million in the same quarter in 2012. Gross margin was 28.1% which compares with 30.4% in the previous quarter of the year. Non-GAAP gross margin was down from third quarter’s 30.5% to 28.1% this quarter. This was affected by CATV product mix and the starting production of fiber to the home WDM-PON transceivers. Applied Optoelectronics Inc (NASDAQ:AAOI) expects the gross margin for its fiber to the home products to improve as volumes rise and manufacturing in its Taiwan unit increases in the first quarter of this year.
GAAP net loss was $0.5 million, whereas in the third quarter of 2013, net income was $0.4 million. In the fourth quarter of the previous year, net income was $0.1 million. Non-GAAP net income also decreased to $0.3 million from third quarter’s $0.6 million whereas in the fourth quarter of 2012, it was $0.3 million.
As on Dec 31, 2013, Applied Optoelectronics Inc (NASDAQ:AAOI)’s cash, including cash investments and short term investments was $30.8 million. It received $31.5 million in net proceed from its first public offering on Oct 1, 2013.
Full Year 2013 Results
The total revenue for the full year 2013 increased $15 million to $78.4 million that is 24% year over year as compared to $63.4 million the previous year. Gross margin was 29.4% which is comparable to 29.8% in 2012. Non-GAAP gross margin is down from 29.9% in 2012 to 29.4% this year. GAAP net loss was $1.4 million, while in 2012 there was net loss of $0.5 million. Non-GAAP net income was $0.1 million which compares with last year’s net loss of $0.5 million.
