Optical modules and components maker Opnext, Inc. (OPXT) reported Tuesday a loss for the fourth quarter, hurt primarily by hefty one-time charges and costs on acquisition of StrataLight Communications, Inc. as well as unfavorable foreign exchange and lower selling prices.
For the fourth quarter, net loss was $118.8 million or $1.39 per share, compared to a net income of $0.9 million or $0.01 per share in the previous year.
The results of the latest quarter were hurt by foreign exchange fluctuations and hedging programs to the tune of $0.04 per share, and the loss for the quarter primarily resulted from $98.8 million of non-cash charges and costs related to the acquisition of StrataLight, the company said.
Excluding charges, net loss was $18.5 million or $0.22 per share, compared to net income of $1.9 million or $0.03 per share in year-ago quarter.
Sales for the quarter grew 15% to $83.6 million from $72.7 million. StrataLight, which was acquired this January, contributed $37.8 million in sales.
On average, four analysts polled by Thomson Reuters expected the company to report a loss of $0.16 per share on revenue of $85.50 million for the fourth quarter. Analysts' estimates typically exclude special items
Sales of 40Gbps products increased $29.9 million to $39.7 million as a result of the acquisition of StrataLight. Sales of 10Gbps and below products decreased 29.6% to $41.2 million. Sales of industrial and commercial products decreased 38.6% to $2.7 million.
Operating loss for the quarter widened to $119 million from $0.82 million last year. The company noted that the increase in operating loss primarily resulted from lower 10Gbps and below and industrial and commercial product sales volumes, unfavorable foreign currency fluctuations and hedging programs and a charge to discontinue certain early generation 10Gbps multimode fiber products.
For the full year, net loss was $129.6 million or $1.86 per share, compared to a net income of $17.0 million or $0.26 per share in the prior year. Excluding non-recurring charges and adverse foreign exchange fluctuations, net loss was $18.3 million or $0.26 a share, compared with a net income of $20.4 million or $0.32 a share last year.
Sales for the year improved 12.4% to $318.6 million from $283.5 million.
Analysts were expecting a loss of $0.18 per share on revenue of $320.43 million for fiscal 2009.
Looking forward, Opnext expects first-quarter revenues to range from $80 million to $90 million. Analysts currently forecast revenue of $88.23 million for the quarter.
Expecting the market to remain soft in June, chief executive of Opnext, Gilles Bouchard said, "While we foresee some rebound in 10G sales as the effects from inventory adjustments taper off, we also anticipate that 40G sales will return to more normalized levels after the spike in demand in the March quarter following a major product transition."
OPXT closed Monday's trading session at $2.36 on the Nasdaq.
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