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Finisar Announces All-time Record Fiscal 2017 Revenues

SUNNYVALE, Calif., June 15, 2017 (GLOBE NEWSWIRE) -- Finisar Corporation (NASDAQ:FNSR), a global technology leader for subsystems and components for fiber optic communications, today announced financial results for its fourth quarter and full fiscal year, ended April 30, 2017.

COMMENTARY

“Revenues for fiscal 2017, were $1.449 billion, an all-time record for Finisar and an increase of $186.1 million, or 14.7%, over fiscal 2016. Despite continued robust demand in our fourth fiscal quarter for our 100G QSFP28 transceivers for datacenter applications, which grew over 30% over the third quarter, our overall revenues were $357.5 million, a decrease of $23.1 million, or 6.1%, compared to the third quarter. This decline was primarily the result of a decline in telecom revenues due to lower revenues from our Chinese OEM customers and the impact of the full three months of the annual telecom price erosion,” said Jerry Rawls, Finisar’s Chief Executive Officer.

FINANCIAL HIGHLIGHTS – Fourth Quarter Ended April 30, 2017
Summary GAAP ResultsFourth Third
Quarter Quarter
Ended Ended
April 30, 2017 January 29, 2017
(in thousands, except per share amounts)
Revenues$357,527 $380,588
Gross margin 35.0% 35.9%
Operating expenses$84,324 $81,731
Operating income$40,839 $54,906
Operating margin 11.4% 14.4%
Net income$130,245 $46,387
Income per share-basic$1.17 $0.42
Income per share-diluted$1.13 $0.40
Basic shares 111,438 110,956
Diluted shares 115,242 114,873
Summary Non-GAAP Results (a)
Fourth Third
Quarter Quarter
Ended Ended
April 30, 2017 January 29, 2017
(in thousands, except per share amounts)
Revenues$357,527 $380,588
Non-GAAP Gross margin 36.2% 37.0%
Non-GAAP Operating expenses$70,952 $70,538
Non-GAAP Operating income $58,411 $70,375
Non-GAAP Operating margin 16.3% 18.5%
Non-GAAP Net income $57,515 $67,204
Non-GAAP Income per share-basic$0.52 $0.61
Non-GAAP Income per share-diluted$0.50 $0.59
Basic shares 111,438 110,956
Diluted shares 115,242 114,873

_____________

(a) In evaluating the operating performance of Finisar’s business, Finisar management utilizes financial measures that exclude certain charges and credits required by U.S. generally accepted accounting principles, or GAAP, that are considered by management to be outside of Finisar’s core ongoing operating results. A reconciliation of Finisar’s non-GAAP financial measures to the most directly comparable GAAP measures, as well as additional related information, can be found under the heading “Finisar Non-GAAP Financial Measures” below.

Financial Statement Highlights for the Fourth Quarter of Fiscal 2017:

  • Revenues were $357.5 million, a decrease of $23.1 million, or (6.1)%, from $380.6 million in the third quarter.
  • Sales of datacom products decreased by $2.8 million, or (1.1)%, compared to the third quarter. Sales of 100G QSFP28 transceivers for datacom applications increased over 30% compared to the prior quarter; however, this increase was more than offset by lower demand for other datacom products, primarily our 10G and below shortwave transceivers.
  • Sales of telecom products decreased by $20.2 million, or (18.2)%, compared to the third quarter. This decrease was primarily due to reduced revenues from our Chinese OEM customers and the impact of the full three months of the annual telecom price erosion.
  • GAAP gross margin was 35.0% compared to 35.9% in the third quarter primarily due to the impact of the full three months of the annual telecom price erosion.
  • Non-GAAP gross margin was 36.2% compared to 37.0% in the third quarter.
  • GAAP operating expenses were $84.3 million compared to $81.7 million in the third quarter.
  • Non-GAAP operating expenses were $71.0 million compared to $70.5 million in the third quarter.
  • GAAP operating margin was 11.4% compared to 14.4% in the third quarter.
  • Non-GAAP operating margin was 16.3% compared to 18.5% in the third quarter.
  • GAAP earnings per fully diluted share was $1.13 compared to $0.40 in the third quarter. In the fourth quarter of fiscal 2017, the Company realized a non-cash benefit of $103.3 million to the GAAP income tax provision due to the release of a significant portion of its valuation allowance against certain U.S. deferred tax assets.
  • Non-GAAP earnings per fully diluted share was $0.50 compared to $0.59 in the third quarter primarily due to the lower revenue levels.
  • Cash, cash equivalents and short-term investments increased $22.6 million to approximately $1.2 billion at the end of the fourth quarter.


FINANCIAL HIGHLIGHTS – Fiscal Year Ended April 30, 2017
Summary GAAP Results
Fiscal Year Fiscal Year
Ended Ended
April 30, 2017 May 1, 2016
(in thousands, except per share amounts)
Revenues$1,449,303 $1,263,166
Gross margin 34.8% 28.1%
Operating expenses$326,762 $313,627
Operating income$176,884 $41,022
Operating margin 12.2% 3.2%
Net income$249,346 $35,193
Income per share-basic$2.26 $0.33
Income per share-diluted$2.19 $0.32
Basic shares 110,405 106,678
Diluted shares 114,097 108,870
Summary Non-GAAP Results (b)
Fiscal Year Fiscal Year
Ended Ended
April 30, 2017 May 1, 2016
(in thousands, except per share amounts)
Revenues$1,449,303 $1,263,166
Non-GAAP Gross margin 35.9% 30.3%
Non-GAAP Operating expenses$280,252 $269,909
Non-GAAP Operating income $240,556 $112,333
Non-GAAP Operating margin 16.6% 8.9%
Non-GAAP Net income $231,698 $109,817
Non-GAAP Income per share-basic$2.10 $1.03
Non-GAAP Income per share-diluted$2.03 $1.01
Basic shares 110,405 106,678
Diluted shares 114,097 108,870

_____________

(b) In evaluating the operating performance of Finisar’s business, Finisar management utilizes financial measures that exclude certain charges and credits required by U.S. generally accepted accounting principles, or GAAP, that are considered by management to be outside of Finisar’s core ongoing operating results. A reconciliation of Finisar’s non-GAAP financial measures to the most directly comparable GAAP measures, as well as additional related information, can be found under the heading “Finisar Non-GAAP Financial Measures” below.

Financial Statement Highlights for Fiscal 2017:

  • Revenues were $1,449.3 million, an increase of $186.1 million, or 14.7%, from $1,263.2 million in the preceding year.
  • Sales of products for datacom applications increased by $112.6 million, or 12.1%, compared to the preceding year. This increase was due primarily to growth in demand for 100G transceivers, which grew over 80% compared to the prior year.
  • Sales of products for telecom applications increased by $73.5 million, or 22.0%, compared to the preceding year primarily driven by growth in the demand for 100G.
  • GAAP gross margin was 34.8% compared to 28.1% in the preceding year primarily due to favorable product mix.
  • Non-GAAP gross margin was 35.9% compared to 30.3% in the prior year.
  • GAAP operating expenses were $326.8 million compared to $313.6 million in the prior year.
  • Non-GAAP operating expenses were $280.3 million compared to $269.9 million in the prior year.
  • GAAP operating margin was 12.2% compared to 3.2% in the prior year.
  • Non-GAAP operating margin was 16.6% compared to 8.9% in the prior year.
  • GAAP earnings per fully diluted share was $2.19 compared to $0.32 in the preceding year. During fiscal 2017, the Company realized a non-cash benefit of $103.3 million to the GAAP income tax provision due to the release of a significant portion of its valuation allowance against certain U.S. deferred tax assets.
  • Non-GAAP earnings per fully diluted share was $2.03 compared to $1.01 in the preceding year.
  • Cash, cash equivalents and short term investments increased $674.3 million to $1.2 billion at the end of the fiscal year, compared to $562.5 million at the end of the preceding fiscal year. This increase was primarily due to the issuance of $575.0 million of 0.50% convertible notes due in December 2036, which yielded net proceeds of $569.3 million. Excluding those net proceeds, cash would have increased $105.0 million during the year.

OUTLOOK

Finisar indicated that for the first quarter of fiscal 2018 it currently expects revenues in the range of $330 to $350 million, non-GAAP gross margin of approximately 35%, non-GAAP operating margin of approximately 14%, and non-GAAP earnings per fully diluted share in the range of approximately $0.37 to $0.43.

Finisar has not provided a reconciliation of its first quarter outlook for non-GAAP gross margin, non-GAAP operating margin and non-GAAP earnings per fully diluted share because estimates of all of the reconciling items cannot be provided without unreasonable efforts. It is difficult to reasonably provide a forward-looking estimate of certain reconciling items between such non-GAAP forward-looking measures and the comparable forward-looking GAAP measures. Certain factors that are materially significant to Finisar’s ability to estimate these items are out of its control and/or cannot be reasonably predicted, including with respect to restructuring charges, litigation settlements and resolutions and related costs, and the timing of tax related adjustments. Accordingly, a reconciliation of such non-GAAP forward-looking measures to the comparable forward-looking GAAP measures are not available within a reasonable range of predictability.

CONFERENCE CALL

Finisar will discuss its financial results for the fourth quarter and current business outlook during its regular quarterly conference call scheduled for Thursday, June 15, 2017, at 2:00 pm PT (5:00 pm ET). To listen to the call you may connect through the Finisar investor relations page at http://investor.finisar.com/ or dial 1-(855) 473-9088 (domestic) or 1- (720) 405-0995 (international) and enter conference ID 61562686.

An audio replay will be available for two weeks following the call by dialing 1- (855) 859-2056 (domestic) or 1-404-537-3406 (international) and then following the prompts: enter conference ID 61562686 and provide your name, affiliation, and contact number. A replay of the webcast will be available shortly after the conclusion of the call on Finisar’s website until the next regularly scheduled earnings conference call.

SAFE HARBOR UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statement concerning Finisar’s expected financial performance. These statements are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on our current expectations, estimates, assumptions and projections about our business and industry, and the markets and customers we serve, and they are subject to numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate. Finisar assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties which could cause actual results to differ materially from those projected. Examples of such risks include those associated with: the uncertainty of customer demand for Finisar’s products; the rapidly evolving markets for Finisar’s products and uncertainty regarding the development of these markets; Finisar’s historical dependence on sales to a limited number of customers and fluctuations in the mix of products and customers in any period; ongoing new product development and introduction of new and enhanced products; the challenges of rapid growth followed by periods of contraction; and intensive competition. Further information regarding these and other risks relating to Finisar’s business is set forth in Finisar’s annual report on Form 10-K (filed June 17, 2016) and quarterly SEC filings.

ABOUT FINISAR

Finisar Corporation (NASDAQ:FNSR) is a global technology leader for fiber optic subsystems and components that enable high-speed voice, video and data communications for telecommunications, networking, storage, wireless, and cable TV applications. For over 25 years, Finisar has provided critical optics technologies to system manufacturers to meet the increasing demands for network bandwidth and storage. Finisar is headquartered in Sunnyvale, California, USA with R&D, manufacturing sites, and sales offices worldwide. For additional information, visit www.finisar.com.

FINISAR FINANCIAL STATEMENTS The following financial tables are presented in accordance with GAAP.

Finisar Corporation
Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
Three Months Ended Twelve Months Ended Three Months Ended
Apr 30, 2017 May 1, 2016 Apr 30, 2017 May 1, 2016 Jan 29, 2017
Revenues$357,527 $318,794 $1,449,303 $1,263,166 $380,588
Cost of revenues 231,374 226,723 941,164 901,316 242,961
Impairment of long-lived assets - - - 1,071 -
Amortization of acquired developed technology 990 1,630 4,493 6,130 990
Gross profit 125,163 90,441 503,646 354,649 136,637
Gross margin 35.0% 28.4% 34.8% 28.1% 35.9%
Operating expenses:
Research and development 58,973 50,169 217,914 203,389 54,691
Sales and marketing 12,322 11,621 50,644 46,619 13,092
General and administrative 12,316 13,848 55,442 60,117 13,235
Impairment of long-lived assets - - - 830 -
Amortization of purchased intangibles 713 668 2,762 2,672 713
Total operating expenses 84,324 76,306 326,762 313,627 81,731
Income from operations 40,839 14,135 176,884 41,022 54,906
Interest income 3,299 802 6,763 2,345 1,717
Interest expense (8,953) (3,017) (20,363) (11,750) (5,399)
Other income (expenses), net (488) (80) (90) 3,214 (338)
Income before income taxes 34,697 11,840 163,194 34,831 50,886
Provision (benefit) for income taxes (95,548) (1,232) (86,152) (362) 4,499
Net income$130,245 $13,072 $249,346 $35,193 $46,387
Net income per share attributable to Finisar Corporation common stockholders:
Basic$1.17 $0.12 $2.26 $0.33 $0.42
Diluted$1.13 $0.12 $2.19 $0.32 $0.40
Shares used in computing net income per share - basic 111,438 107,612 110,405 106,678 110,956
Shares used in computing net income per share - diluted 115,242 109,386 114,097 108,870 114,873


Finisar Corporation
Consolidated Balance Sheets
(in thousands)
Apr 30, 2017 Jan 29, 2017 Oct 30, 2016 Jul 31, 2016 May 1, 2016
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 260,228 $ 240,593 $ 282,963 $ 280,414 $ 299,221
Short-term held-to-maturity investments 976,595 973,675 343,319 313,389 263,255
Accounts receivable, net 272,377 280,098 277,667 255,036 249,257
Accounts receivable, other 48,807 58,498 49,997 43,678 44,576
Inventories 331,388 312,271 292,439 272,592 273,291
Prepaid expenses and other assets 19,462 20,526 17,140 18,646 18,483
Total current assets 1,908,857 1,885,661 1,263,525 1,183,755 1,148,083
Property, equipment and improvements, net 383,919 357,039 341,563 338,918 348,613
Purchased intangible assets, net 13,019 14,638 16,339 16,197 18,388
Goodwill 106,735 106,735 106,735 106,735 106,735
Minority investments 3,161 3,322 3,893 3,974 4,051
Other assets 16,964 19,072 14,102 15,365 14,656
Deferred tax assets 107,225 5,203 3,906 3,563 4,845
Total assets $ 2,539,880 $ 2,391,670 $ 1,750,063 $ 1,668,507 $ 1,645,371
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 140,568 $ 155,916 $ 153,023 $ 136,317 $ 141,591
Accrued compensation 54,520 50,640 45,213 36,332 36,084
Other accrued liabilities 43,697 43,081 36,736 39,201 42,206
Deferred revenue 13,015 14,965 17,818 16,468 13,529
Total current liabilities 251,800 264,602 252,790 228,318 233,410
Long-term liabilities:
Convertible notes 707,782 699,903 234,679 232,016 229,393
Other non-current liabilities 17,594 12,594 13,279 14,056 14,882
Total liabilities 977,176 977,099 500,748 474,390 477,685
Stockholders' equity:
Common stock 112 111 111 110 108
Additional paid-in capital 2,784,204 2,768,396 2,639,355 2,621,260 2,605,859
Accumulated other comprehensive income (loss) (57,865) (59,944) (49,772) (38,109) (25,188)
Accumulated deficit (1,163,747) (1,293,992) (1,340,379) (1,389,144) (1,413,093)
Total stockholders' equity 1,562,704 1,414,571 1,249,315 1,194,117 1,167,686
Total liabilities and stockholders' equity $ 2,539,880 $ 2,391,670 $ 1,750,063 $ 1,668,507 $ 1,645,371
Note - Balance sheet amounts as of May 1, 2016 are derived from the audited consolidated financial statements as of the date.

FINISAR NON-GAAP FINANCIAL MEASURES

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles, or GAAP, Finisar provides the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission: non-GAAP gross profit, non-GAAP operating income, non-GAAP income and non-GAAP net income per share. These non-GAAP financial measures are supplemental information regarding Finisar’s operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or that occur relatively infrequently and/or that management considers to be outside of our ongoing core operating results. Management believes that tracking non-GAAP gross profit, non-GAAP operating income, non-GAAP net income and non-GAAP net income per share provides management and the investment community with valuable insight into our ongoing core current operations, our ability to generate cash and the underlying business trends that are affecting our performance. These non-GAAP measures are used by both management and our Board of Directors, along with the comparable GAAP information, in evaluating our current performance and planning our future business activities. In particular, management finds it useful to exclude non-cash charges in order to better correlate our operating activities with our ability to generate cash from operations and to exclude certain cash charges as a means of more accurately predicting our liquidity requirements. We believe that these non-GAAP measures, when used in conjunction with our GAAP financial information, also allow investors to better evaluate our financial performance in comparison to other periods and to other companies in our industry.

In calculating non-GAAP gross profit in this release, we have excluded the following items from cost of revenues in applicable periods in this release:

  • Changes in excess and obsolete inventory reserve (predominantly non-cash charges);
  • Amortization of acquired technology (non-cash charges related to technology obtained in acquisitions);
  • Duplicate facility costs during facility move (non-core cash charges);
  • Stock-based compensation expense (non-cash charges);
  • Impairment of long-lived assets (non-cash charges);
  • Reduction in force costs (non-core cash charges); and
  • Acquisition related retention payments (non-core cash charges).

In calculating non-GAAP operating income in this release, we have excluded the same items to the extent they are classified as operating expenses, and have also excluded the following items in applicable periods in this release:

  • Impairment of long-lived/other assets (non-cash charges);
  • Gain or loss on litigation settlements and resolutions and related costs (non-core cash charges or benefits);
  • Shareholder class action and derivative litigation (non-core cash charge);
  • Unclaimed property tax audit accrual (non-core charges and benefits);
  • Acquisition related costs (non-core cash charge) and
  • Amortization of purchased intangibles (non-cash charges).

In calculating non-GAAP income and non-GAAP income per share in this release, we have also excluded the following items in applicable periods in this release:

  • Other interest income (non-core cash benefits);
  • Imputed interest expenses on convertible debt (non-cash charges);
  • Imputed interest related to restructuring (non-cash charges);
  • Gains and losses on sales of assets (non-cash losses and cash gains related to the periodic disposal of assets no longer required for current activities);
  • Loss (gain) related to minority investment (non-core charges or benefits);
  • Other miscellaneous expenses (income) (non-core charges or benefits);
  • Dollar denominated foreign exchange transaction losses (gains) (non-cash charges or benefits); and
  • Amortization of debt issuance costs (non-cash charges).

In addition, in this release we have adjusted non-GAAP income and non-GAAP income per share for the difference between GAAP income taxes and non-GAAP income taxes including the non-cash benefit of to the GAAP income tax provision due to the release of a significant portion of the valuation allowance against certain U.S. deferred tax assets.

A reconciliation of this non-GAAP financial information to the corresponding GAAP information is set forth below:

Finisar Corporation
Reconciliation of Results of Operations under GAAP and non-GAAP
(Unaudited, in thousands, except per share data)
Three Months Ended Twelve Months Ended Three Months Ended
Apr 30, 2017 May 1, 2016 Apr 30, 2017 May 1, 2016 Jan 29, 2017
GAAP to non-GAAP reconciliation of gross profit:
Gross profit - GAAP$125,163 $90,441 $503,646 $354,649 $136,637
Gross margin - GAAP 35.0% 28.4% 34.8% 28.1% 35.9%
Adjustments:
Cost of revenues
Change in excess and obsolete inventory valuation adjustments (1) - 2,102 - 7,227 -
Amortization of acquired technology 990 1,630 4,493 6,130 990
Duplicate facility costs during facility move 10 8 36 101 10
Stock compensation 3,071 2,847 12,249 11,000 3,182
Impairment of long-lived assets - - - 1,282 -
Reduction in force costs 103 369 287 1,704 68
Acquisition related retention payment 26 28 97 149 26
Total cost of revenue adjustments 4,200 6,984 17,162 27,593 4,276
Gross profit - non-GAAP 129,363 97,425 520,808 382,242 140,913
Gross margin - non-GAAP 36.2% 30.6% 35.9% 30.3% 37.0%
GAAP to non-GAAP reconciliation of operating income:
Operating income - GAAP 40,839 14,135 176,884 41,022 54,906
Operating margin - GAAP 11.4% 4.4% 12.2% 3.2% 14.4%
Adjustments:
Total cost of revenue adjustments 4,200 # 6,984 # 17,162 # 27,593 4,276
Total operating expense adjustments
Operating expenses - GAAP 84,324 76,306 326,762 313,627 81,731
Research and development
Reduction in force costs 46 386 338 904 30
Duplicate facility costs during facility move 10 7 34 284 10
Acquisition related retention payment 32 32 128 222 32
Stock compensation 5,613 4,855 21,737 19,386 5,461
Impairment of long-lived/other assets 2,387 - 2,387 287 -
Sales and marketing
Reduction in force costs 19 1 48 225 -
Acquisition related retention payment 2 - 2 15 -
Stock compensation 1,889 1,747 7,438 6,885 1,921
General and administrative
Reduction in force costs 5 49 58 1,403 20
Duplicate facility costs during facility move 176 24 641 191 168
Acquisition related retention payment - 4 (2) (1) -
Stock compensation 2,823 2,381 11,172 10,241 2,807
Acquisition related costs (343) (1) (289) 434 21
Litigation settlements and resolutions and related costs - 1 93 17 47
Shareholder class action and derivative litigation costs - (184) - (184) -
Unclaimed property tax audit accrual - 150 (37) 150 (37)
Amortization of purchased intangibles 713 668 2,762 2,672 713
Impairment of long-lived assets/intangible assets - - - 587 -
Total operating expense adjustments 13,372 10,120 46,510 43,718 11,193
Operating expenses - non-GAAP 70,952 66,186 280,252 269,909 70,538
Operating income - non-GAAP 58,411 31,239 240,556 112,333 70,375
Operating margin - non-GAAP 16.3% 9.8% 16.6% 8.9% 18.5%
GAAP to non-GAAP reconciliation of income before income taxes:
Income before income taxes - GAAP 34,697 11,840 163,194 34,831 50,886
Adjustments:
Total cost of revenue adjustments 4,200 6,984 17,162 27,593 4,276
Total operating expense adjustments 13,372 10,120 46,510 43,718 11,193
Other interest income - (6) - (119) -
Non-cash imputed interest expenses on convertible debt 7,494 2,449 16,936 9,605 4,464
Imputed interest related to restructuring 32 40 141 171 34
Other (income) expense, net
Loss (gain) on sale of assets 124 165 134 (579) 35
Loss related to minority investments - - 643 - 643
Other miscellaneous income (115) (184) (395) (1,824) (280)
Foreign exchange transaction (gain) or loss 326 362 (877) 925 (204)
Amortization of debt issuance cost 385 154 950 616 257
Total Interest and other adjustments 8,246 2,980 17,532 8,795 4,949
Income before income taxes - non-GAAP 60,515 31,924 244,398 114,937 71,304
GAAP to non-GAAP reconciliation of net income:
Net income - GAAP 130,245 13,072 249,346 35,193 46,387
Total cost of revenue adjustments 4,200 6,984 17,162 27,593 4,276
Total operating expense adjustments 13,372 10,120 46,510 43,718 11,193
Total Interest and other adjustments 8,246 2,980 17,532 8,795 4,949
Income tax provision adjustments (98,548) (1,332) (98,852) (5,482) 399
Total adjustments (72,730) 18,752 (17,648) 74,624 20,817
Net income - non-GAAP$57,515 $31,824 $231,698 $109,817 $67,204
Basic non-GAAP income per share
GAAP earnings per share$1.17 $0.12 $2.26 $0.33 $0.42
Impact of all non-GAAP adjustments$(0.65) $0.18 $(0.16) $0.70 $0.19
Non-GAAP earnings per share$0.52 $0.30 $2.10 $1.03 $0.61
Diluted non-GAAP income per share
GAAP earnings per share$1.13 $0.12 $2.19 $0.32 $0.40
Impact of all non-GAAP adjustments$(0.63) $0.17 $(0.16) $0.69 $0.19
Non-GAAP earnings per share$0.50 $0.29 $2.03 $1.01 $0.59
Shares used in computing non-GAAP income per share
Basic 111,438 107,612 110,405 106,678 110,956
Diluted 115,242 109,386 114,097 108,870 114,873
(1) Non-GAAP adjustment no longer made effective fiscal 2017.

Finisar-F

Investor Contact: Kurt Adzema Chief Financial Officer 408-542-5050 or Investor.relations@finisar.com Press contact: Victoria McDonald Director, Corporate Communications 408-542-4261

Source:Finisar Corporation