For first-quarter 2014, Infinera Corp of Sunnyvale, CA, USA, a vertically integrated manufacturer of digital optical network systems incorporating its own indium phosphide-based photonic integrated circuits (PICs), has reported revenue of $142.8m, up 2.7% on $139.1m last quarter and 14.6% on $124.6m a year ago.
Of invoiced shipments, only 54% were domestic US (down from 73% last quarter and 63% a year ago), whereas 46% were international (up from just 27% last quarter and 37% a year ago).
"Our first-quarter performance was exceptionally strong in what is typically a soft quarter for our industry," says CEO Tom Fallon. "We are benefitting from the continued investment cycle in 100G and network convergence," he adds. "The favorable economics of our PIC-based architectures and the operational benefits of super-channels positions us as the industry recognized leader in the optical market."
On a non-GAAP basis, gross margin has risen from 35.9% a year ago and 41.4% last quarter to 41.8%. Operating expenses have risen only slightly, from $57.6m a year ago to $59.5m.
Net income was $4.2m ($0.03 per share), compared to net losses of $0.2m (break-even on an earnings per share basis) last quarter and $7.3m ($0.06 per share) a year ago. During the quarter, cash, cash equivalents and short-term investments rose from $297m to $312m.
Company headcount has risen further, from 1219 a year ago and 1318 last quarter to 1346.
"I remain optimistic about our short-, intermediate- and long-term opportunity," says Fallon. "Our focus this year remains on winning footprint, gaining market share, and servicing customers. We believe the continued growth of our business in long-haul, combined with product investments in adjacent markets, is the best way for us to provide long-term shareholder value."
