Alliance Fiber Optics Products reports second quarter results

July 25, 2002
July 25, 2002 -- Revenues increase by 4 percent sequentially.

Alliance Fiber Optic Products, Inc., a supplier of optical fiber components, has reported its financial results for the second quarter ended June 30, 2002.

Revenues for the second quarter of 2002 totaled $3,665,000 as compared to $3,532,000 in the previous quarter, and $4,568,000 in the second quarter of 2001. The company recorded a net loss under generally accepted accounting principles for the second quarter
of 2002 of $4,496,000, or $0.13 per share based on 34.5 million shares outstanding, and a net loss for the second quarter of 2001 of $16,480,000, or $0.50 per share based on 33.0 million shares outstanding.

However, excluding the effects of non-cash charges for inventory provision, fixed asset write down and deferred stock-based compensation, pro forma net loss for the second quarter of 2002 was $2,439,000, or $0.07 per share based on 34.5 million shares outstanding. Pro forma net loss for the first quarter of 2002 was $2,981,000, or $0.09 per share based on 34.4 million shares outstanding, and pro forma net loss for the second quarter of 2001 was $1,988,000, or $0.06 per share based on 33.0 million basic shares
outstanding.

These pro forma calculations exclude a second quarter 2002 non-cash charge for a $949,000 inventory provision and a $972,000 fixed asset write down charge. These calculations also exclude the first quarter 2002 non-cash charge for a $2,208,000 inventory provision, and a second quarter 2001 non-cash charge for a $6,543,000 inventory provision and a $5.2 million asset impairment charge, as well as the amortization of deferred stock-based compensation.

"We are pleased we were able to increase revenues by 4% sequentially, particularly in light of the challenges posed by current market conditions," says Alliance Fiber Optic Products President Peter Chang. "A significant increase in DWDM-related sales to the broadband sector and the initiation of VOA product shipments to a new customer in Asia contributed to this growth."

Alliance Fiber Optic Products is based in Sunnyvale, Calif. For more information visit
www.afop.com.

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