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Finisar moves to a profit in 3rd quarter

Wed, 03/03/2010 - 1:30pm
The Associated Press

Network company Finisar Corp. moved to a profit in the third quarter as sales jumped, the company said Wednesday.

The company, based in Sunnyvale, Calif., earned $5.5 million, or 8 cents per share, in the three months that ended Jan. 31. That compares to the loss of $49.4 million, or 83 cents per share, a year earlier.

Adjusted profit of 17 cents per share beat a 16 cent per share prediction of analysts polled by Thomson Reuters.

Revenue rose 32 percent in the quarter to $166.9 million from $126.1 million, higher than the $165 million that analysts expected.

Also Wednesday, Finisar said its chief financial officer, Steve Workman, will be replaced by Kurt Adzema, the company's view president of strategy and corporate development. Workman will become vice president of corporate development and investor relations.

The company said it expects fourth-quarter revenue in a range of $175 million to $185 million.

Finisar shares fell 15 cents to $12.45 in after-hours trading Wednesday after closing the regular session up 5 cents at $12.93.

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