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Alliance Fiber Optic Products Inc. (AFOP) filed Quarterly Report for the period ended 2011-09-30.
Alliance Fiber Optic Products Inc. has a market cap of $76.1 million; its shares were traded at around $8.57 with a P/E ratio of 14.3 and P/S ratio of 1.7.
This is the annual revenues and earnings per share of AFOP over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of AFOP.
Highlight of Business Operations:
Our connectivity products contributed revenues of $8.7 million, or 73.6% and $8.6 million, or 65.0% for the three months ended September 30, 2011 and 2010, respectively. Our optical passive products contributed revenues of $3.1 million, or 26.4% and $4.7 million, or 35.0% for the three months ended September 30, 2011 and 2010, respectively.Our connectivity products contributed revenues of $24.1 million, or 75.6% and $23.2 million, or 68.5% for the nine months ended September 30, 2011 and 2010, respectively. Our optical passive products contributed revenues of $7.8 million, or 24.4% and $10.6 million, or 31.5% for the nine months ended September 30, 2011 and 2010, respectively.
In the three months ended September 30, 2011 and 2010, our top 10 customers comprised 68.6% and 68.7% of our revenues, respectively. For the three months ended September 30, 2011, two customers accounted for 13.8% and 11.7% of our total revenues. For the three months ended September 30, 2010, two customers accounted for 16.7% and 16.3% of our total revenues.
Cost of Revenues. Cost of revenues was $8.0 million and $8.6 million for the three months ended September 30, 2011 and 2010, respectively. Cost of revenues as a percentage of revenues increased to 67.6% for the three months ended September 30, 2011 from 64.5% for the three months ended September 30, 2010. Cost of revenues was $21.6 million and $22.3 million for the nine months ended September 30, 2011 and 2010, respectively. Cost of revenues as a percentage of revenues increased to 67.7% for the nine months ended September 30, 2011 from 66.0% for the nine months ended September 30, 2010. The higher percentage cost of revenues for the three and nine months ended September 30, 2011 resulted from decreased factory utilization due to lower revenues.
Gross Profit. Gross profit decreased to $3.8 million, or 32.4% of revenues, for the three months ended September 30, 2011 from $4.7 million, or 35.5% of revenues, for the same period in 2010. Gross profit decreased to $10.3 million, or 32.3% of revenues, for the nine months ended September 30, 2010 from $11.5 million, or 34.0% of revenues, for the same period in 2010. For the three and nine months ended September 30, 2011, the lower gross profit was due to the lower utilization of our factories as a result of decreased volume shipments to our customers. We expect our gross profit as a percentage of revenues to improve in the event of higher production volumes, which we anticipate will result in improved absorption of overhead expenses. However, decreasing average selling prices will negatively impact our gross profit and may offset benefits, if any, from improved absorption.
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