Oplink Communications Inc. (OPLK, Financial) filed Quarterly Report for the period ended 2010-03-28.
Oplink Communications Inc. has a market cap of $313.4 million; its shares were traded at around $15 with a P/E ratio of 26.8 and P/S ratio of 2.2. OPLK is in the portfolios of Wilbur Ross of Invesco Private Capital, Inc., Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Amortization of intangible assets was approximately $958,000 and $950,000 for the three months ended March 31, 2010 and 2009, respectively, and approximately $2.8 million and $2.9 million for the nine months ended March 31, 2010 and 2009, respectively, representing charges incurred as a result of our acquisitions.
We are required to make our best estimate of the annual effective tax rate for the full fiscal year and use that rate to provide for income taxes on a current year-to-date basis. We recorded a tax provision of $516,000 and $729,000 for the three months ended March 31, 2010 and 2009, respectively. We recorded a tax provision of $1.3 million and $1.2 million for the nine months ended March 31, 2010 and 2009, respectively.
Since our inception, we have financed our operations primarily through cash flows from operations and issuances of equity, which totaled approximately $319.4 million in aggregate net proceeds, partially offset by $47.1 million in common stock repurchases, net of proceeds from exercise of stock options, employee stock purchase plan and warrants through March 31, 2010. As of March 31, 2010, we had cash and cash equivalents, short-term and long-term investments of $184.8 million and working capital of $194.7 million.
Our operating activities provided cash of $17.0 million in the nine months ended March 31, 2010 as a result of a net income of $7.5 million for the period adjusted by $7.8 million in non-cash charges of depreciation and amortization, and $4.5 million in non-cash stock-based compensation expenses, partially offset by a decrease of cash of $2.8 million as a result of change in assets and liabilities.
For the nine months ended March 31, 2010, cash used as a result of the net change in assets and liabilities was primarily the result of an increase in inventory of $5.0 million, an increase in prepaid expenses and other current assets of $3.1 million, partially offset by a decrease in accounts receivables of $1.2 million, an increase in accounts payable of $3.0 million and an increase in accrued liabilities of $1.1 million.
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Oplink Communications Inc. has a market cap of $313.4 million; its shares were traded at around $15 with a P/E ratio of 26.8 and P/S ratio of 2.2. OPLK is in the portfolios of Wilbur Ross of Invesco Private Capital, Inc., Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Gross profit increased for the nine months ended March 31, 2010 compared to the nine months ended March 31, 2009 primarily reflecting a lower provision for excess and obsolete inventory, lower material costs, higher utilization of previously fully reserved inventory, and lower manufacturing overhead expenses as a result of further integration of Optical Communication Products, Inc. (OCP) and other cost reduction efforts, partially offset by lower revenues. During the nine months ended March 31, 2009, we recorded a provision for excess and obsolete inventory of $4.1 million which was primarily related to our line transmission products. Our gross profit for the nine months ended March 31, 2010 was positively impacted by the sale of inventory that had been previously fully reserved of $4.6 million, compared to the sale of inventory that had been previously fully reserved of $2.6 million in the nine months ended March 31, 2009.Amortization of intangible assets was approximately $958,000 and $950,000 for the three months ended March 31, 2010 and 2009, respectively, and approximately $2.8 million and $2.9 million for the nine months ended March 31, 2010 and 2009, respectively, representing charges incurred as a result of our acquisitions.
We are required to make our best estimate of the annual effective tax rate for the full fiscal year and use that rate to provide for income taxes on a current year-to-date basis. We recorded a tax provision of $516,000 and $729,000 for the three months ended March 31, 2010 and 2009, respectively. We recorded a tax provision of $1.3 million and $1.2 million for the nine months ended March 31, 2010 and 2009, respectively.
Since our inception, we have financed our operations primarily through cash flows from operations and issuances of equity, which totaled approximately $319.4 million in aggregate net proceeds, partially offset by $47.1 million in common stock repurchases, net of proceeds from exercise of stock options, employee stock purchase plan and warrants through March 31, 2010. As of March 31, 2010, we had cash and cash equivalents, short-term and long-term investments of $184.8 million and working capital of $194.7 million.
Our operating activities provided cash of $17.0 million in the nine months ended March 31, 2010 as a result of a net income of $7.5 million for the period adjusted by $7.8 million in non-cash charges of depreciation and amortization, and $4.5 million in non-cash stock-based compensation expenses, partially offset by a decrease of cash of $2.8 million as a result of change in assets and liabilities.
For the nine months ended March 31, 2010, cash used as a result of the net change in assets and liabilities was primarily the result of an increase in inventory of $5.0 million, an increase in prepaid expenses and other current assets of $3.1 million, partially offset by a decrease in accounts receivables of $1.2 million, an increase in accounts payable of $3.0 million and an increase in accrued liabilities of $1.1 million.
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