OPLINK COMMUNICATIONS INC

CIK:0001022225|SEC Filings

Accumulated Other Comprehensive Income

3 Months Ended

Sep. 28, 2014

Accumulated Other Comprehensive Income [Abstract]

Note 5 – Accumulated Other Comprehensive Income

The changes in accumulated other comprehensive income by component and related tax effects during the three months ended September 28, 2014 were as follows (in thousands):

	Unrealized Gains (Losses) on Available-for- Sale Securities			Foreign Currency Translation Adjustment		Total
As of June 29, 2014	$	(11	)	$	17,187	$	17,176
Other comprehensive income before reclassification		4			107		111
Amounts reclassified from accumulated other comprehensive income		--			--		--
Other comprehensive income, net		4			107		111
As of September 28, 2014	$	(7	)	$	17,294	$	17,287

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Sep. 28, 2014	Sep. 29, 2013
Cash flows from operating activities:
Net income	$ 612	$ 2,222
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	2,428	2,001
Amortization of acquired intangible assets	46	75
Stock-based compensation expense	1,576	2,077
Amortization of premium on investments	207	212
Net loss on sale and disposal of property and equipment	0	77
Deferred income taxes	36	(74)
Change in assets and liabilities:
Accounts receivable	(3,038)	(52)
Inventories	643	(5,841)
Prepaid expenses and other assets	(2,510)	(192)
Accounts payable	1,141	1,789
Accrued liabilities and other liabilities	3,183	2,145
Net cash provided by operating activities	4,324	4,439
Cash flows from investing activities:
Purchases of available-for-sale investments	(14,518)	(47,419)
Sales and maturities of available-for-sale investments	31,000	48,371
Purchases of held-to-maturity investments	0	(9,288)
Purchases of non-marketable equity securities	(74)	0
Proceeds from sales of property and equipment	0	51
Purchases of property and equipment	(1,383)	(5,502)
Net cash provided by (used for) investing activities	15,025	(13,787)
Cash flows from financing activities
Proceeds from issuance of common stock	1,263	620
Dividend payments to stockholders	(858)	0
Repurchases of common stock	(12,569)	0
Tax withholdings related to net share settlements of restricted stock units	(445)	(1,147)
Net cash used for financing activities	(12,609)	(527)
Effect of exchange rates on cash and cash equivalents	(1)	38
Net increase (decrease) in cash and cash equivalents	6,739	(9,837)
Cash and cash equivalents at beginning of period	41,819	65,014
Cash and cash equivalents at end of period	$ 48,558	$ 55,177

Balance Sheet Components

3 Months Ended

Sep. 28, 2014

Balance Sheet Components [Abstract]

Balance Sheet Components

Note 9 – Balance Sheet Components (in thousands)

	September 28, 2014			June 29, 2014
Inventories:
Raw materials	$	22,194		$	24,650
Work-in-process		11,278			10,760
Finished goods		3,567			3,361
	$	37,039		$	38,771
Property, plant and equipment, net:
Production and engineering equipment	$	71,937		$	71,243
Computer hardware and software		9,179			9,131
Building and leasehold improvements		36,442			35,925
Land		6,130			6,114
Construction in progress		237			319
		123,925			122,732
Less: Accumulated depreciation		(73,084	)		(70,619	)
	$	50,841		$	52,113
Other assets:
Long term deposit	$	774		$	823
Investments in privately held companies		4,938			4,863
Technology license		183			200
Deferred income tax charge		5,867			6,101
Other		1,320			1,415
	$	13,082		$	13,402
Accrued liabilities:
Payroll and related expenses	$	7,646		$	6,894
Employee withholdings and related expenses		1,157			537
Accrued professional fees		2,472			1,003
Accrued sales commission		688			684
Accrued product returns and allowance		148			98
Advance deposits from customers		450			313
Accrued warranty		396			374
Other		4,470			3,827
	$	17,427		$	13,730