ALLIANCE FIBER OPTIC PRODUCTS INC

CIK:0001122342|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Revenues	$ 12,485	$ 21,663
Cost of revenues	8,783	12,871
Gross profit	3,702	8,792
Operating expenses:
Research and development	1,200	1,143
Selling, marketing and administrative	3,151	2,231
Total operating expenses	4,351	3,374
(Loss) income from operations	(649)	5,418
Interest and other income, net	102	196
(Loss) Income before income taxes	(547)	5,614
Benefit (Provision) for income taxes	11	(2,056)
Net (loss) income	(536)	3,558
Other comprehensive income:
Cumulative translation adjustments	70	436
Unrealized gain (loss) on investments	1	(4)
Comprehensive (loss) income	$ (465)	$ 3,990
Net (loss) income per share:
Basic	$ (0.03)	$ 0.20
Diluted	$ (0.03)	$ 0.19
Shares used in computing net (loss) income per share:
Basic	15,789	17,872
Diluted	15,789	18,296

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net (loss) income	$ (536)	$ 3,558
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	843	$ 659
Loss on disposal of property and equipment	3
Stock-based compensation	877	$ 496
Provision for (recovery of) inventory valuation	$ (46)	139
Deferred taxes		1,168
Changes in assets and liabilities:
Accounts receivable	$ 3,563	(3,354)
Inventories	(823)	(1,100)
Prepaid expenses and other current assets	579	(388)
Other assets	(5)	(9)
Accounts payable	1,071	1,104
Accrued expenses	(2,419)	386
Other long-term liabilities	(296)	(78)
Net cash provided by operating activities	2,811	2,581
Cash flows from investing activities:
Purchase of short-term investments	(9,360)	(31,847)
Proceeds from sales and maturities of short-term investments	14,121	31,537
Purchase of long-term investments	(47)	(46)
Purchase of property and equipment	(479)	(1,015)
Net cash provided by (used in) investing activities	4,235	(1,371)
Cash flows from financing activities:
Proceeds from the exercise of stock options	$ 19	93
Repurchase of common stock		(3,986)
Net cash provided by (used in) financing activities	$ 19	(3,893)
Effect of exchange rate changes on cash and cash equivalents	(146)	341
Net increase (decrease) in cash and cash equivalents	6,919	(2,342)
Cash and cash equivalents at beginning of period	6,157	22,723
Cash and cash equivalents at end of period	13,076	20,381
Supplemental disclosure of cash flow information:
Cash paid for income taxes	$ 81	$ 216

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 13,076	$ 6,157
Short-term investments	13,135	17,831
Accounts receivable, net	8,988	12,547
Inventories, net	11,905	10,919
Deferred tax asset, net	3,848	3,848
Prepaid expenses and other current assets	1,683	2,121
Total current assets	52,635	53,423
Long-term investments	10,868	10,821
Property and equipment, net	16,032	16,183
Other assets	208	206
Total assets	79,743	80,633
Current liabilities:
Accounts payable	7,214	6,059
Accrued expenses	7,149	9,510
Total current liabilities	14,363	15,569
Other long-term liabilities	2,079	2,194
Total liabilities	$ 16,442	$ 17,763
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock, par value $0.001: 5,000,000 shares authorized: no shares issued and outstanding at March 31, 2016 and December 31, 2015
Common stock, $0.001 par value: 100,000,000 shares authorized; 15,791,585 and 15,786,785 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	$ 16	$ 16
Additional paid-in-capital	77,358	76,462
Accumulated deficit	(14,315)	(13,779)
Accumulated other comprehensive income	242	171
Stockholders' equity	63,301	62,870
Total liabilities and stockholders' equity	$ 79,743	$ 80,633