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Optical Communication Earnings Up 194%

November 29, 2000|Andrew Blankstein

Fiber-optic component maker Optical Communication Products Inc. posted strong fiscal fourth-quarter results as company revenue surged by 158% and earnings shot up 194%. The Chatsworth-based company reported net income of $8.5 million, or 9 cents per share, compared with $2.9 million, or 3 cents, in the year-ago quarter. Revenue nearly tripled to $32.8 million from $12.7 million. The company also announced its results for fiscal year 2000, reporting an 183% revenue increase to $101.9 million. Net income was up 258%, to $25.2 million. Company President and Chief Executive Muoi Van Tran said Optical saw very strong demand across its product lines and was able to respond quickly to customer demands. The company, founded in 1991 by Japan's Furukawa Electric, went public Nov. 3, raising $115.5 million in its deal. On the first day of trading the stock soared 63%, climbing from $11 to $17.88. Like other networking companies, it has been hit by the recent market sell-off. Optical stock closed at $13 Tuesday, down $1.81 on Nasdaq. Optical Communication Products makes fiber-optic components linking intrastate optics networks to metropolitan or "last-mile" telecommunications networks that link to individual homes and businesses.

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