Compnay earns $66.6m revenue for Q1
Infinera Corporation, a provider of digital optical communications systems, has posted a GAAP net loss of $24.33m, or $0.26 per diluted share, for the first quarter ended March 28, 2009, compared to a GAAP net income of $27.59m, or $0.29 per diluted share, in the first quarter of 2008.
GAAP revenues for the first quarter of 2009 were $66.6m compared to $138.25m in the first quarter of 2008. GAAP gross margins for the quarter were 30%.
According to the company, GAAP gross margins for the quarter were 30%. Excluding non-cash stock-based compensation, non-GAAP gross margins were 31% in the first quarter of 2009 compared to 36% on an adjusted GAAP basis for the fourth quarter of 2008 and 45% on an invoiced shipments basis in the first quarter of 2008.
Jagdeep Singh, president and CEO of Infinera, said: The combination of macroeconomic effects and timing associated with some large deployments put downward pressure on our revenue and gross margins for the first quarter. However, we saw continued momentum with tier-one carriers, as Infinera was selected by two additional European PTTs.
Infinera provides Digital Optical Networking systems to telecommunications carriers worldwide. Infinera’s systems are calimed to be unique in their use of a breakthrough semiconductor technology: the Photonic Integrated Circuit (PIC). Infinera’s systems and PIC technology are designed to provide optical networks with simpler and more flexible engineering and operations, faster time-to-service, and the ability to deliver differentiated services without reengineering their optical infrastructure.