Accelink to acquire Ignis Photonyx
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Accelink to acquire Ignis Photonyx
Accelink Technologies Co., Ltd. is not letting its impending merger with Wuhan Telecommunication Devices Co., Ltd. (WTD) distract it from other pursuits. The company’s board of directors voted December 3, 2012, to approve the signing of a share purchase agreement with Ignis AS for the acquisition of the latter’s subsidiary, Ignis Photonyx A/S (IPX). Accelink will pay $2.6 million (CNY 16.38 million) for the assets, after which IPX will become a wholly owned subsidiary of Accelink.Accelink says it plans to invest a further $5.4 million (CNY 34.02 million) in IPX to pay for facility upgrades and replenish its working funds.Denmark-based IPX develops a variety of products based on of planar optical waveguide components such as planar lightwave circuits and arrayed waveguide gratings (AWGs) using plasma-enhanced chemical vapor deposition (PECVD) technology. It has supplied Accelink with such products as AWGs and optical splitters for several years (see “Ignis signs supply agreement letter with Accelink”).The deal will further Accelink’s strategy to increase its vertical integration in the optoelectronic business, which will increase production scale, market share, and supply chain margins. In particular, the acquisition of IPX and its photonic chip technology should accelerate Accelink’s entry into high-end markets. In particular, Accelink believes IPX’s core technologies will provide a significant boost to Accelink’s effort to develop 100 Gbps and 400 Gbps products.
Accelink merger with WTD receives regulatory approval
Accelink Technologies Co., Ltd. has announced that it received approval November 29 from the China Securities Regulatory Commission’s Committee for the Merger, Acquisition and Restructuring of Listed Companies for a merger with Wuhan Telecommunication Devices Co., Ltd. (WTD). The transaction should land the combined company in the global Top 10 optical component vendors in terms of market share, says an Accelink source.The two companies have been among Chinese leading optical components companies for some time. WTD’s work in components and optical transceivers and transponders, including 40-Gbps transponders, should complement Accelink’s line of optical components, modules, and subsystems. Accelink expects the combined resources will enable it to stay ahead of domestic competition in terms of R&D and production capabilities.“As the company’s major asset restructuring received approval from CSRC, the related tasks will commence successively,” Accelink said in a press release. “Accelink will take this opportunity to increase its capability for vertical reintegration in the optoelectronic industry, focus on developing growth-oriented products that can meet the market demands of the next generation, drive innovation in the entire industry chain, and strive to become an innovative and internationalized industry leader with sustainable competitive advantages.”
Finisar hits second quarter revenue, hints at more growth
Finisar Corp. (NASDAQ: FNSR) announced December 5 that revenue for its fiscal second quarter, ended October 28, reached $232 million. This figure fell within the mid-range of its previously issued guidance (see “Finisar: Revenues down but turnaround imminent”). Despite upcoming pricing pressures the company also set a revenue expectation of flat to positive for the third fiscal quarter."I am pleased to report fiscal second quarter revenues of $232.0 million, which is $11.5 million, or 5.2%, greater than the prior quarter,” said Jerry Rawls, Finisar's executive chairman of the board, via a company press release. “Our growth in revenues came primarily from sales of tunable XFP transceivers and wavelength selective switches, including ROADM line cards. In addition, operating income increased at a faster rate than revenues because we were able to hold operating expenses relatively flat. This was accomplished in spite of the impact of a full quarter of operating expenses from operation of our RED-C subsidiary, which we acquired during the first quarter."GAAP gross margin for the quarter increased to 27.5% and 30.5% on a non-GAAP basis, versus the previous quarter’s 26.2% and 30.3%, respectively, thanks primarily to the greater revenue. GAAP operating income increased $5.3 million to $54,000, or 0.0 % of revenues, compared to the fiscal first quarter’s operating loss of $5.2 million, or 2.4% of revenues."During the quarter, we continued to invest significantly in technology and product development and made substantial progress on a number of new products including tunable SFP+ transceivers, 100G coherent transponders, and next-generation 100G client CFP and CFP2 transponders. We expect these new products to drive our future revenue growth and market share expansion in calendar 2013 and beyond," said CEO Eitan Gertel via the same press release.For the current fiscal third quarter, Finisar management said they foresee revenues in the range of $230 million to $245 million, GAAP operating margin between approximately 0.0% and 1.5%, non-GAAP operating margin between 6.5% and 8.0%, and non-GAAP earnings per diluted share between $0.14 and $0.18.Despite the relatively positive forecast, some analysts remain concerned. “Unit price declines worry us,” wrote Simon Leopold of Raymond James Equity Research in a note to investors issued after Finisar’s analyst call. “Management noted that in its annual telecom customer negotiations average prices will drop 15% in CY13 (effects the last month of the current quarter and all of the April quarter). Typically, prices drop 10%-15%, and in 2012 were down nearly 15%. Our checks had suggested 2013 would revert to the mid-point of the range, which does not seem to be the case for Finisar, and this pressures both revenue and gross margin.”
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