Optical networking component manufacturer Finisar Corp. announced in a preliminary Q4 report Tuesday that quarterly revenue fell 5% from year-ago levels to $97.3 million. Analysts had been expecting Q4 revenue of $99 million. For the full fiscal year, revenue came in at $419.2 million, 15% above the year-ago quarter but shy of analyst forecasts of $422 million. "Despite year-end problems with customer supply chain and excess inventory issues, I think we made tremendous progress on a number of fronts in the last fiscal year," said CEO Jerry Rawls. The company was unable to provide any earnings information because it is in the middle of an investigation into its accounting of stock options. Discrepancies in the dates of some options grants will obligate the company to restate some financials to reflect related charges. The amount of the charges has not been determined, but the company said they could affect results from 2000 through 2007.
Sources: Press release, TheStreet.com, MoneyCentral, Reuters
Commentary: 5 Misconceptions About the 10G Optical Market • Optical Vendors: Cornering The Commodity Market • Fiber Optics Market: Benefiting from the Online Video Trend
Stocks/ETFs to watch: Finisar Corp. (FNSR). Competitors: JDS Uniphase Corp. (JDSU), Stratos International Inc. (STLW), Opnext Inc. (OPXT), Avanex Corp. (AVNX). ETFs: iShares Goldman Sachs Network Index Fund (IGN), PowerShares Dynamic Networking (PXQ)
Seeking Alpha's news briefs are combined into a pre-market summary called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only seconds to sign up.