Infinera Corporation Reports Second Quarter 2014 Financial Results

SUNNYVALE, Calif. — (BUSINESS WIRE) — July 23, 2014 — Infinera Corporation (NASDAQ: INFN), provider of Intelligent Transport Networks, today released financial results for the second quarter of 2014 ended June 28, 2014.

GAAP revenue for the quarter was $165.4 million compared to $142.8 million in the first quarter of 2014 and $138.4 million in the second quarter of 2013.

GAAP gross margin for the quarter was 42.5% compared to 40.9% in the first quarter of 2014 and 37.3% in the second quarter of 2013.

GAAP net income for the quarter was $4.8 million, or $0.04 per diluted share, compared to net loss of $(4.4) million, or $(0.04) per share, in the first quarter of 2014, and a net loss of $(10.0) million, or $(0.09) per share, in the second quarter of 2013.

Non-GAAP gross margin for the quarter was 43.3% compared to 41.8% in the first quarter of 2014 and 38.9% in the second quarter of 2013.

Non-GAAP net income for the quarter was $13.5 million, or $0.11 per diluted share, compared to net income of $4.2 million, or $0.03 per diluted share in the first quarter of 2014, and net loss of $(1.2) million, or $(0.01) per share, in the second quarter of 2013.

These non-GAAP measures exclude non-cash stock-based compensation expenses and the amortization of debt discount on Infinera’s convertible senior notes. A further explanation of the use of non-GAAP financial information and a reconciliation of the non-GAAP financial measures to the GAAP equivalents can be found at the end of this release.

Management Commentary:

"We continued the strong momentum from our solid first quarter results delivering record quarterly revenue, an expanded gross margin and significant earnings growth in the second quarter. We had record 100G port shipments as we experienced excellent DTN-X deployments across a broad base of customer verticals. We were pleased to add four new invoiced DTN-X customers this quarter, including a new customer to Infinera, allowing us to further capitalize on the 100G technology cycle with this new footprint" said Tom Fallon, Infinera’s Chief Executive Officer. "We see video and cloud driving bandwidth growth across our markets as well as Internet Content Providers building significant amounts of new capacity. Our technological innovation and proven operating excellence supports continued growth in the long haul market as we enter the second half of the year and positions us well as we begin the process of expanding into new adjacent high capacity transport markets.”

Conference Call Information:

Infinera will host a conference call for analysts and investors to discuss its second quarter of 2014 results and its outlook for the third quarter of 2014 today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). A live webcast of the conference call will also be accessible from the Investor Relations’ section of Infinera’s website at www.infinera.com. Following the webcast, an archived version will be available on the website for 90 days. To hear the replay, parties in the United States and Canada should call 1-866-423-4837. International parties can access the replay at 1-203-369-0849.

About Infinera

Infinera provides Intelligent Transport Networks to help carriers exploit the increasing demand for cloud-based services and data center connectivity as they advance into the Terabit Era. Infinera is unique in its use of breakthrough semiconductor technology to deliver large scale Photonic Integrated Circuit (PICs) and the application of PICs to vertically integrated optical networking solutions that deliver the industry’s only commercially available 500 Gb/s FlexCoherent super-channels. Infinera Intelligent Transport Network solutions include the DTN-X, DTN and ATN platforms. Find more at www.infinera.com.

Forward-Looking Statements

This press release contains certain forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties. These statements are based on information available to Infinera as of the date hereof and actual results could differ materially from those stated or implied due to risks and uncertainties. Forward-looking statements include statements regarding Infinera’s expectations, beliefs, intentions or strategies including statements regarding Infinera’s expectations for continued bandwidth growth across Infinera’s markets as well as Internet Content Providers building significant amounts of new capacity; Infinera’s ability to support continued growth; and Infinera’s ability to expand into new adjacent high capacity transport markets. Such forward-looking statements can be identified by forward-looking words such as "anticipated," "believed," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. The risks and uncertainties that could cause Infinera’s results to differ materially from those expressed or implied by such forward-looking statements include aggressive business tactics by Infinera’s competitors; delays in the development and introduction of Infinera’s products and market acceptance of these products; the effect of changes in product pricing or mix, and/or increases in component costs could have on Infinera’s gross margin; Infinera’s reliance on single-source suppliers; Infinera’s ability to protect Infinera’s intellectual property; claims by others that Infinera infringes their intellectual property; war, terrorism, public health issues, natural disasters, and other circumstances that could disrupt supply, delivery, or demand of products; Infinera’s ability to respond to rapid technological changes; and other risks detailed in Infinera’s SEC filings from time to time. More information on potential factors that may impact Infinera’s business are set forth in its Quarterly Report on Form 10-Q for the quarter ended March 29, 2014 and filed with the SEC on April 30, 2014, as well as subsequent reports filed with or furnished to the SEC from time to time. These reports are available on Infinera’s website at www.infinera.com and the SEC’s website at www.sec.gov . Infinera assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

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