Finisar fiscal 4Q loss narrows as revenue rises

Wireless network component maker Finisar Corp. said Thursday its fiscal fourth-quarter loss narrowed as optical subsystems and components revenue jumped.

Finisar also announced it spun off its NetWisdom business.

Finisar shares fell 16 cents, or 9.1 percent, to $1.60 in after-hours trading, after finishing regular trading up 8 cents, or 4.8 percent, at $1.76.

For the quarter that ended April 30, Finisar reported a loss of $8.7 million, or 3 cents per share, compared with a loss of $16 million, or 5 cents per share, in the year-ago quarter. On an adjusted basis, Finisar earned 3 cents per share.

The company's revenue rose 25.3 percent to $121 million.

Analysts polled by Thomson Financial expected a profit of 3 cents per share on $118 million in revenue. Analyst estimates typically exclude special items.

Finisar's optical subsystems revenue, which comprises the bulk of its sales, climbed 26.3 percent to $111.4 million, while network test and monitoring systems revenue rose 14.7 percent to $9.6 million.

For the full fiscal year, Finisar's loss narrowed to $36.4 million, or 12 cents per share, from $45.4 million, or 15 cents per share, in fiscal 2007. The company earned 7 cents per share on an adjusted basis.

Revenue rose to $440.2 million from $418.5 million.