Optical networking outfit Finisar (NASDAQ:FNSR) was supposed to report earnings last Thursday, but wimped out and presented just sales data for the quarter. Yep, it's the options accounting goblins wreaking some more havoc, as the company said it found substantial problems and will need to restate financials as far back as 1999. When that process is complete, we'll get the income statement, balance sheet, and cash flow details we expected last week.

What management did tell us wasn't that great, either. $108.2 million of revenues was lower than expected, though it did fall within the guidance range of $106 million to $112 million. Finisar's cash balance increased $7.6 million sequentially to $130 million.

But the Motley Fool CAPS community is keeping the faith. It's still a five-star stock with a solid following, including several all-star players who rated the stock "outperform" after that non-report and the resulting price drop. Here's what Ganndalf has to say about the company:

[Finisar and Avanex (NASDAQ:AVNX)] are among the Red Guard of the Tech Bubble. Avanex, for example, is now at about $2 per share -- to think you could have bought it at over $300 per share in its days of short-lived glory. Finisar is similar. That said, Finisar's valuation NOW seems pretty fair. Their revenue growth is looking pretty good. The analyst estimate at Yahoo! is for about 20% growth per year over the next five years. They are one of the first optical equipment companies to break into profitability after a long trek through the desert.

Indeed, the likes of JDS Uniphase (NASDAQ:JDSU) and McDATA (NASDAQ:MCDTA) remain mired in deeply negative net margins, while Finisar probably broke through to TTM profitability this quarter. They're just not telling us yet. Operating cash flow over the latest 12 months for which we have data was positive, and that cash stash gives Finisar some cushion if the hard times come back.

I'm inclined to think of this drop as a buying opportunity, but the options fiasco makes me feel queasy about buying the stock. After all, we don't know what the balance sheets or income statements will look like after the review -- even the ones we thought we could rely on from years past. Hurry it up, guys -- these Fools need some numbers.

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Fool contributor Anders Bylund holds no position in any of the companies discussed here; you can even check out Anders' holdings , if you like. Yahoo is a Motley Fool Stock Advisor selection. Foolishdisclosureis always worth a read.