Opnext Reports Second Quarter Unaudited Operating Results

http://www.businesswire.com/news/home/20091109006477/en

FREMONT, Calif.--(Business Wire)--
Opnext, Inc. (NASDAQ:OPXT),a global leader in the design and manufacturing of
optical modules and components, today announced unaudited financial results for
the second fiscal quarter ended September 30, 2009.

Financial Highlights for the Second Quarter Ended September 30, 2009:

* Revenue decreased $4.3 million, or 5.0%, to $81.0 million compared to $85.3
million in the quarter ended June 30, 2009. Revenue from sales of 10Gbps and
below products increased $1.9 million, or 4.0%, to $49.9 million, as an 8.0%
increase in 10Gbps revenue primarily from higher sales of XFP and SFP+ products
was partially offset by reduced revenue from sales of less than 10Gbps SFP
products. Revenue from sales of 40Gbps products decreased $7.0 million, or
20.1%, to $28.0 million, and revenue from sales of industrial and commercial
products increased $0.8 million, or 34.8%, to $3.1 million.
* Revenue increased $0.8 million, or 1.0%, from $80.2 million in the quarter
ended September 30, 2008. Revenue in the quarter ended September 30, 2009,
included $24.3 million from the former StrataLight Communications, Inc.
("StrataLight"), which was acquired on January 9, 2009. Revenue from sales of
40Gbps products increased $21.0 million, primarily as a result of the
StrataLight acquisition. Revenue from sales of 10Gbps and below products
decreased $17.7 million, or 26.2%, while revenue from sales of industrial and
commercial products decreased $2.5 million, or 44.6%. The decrease in revenue
from sales of 10Gbps and below products occurred in most major product
categories except XFP and SFP+ modules.
* Revenue from sales to Cisco Systems, Inc. and Nokia Siemens Networks ("NSN")
represented 47.6% of total revenues, compared to 47.5% for the quarter ended
June 30, 2009, as an increase in sales to Cisco offset a decrease in sales to
NSN.
* Gross margin was 21.7% compared to 19.6% for the quarter ended June 30, 2009.
Gross margin for the September and June quarters included 250 basis point and
360 basis point negative effects, respectively, from non-cash charges and costs
associated with the acquisition of StrataLight. Excluding these effects as well
as the impact from stock-based compensation expense, non-GAAP gross margin was
24.2% for the quarter ended September 30, 2009, compared to 23.2% for the
quarter ended June 30, 2009. The increase in non-GAAP gross margin primarily
resulted from higher 10Gbps and industrial and commercial sales volumes, lower
material and outsourcing costs and a 170 basis point net benefit from lower
inventory charges, which more than offset the negative effect from lower average
selling prices and a 190 basis point negative impact from foreign currency
exchange fluctuations and hedging programs.
* Operating loss was $17.0 million for the quarter ended September 30, 2009,
compared to an operating loss of $23.0 million for the quarter ended June 30,
2009. The reduction in operating loss primarily resulted from lower non-cash
charges and costs related to the acquisition of StrataLight. Excluding these
items as well as stock-based compensation expense, non-GAAP operating loss was
$8.2 million for the quarter ended September 30, 2009, compared to a non-GAAP
operating loss of $8.5 million for the quarter ended June 30, 2009. The
reduction in non-GAAP operating loss primarily resulted from the improvement in
gross margin and lower operating expenses. Operating expenses declined by $0.5
million as $1.0 million of lower spending was partially offset by $0.5 million
of unfavorable foreign currency exchange fluctuations.
* Net loss was $17.9 million for the quarter ended September 30, 2009, or
$(0.20) per fully diluted share, compared to a net loss of $23.7 million, or
$(0.27) per fully diluted share, for the quarter ended June 30, 2009. Non-GAAP
net loss for the quarter ended September 30, 2009, which excludes non-cash
charges and costs related to the acquisition of StrataLight as well as
stock-based compensation expense, was $9.2 million, or $(0.10) per fully diluted
share, which was the same as the non-GAAP net loss for the quarter ended June
30, 2009. Net loss per fully diluted share for the quarter ended September 30,
2009, includes a $0.02 negative effect from foreign currency exchange
fluctuations and hedging programs relative to the quarter ended June 30, 2009.
* Cash and cash equivalents decreased by approximately $10.2 million to
approximately $155.0 million at September 30, 2009, compared to approximately
$165.3 million at June 30, 2009, reflecting $1.1 million of capital
expenditures, $2.7 million of capital lease payments, $7.7 million of cash used
in operations and a $1.2 million benefit from foreign currency exchange
fluctuations. Net current assets other than cash and cash equivalents increased
by approximately $2.7 million as a result of a $2.9 million increase in accounts
receivable and a $7.0 million decrease in accounts payable, partially offset by
a $6.5 million decrease in inventories and a $0.7 million net increase in
accrued expenses and other current assets.
* EBITDA was negative $8.0 million for the quarter ended September 30, 2009,
compared to negative $10.2 million for the quarter ended June 30, 2009. Adjusted
EBITDA for the quarter ended September 30, 2009, which excludes non-cash charges
and costs related to the acquisition of StrataLight as well as stock-based
compensation expense, was negative $3.0 million compared to negative $3.4
million for the quarter ended June 30, 2009.

Operational Highlights for the Second Quarter Ended September 30, 2009

* Cisco awarded Opnext its "Excellence in Productivity" award for 2009,
recognizing Opnext for best-in-class supply chain management and the highest
level of product value, technology and quality.
* Opnext introduced its new DQPSK modules for DWDM transmission and its new
40Gbps compact VSR module for high density 40Gbps platforms. In addition, the
Company demonstrated its CFP MSA compliant module for 100GBASE-LR4 during ECOC
2009.
* Opnext signed advanced technology development contracts with several customers
valued at approximately $7.0 million. During the quarter, $2.0 million was
received and the associated revenue has been deferred pending achievement of
milestones.
* Opnext reached a settlement agreement to resolve its class action lawsuit,
subject to final approval by the court.

Market Observations and Guidance:

Commenting on recent market conditions, Opnext, Inc. President and Chief
Executive Officer, Gilles Bouchard, said, "We were pleased with the growth in
our 10G product sales as well as our continued focus on cost containment, which
contributed to improvements in gross margin and adjusted EBITDA in the September
quarter versus the June quarter. However, during the quarter we experienced a
slowdown in the 40G U.S. backbone market segment due to customer inventory
builds and cautious spending tied to the global economic uncertainty."

"In response to slowing 40G sales and persistently challenging yen exchange
rates, we took additional initiatives in October to reduce costs. We expect our
streamlined cost structure to provide operating leverage as demand recovers and
growth resumes."

"Looking forward to the December quarter, we expect to see bifurcation in our
markets, with continuing growth in 10G, while our 40G business will remain
affected by customer inventory adjustments. For these reasons, we expect
revenues to be between $75 million and $80 million for our third fiscal quarter
ending December 31, 2009," concluded Mr. Bouchard.

Forward-looking Statements:

Statements made in this press release include forward-looking statements,
including, but not limited to, those related to future revenues, growth of
revenues, market position, acceptance of certain Opnext products, execution of
new development contracts, management`s expectations with respect to the
Company`s initiatives, return to profitability and positive cash flow,
settlement of litigation, position for future growth, the general market outlook
and the outlook for the industry. These statements involve risks and
uncertainties that may cause actual results to differ materially from those set
forth in these statements. Among other things:

* projected sales for the quarter ending December 31, 2009, as well as the
general outlook for the future, are based on preliminary estimates, assumptions
and projections that management believes to be reasonable at this time, but are
beyond management`s control; and
* the market in which Opnext operates is volatile, implementation of operating
strategies may not achieve the desired impact relative to changing market
conditions and the success of these strategies will depend on the effective
implementation of our strategies while minimizing organizational disruption.

Other factors that could cause the Company`s future, including future financial
position and results from operations, to differ from current expectations
include: the impact of rapidly changing technologies; the impact of competition
on product development and pricing; the ability of Opnext to source critical
parts and to react to changes in general industry and market conditions,
including regulatory developments; expenses associated with litigation; rights
to intellectual property; market trends and the adoption of industry standards;
the ability of Opnext to integrate, and realize the value from, the acquisition
of StrataLight; and consolidations within or affecting the optical modules and
components industry. These factors are not intended to be an all-encompassing
list of risks and uncertainties that may affect the Company`s business.
Additional information regarding these and other factors can be found in
Opnext`s reports filed with the Securities and Exchange Commission, including
the Company`s Annual Report on Form 10-K filed on June 15, 2009, as amended. In
providing forward-looking statements, the Company expressly disclaims any
obligation to update these statements, publicly or otherwise, whether as a
result of new information, future events or otherwise, except to comply with
applicable federal and state securities laws.

Conference Call:

Opnext management will conduct a conference call at 1:30 p.m. PT, today, Monday,
November 9, 2009, to discuss these results in detail. You may participate in
this conference call by dialing 866-365-3198 (United States) or 706-758-6170
(International) prior to the start of the call and providing the Opnext, Inc.
name and Conference ID# 37937586. A replay of the conference call can be
accessed starting approximately two hours after the call through Monday,
November 16, 2009, by dialing 800-642-1687 (United States) or 706-645-9291
(International) and using the Conference ID# 37937586. A live webcast of the
call will be accessible on the Investor Relations section of the Company website
at http://www.opnext.com. A replay of the webcast will be available following
the conclusion of the call on the webcast archive page of the Investor Relations
section.

(OPXT-G)

About Opnext:

Opnext (NASDAQ:OPXT) is the optical technology partner of choice supplying
systems providers and OEMs worldwide with the industry's largest portfolio of
10G and higher next generation optical products and solutions. The Company's
industry expertise, future-focused thinking and commitment to research and
development combine in bringing to market the most advanced technology to the
communications, defense, security and biomedical industries. Formed out of
Hitachi, Opnext has built on more than 30 years experience in advanced
technology to establish its broad portfolio of solutions and solid reputation
for excellence in service and delivering value to its customers. For additional
information, visit www.opnext.com.

Opnext, Inc.
Condensed Consolidated Balance Sheets
(in thousands)

September 30, 2009 March 31, 2009
Assets (unaudited)
Current assets:
Cash and cash equivalents $ 155,030 $ 168,909
Trade receivables, net 63,581 63,961
Inventories 104,894 101,610
Prepaid expenses and other current assets 4,832 3,708
Total current assets 328,337 338,188
Property, plant, and equipment, net 67,609 71,966
Purchased intangibles 27,793 39,239
Other assets 437 371
Total assets $ 424,176 $ 449,764
Liabilities and shareholders` equity
Current liabilities:
Trade payables $ 40,561 $ 38,356
Accrued expenses 34,430 33,190
Short-term debt 22,330 20,243
Capital lease obligations 11,058 11,388
Total current liabilities 108,379 103,177
Capital lease obligations 18,424 21,402
Other long-term liabilities 5,494 4,648
Total liabilities 132,297 129,227
Total shareholders` equity 291,879 320,537
Total liabilities and shareholders` equity $ 424,176 $ 449,764

Opnext, Inc.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share data)

Three months ended Six months ended

September 30,
September 30,
2009 2008 2009 2008

Sales $ 80,975 $ 80,159 $ 166,284 $ 164,396
Cost of sales 61,941 55,708 129,059 112,814
Amortization of acquired developed technology 1,445 - 2,890 -
Gross margin 17,589 24,451 34,335 51,582
Research and development expenses 18,733 11,197 37,797 21,471
Selling, general and administrative expenses 13,509 13,196 27,958 27,851
Amortization of purchased intangibles 2,342 - 8,556 -
Operating (loss) income (16,995 ) 58 (39,976 ) 2,260
Interest (expense) income, net (161 ) 1,030 (254 ) 1,972
Other (expense) income, net (676 ) 100 (1,304 ) (435 )
(Loss) income before income taxes (17,832 ) 1,188 (41,534 ) 3,797
Income tax expense (81 ) - (96 ) -
Net (loss) income $ (17,913 ) $ 1,188 $ (41,630 ) $ 3,797
Net (loss) income per share:
Basic $ (0.20 ) $ 0.02 $ (0.47 ) $ 0.06
Diluted $ (0.20 ) $ 0.02 $ (0.47 ) $ 0.06
Weighted average number of shares used in computing net (loss) income per share:
Basic 88,769 64,620 88,731 64,621
Diluted 88,769 64,769 88,731 64,774

Opnext, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)

Three months ended Six months ended

September 30,
September 30,
2009 2008 2009 2008
Cash flows from operating activities
Net (loss) income $ (17,913 ) $ 1,188 $ (41,630 ) $ 3,797
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization 5,886 2,924 11,610 5,988
Amortization of purchased intangibles 3,787 - 11,446 -
Compensation expense associated with the Employee Liquidity Bonus Plan 1,517 - 3,035 -
Compensation expense associated with stock option issuances 1,691 1,475 3,338 2,577
Changes in net current assets excluding cash and cash equivalents (2,651 ) (2,969 ) 5,377 (9,655 )
Net cash (used in) provided by operating activities (7,683 ) 2,618 (6,824 ) 2,707
Cash flows from investing activities
Capital expenditures (1,062 ) (837 ) (2,785 ) (1,303 )
In-process acquisition of business costs - (1,382 ) - (1,382 )
Net cash used in investing activities (1,062 ) (2,219 ) (2,785 ) (2,685 )
Cash flows from financing activities
Payments on short-term debt - (1,825 ) - (5,605 )
Payments on capital lease obligations (2,705 ) (1,878 ) (5,494 ) (3,639 )
Exercise of stock options 4 - 4 6
Net cash used in financing activities (2,701 ) (3,703 ) (5,490 ) (9,238 )
Effect of foreign exchange rates on cash and cash equivalents 1,218 905 1,220 (292 )
Decrease in cash and cash equivalents (10,228 ) (2,399 ) (13,879 ) (9,508 )
Cash and cash equivalents at beginning of period 165,258 214,577 168,909 221,686
Cash and cash equivalents at end of period $ 155,030 $ 212,178 $ 155,030 $ 212,178

Non-cash financing activities
Capital lease obligations incurred $ - $ (5,784 ) $ (109 ) $ (7,757 )

Opnext Non-GAAP Financial Measures

Management excludes certain charges and expenses from its gross margin and
operating (loss) income GAAP financial measures for the purpose of assessing the
Company's operating performance. Accordingly, the Company provides these
non-GAAP measures to its investors as supplemental information, in addition to
the GAAP presentation, in an effort to provide greater transparency and insight
into management's method of analysis. The Company also provides non-GAAP net
(loss) income and net (loss) income per share financial measures to demonstrate
the impact of its non-GAAP operating performance measures on these financial
measures.

The basis for excluding the following non-GAAP adjustments related to the
acquisition of StrataLight is as follows:

Employee Liquidity Bonus Plan compensation: As part of the acquisition of
StrataLight, the Company assumed the costs of an employee bonus plan providing
certain employees, directors and other designees of StrataLight with a portion
of the merger consideration in the form of cash payments and the Company's
stock. Twenty-five percent (25%) of the plan awards vested and were distributed
on January 31, 2009, and fifty percent (50%) of the plan awards vested and were
distributed on October 31, 2009. The remaining twenty-five percent (25%) of the
plan awards will vest and are to be distributed during the quarter ending March
31, 2010. The associated expense will be recognized over the distribution
period. The Company believes these acquisition-related expenses are not
indicative of its core operating performance.

Amortization of purchased intangible assets and fair-value adjustment of
acquired inventory: In connection with the acquisition of StrataLight, the
Company acquired certain intangible assets related to developed product
technology, order backlog, customer relationships and inventory, all of which
were recorded at fair-value. The useful lives of the intangible assets range up
to five years and the recorded values of the intangible assets are being
amortized on a straight-line basis over their respective useful lives. The
increase from historical cost to fair-value of acquired inventory is being
realized as the goods are sold. The Company believes these acquisition-related
expenses are not indicative of its core operating performance.

Business integration costs: During the quarter ended December 31, 2008, the
Company began to incur costs associated with the integration of StrataLight. The
Company believes these acquisition-related expenses are not indicative of its
core operating performance.

Restructuring activities: Shortly after the closing of the acquisition, the
Company relocated its corporate headquarters from Eatontown, NJ, to Fremont, CA,
and during the quarter ended March 31, 2009, began to incur workforce-related
charges, such as severance payments, retention bonuses and employee relocation
costs related to a formal restructuring plan and building costs for facilities
not required for ongoing operations. The Company believes these
acquisition-related expenses are not indicative of its core operating
performance.

The basis for excluding the following non-GAAP adjustments and measures is as
follows:

Stock-based compensation expense: The Company records compensation expense
related to its stock-based awards on a straight-line basis over the requisite
service period of the award. Depending upon the size, timing and the terms of
the awards, the related non-cash compensation expense may vary significantly.
The Company believes these non-cash expenses are not indicative of its core
operating performance.

Litigation expenses: During the quarter ended June 30, 2008, the Company began
to incur costs associated with a class action claim. The Company believes the
claim is non-recurring and the related expenses are not indicative of its core
operating performance.

Opnext, Inc.
Unaudited Supplemental Earnings Reconciliation
(in thousands, except per share data)
Three Months
Three Months Ended Six Months Ended Ended
Sept. 30 Sept. 30 Sept. 30 Sept. 30 June 30
GAAP P&L 2009 2008 2009 2008 2009

Sales $ 80,975 $ 80,159 $ 166,284 $ 164,396 $ 85,309
Cost of sales 61,941 55,708 129,059 112,814 67,118
Amortization of acquired product technology 1,445 - 2,890 - 1,445
Gross margin 17,589 24,451 34,335 51,582 16,746
Gross margin % 21.7 % 30.5 % 20.6 % 31.4 % 19.6 %
Research and development expenses 18,733 11,197 37,797 21,471 19,064
Selling, general and administrative expenses 13,509 13,196 27,958 27,851 14,449
Amortization of purchased intangibles 2,342 - 8,556 - 6,214
Operating (loss) income (16,995 ) 58 (39,976 ) 2,260 (22,981 )
Operating (loss) income % (21.0 )% 0.1 % (24.0 )% 1.4 % (26.9 )%
Interest (expense) income, net (161 ) 1,030 (254 ) 1,972 (93 )
Other (expense) income, net (676 ) 100 (1,304 ) (435 ) (628 )
(Loss) income before income taxes (17,832 ) 1,188 (41,534 ) 3,797 (23,702 )
Income tax expense (81 ) - (96 ) - (15 )
Net (loss) income $ (17,913 ) $ 1,188 $ (41,630 ) $ 3,797 $ (23,717 )
Net (loss) income % (22.1 )% 1.5 % (25.0 )% 2.3 % (27.8 )%
Net (loss) income per share:
Basic $ (0.20 ) $ 0.02 $ (0.47 ) $ 0.06 $ (0.27 )
Diluted $ (0.20 ) $ 0.02 $ (0.47 ) $ 0.06 $ (0.27 )
Weighted average shares used in computing net (loss) income per share:
Basic 88,769 64,620 88,731 64,621 88,656
Diluted 88,769 64,769 88,731 64,774 88,656

NON-GAAP ADJUSTMENTS
Amortization of acquired product technology $ 1,445 $ - $ 2,890 $ - $ 1,445
Amortization of purchased intangibles $ 2,342 $ - $ 8,556 $ - $ 6,214
Cost of sales:
Stock based compensation $ 181 $ 117 $ 332 $ 165 $ 151
Acquired inventory mark-up - - 977 - 977
Employee Liquidity Bonus Plan 343 - 795 - 452
Total cost of sales $ 524 $ 117 $ 2,104 $ 165 $ 1,580
Research and development expenses:
Stock based compensation $ 344 $ 197 $ 632 $ 336 $ 288
Employee Liquidity Bonus Plan 1,802 - 3,476 - 1,674
Restructuring 59 - 218 - 159
Total research and development expenses $ 2,205 $ 197 $ 4,326 $ 336 $ 2,121
Selling, general and administrative expenses:
Stock based compensation $ 1,166 $ 1,161 $ 2,374 $ 2,076 $ 1,208
Employee Liquidity Bonus Plan 785 - 1,440 - 655
Restructuring 173 - 1,055 - 882
Integration 115 - 480 - 365
Litigation - 356 - 500 -
Total selling, general & administrative expenses $ 2,239 $ 1,517 $ 5,349 $ 2,576 $ 3,110
NON-GAAP P&L
Sales $ 80,975 $ 80,159 $ 166,284 $ 164,396 $ 85,309
Cost of sales 61,417 55,591 126,955 112,649 65,538
Gross margin 19,558 24,568 39,329 51,747 19,771
Gross margin % 24.2 % 30.6 % 23.7 % 31.5 % 23.2 %
Research and development expenses 16,528 11,000 33,471 21,135 16,943
Selling, general and administrative expenses 11,270 11,679 22,609 25,275 11,339
Operating (loss) income (8,240 ) 1,889 (16,751 ) 5,337 (8,511 )
Operating (loss) income % (10.2 )% 2.4 % (10.1 )% 3.2 % (10.0 )%
Interest (expense) income, net (161 ) 1,030 (254 ) 1,972 (93 )
Other (expense) income, net (676 ) 100 (1,304 ) (435 ) (628 )
(Loss) income before income taxes (9,077 ) 3,019 (18,309 ) 6,874 (9,232 )
Income tax expense (81 ) - (96 ) - (15 )
Net (loss) income $ (9,158 ) $ 3,019 $ (18,405 ) $ 6,874 $ (9,247 )

Net (loss) income % (11.3 )% 3.8 % (11.1 )% 4.2 % (10.8 )%
Net (loss) income per share:
Basic $ (0.10 ) $ 0.05 $ (0.21 ) $ 0.11 $ (0.10 )
Diluted $ (0.10 ) $ 0.05 $ (0.21 ) $ 0.11 $ (0.10 )
Weighted average shares used in computing net (loss) income per share:
Basic 88,769 64,620 88,731 64,621 88,656
Diluted 88,769 64,769 88,731 64,774 88,656

EBITDA and Adjusted EBITDA

Earnings before interest, taxes, depreciation and amortization ("EBITDA") is
calculated as net income (loss) excluding the impact of net interest (income)
expense, income tax expense, depreciation and amortization of property, plant
and equipment and amortization of purchased intangibles. Adjusted EBITDA
represents EBITDA excluding non-GAAP financial measures as previously described
herein. The non-GAAP financial measures, which are excluded from EBITDA
internally when evaluating our operating performance, allow investors to make a
more meaningful comparison of our core business operating results over different
periods of time and to more meaningfully compare our results to those of similar
companies. Management believes that EBITDA and adjusted EBITDA, when viewed with
the Company`s GAAP results and the accompanying reconciliation, provide useful
information about operating performance and period-over-period growth, and
provide additional information that is useful for evaluating the operating
performance of our core business without regard to potential distortions.
Additionally, management believes that EBITDA and adjusted EBITDA permit
investors to gain an understanding of the factors and trends affecting our
ongoing cash earnings, from which capital investments are made and debt is
serviced. However, EBITDA and adjusted EBITDA are not measures of financial
performance or liquidity under GAAP and, accordingly, should not be considered
as alternatives to net income (loss) or cash flow from operating activities as
indicators of operating performance or liquidity. The table below provides a
reconciliation of net income (loss) to EBITDA and adjusted EBITDA.

Opnext, Inc.
Unaudited EBITDA and Adjusted EBITDA
(in thousands)
Three Months Ended Six Months Ended Three Months

Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30, June 30,
2009 2008 2009 2008 2009
Reconciliation of Net income (loss) to EBITDA and Adjusted EBITDA:
Net income (loss) $ (17,913 ) $ 1,188 $ (41,630 ) $ 3,797 $ (23,717 )
Interest (income) expense, net 161 (1,030 ) 254 (1,972 ) 93
Income tax expense 81 - 96 - 15
Depreciation and amortization of property, plant and equipment 5,886 2,924 11,610 5,988 5,724
Amortization of purchased intangibles 3,787 - 11,446 - 7,659
EBITDA $ (7,998 ) $ 3,082 $ (18,224 ) $ 7,813 $ (10,226 )
Employee Liquidity Bonus Plan compensation 2,930 - 5,711 - 2,781
Acquired inventory mark-up - - 977 - 977
Stock-based compensation expense 1,691 1,475 3,338 2,577 1,647
Restructuring 232 - 1,273 - 1,041
Integration costs 115 - 480 - 365
Litigation expenses - 356 - 500 -
Adjusted EBITDA $ (3,030 ) $ 4,913 $ (6,445 ) $ 10,890 $ (3,415 )

Opnext, Inc.
Doug Dean
Investor Relations
732-544-3212
ddean@opnext.com

Copyright Business Wire 2009