Fabrinet Posts 24% Revenue Growth in Q2 FY 2016

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Fabrinet, a leading provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, today announced its financial results for its second fiscal quarter ended December 25, 2015.

Tom Mitchell, Chief Executive Officer of Fabrinet, said, "We delivered a strong second quarter with record revenue and strong profitability. Upside in the quarter was driven by a combination of growth from new customer programs and increasing production from existing customer programs, as we benefit from technology investments that we continue to make. While we have sufficient capacity to meet our growing customer demand for several quarters, construction of the first new building at our new campus outside Bangkok is underway, which will help drive further profitable growth over the longer-term."

Second quarter Fiscal-Year 2016 Financial Highlights

GAAP Results

• Revenue was $233.0 million for the second quarter of fiscal year 2016, an increase of 24% compared to total revenue of $188.4 million for the comparable period in fiscal year 2015.
• GAAP net income for the second quarter of fiscal year 2016 was $19.8 million, compared to GAAP net income of $8.7 million in the second quarter of fiscal year 2015.
• GAAP net income per diluted share for the second quarter of fiscal year 2016 was $0.54, compared to GAAP net income per diluted share of $0.24 in the second quarter of fiscal year 2015.

Non-GAAP Results

• Non-GAAP net income in the second quarter of fiscal 2016 was $18.2 million, an increase of 26% compared to non-GAAP net income of $14.4 million in the same period a year ago.
• Non-GAAP net income per diluted share in the second quarter of fiscal 2016 was $0.50, an increase from non-GAAP net income per diluted share of $0.40 in the same period a year ago.

Business Outlook

Based on information available as of February 1, 2016, Fabrinet is issuing guidance for the third quarter of fiscal 2016 ending March 25, 2016, as follows:

• Fabrinet expects third quarter revenue to be in the range of $240 million to $244 million.
• GAAP net income per diluted share is expected to be in the range of $0.47 to $0.49, based on approximately 36.8 million fully diluted shares outstanding.
• Non-GAAP net income per diluted share is expected to be in the range of $0.52 to $0.54, based on approximately 36.8 million fully diluted shares outstanding.

About Fabrinet

Fabrinet is a leading provider of advanced optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and subsystems, industrial lasers and sensors. Fabrinet offers a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, advanced packaging, integration, final assembly and test. Fabrinet focuses on production of high complexity products in any mix and any volume. Fabrinet maintains engineering and manufacturing resources and facilities in Thailand, the People's Republic of China and the United States of America.