WASHINGTON (dpa-AFX) - Alliance Fiber Optic Products, Inc. (AFOP), a supplier of fiber optic components, on Wednesday said it reduced fourth-quarter revenue outlook, reflecting lower order rates due to a greater than expected slowdown at Asian and European customers and worsening effects on the market due to the Thailand floods.
The company now projects revenues to be below $11 million for the quarter based on existing customer orders and forecasted currency.
While announcing the third-quarter results back in October, President and Chief Executive Officer Peter Chang had said, 'Regarding the fourth quarter of 2011, we expect that revenues will be in the similar range and that the Company will achieve another consecutive profitable quarter and full fiscal 2011.' In the third quarter, the company's revenues were $11.78 million.
Separately, Alliance Fiber said its board of directors has approved a stock repurchase program for up to $6 million of its outstanding shares of Common Stock. The duration of the repurchase program is open-ended.
Chang said, 'This program reaffirms our continued confidence in the company's near and long-term financial and operating performance, and our commitment to enhancing shareholder value.'
AFOP shares closed Tuesday's trading at $8.32, down $0.27 or 3.14 percent.
Copyright RTT News/dpa-AFX
© 2011 AFX News
