WASHINGTON (dpa-AFX) - Infinera Corp. (INFN) Thursday reported a loss for the fourth quarter that widened from the year-ago quarter. The results for the quarter represent an improvement over the preceding third quarter. On a per-share basis, the fourth-quarter loss was narrower than Street estimates, and revenues also came in ahead of expectations. Infinera shares gained over 9 percent in extended trading. Infinera's net loss for the fourth quarter was $19.4 million or $0.18 per share, much wider than the net loss of $2.7 million or $0.03 per share in the year-ago quarter. On a non-GAAP basis, net loss for the quarter was $6.7 million or $0.06 per share, compared to net income of $7.6 million or $0.07 per share in the fourth quarter of 2010. On average, 11 analysts polled by Thomson Reuters expected a loss of $0.12 per share for the quarter. Analysts' estimates typically exclude special items. The non-GAAP measures exclude non-cash stock-based compensation expenses and restructuring and other related costs. Revenues for the quarter dropped to $112.0 million from $117.1 million in the year-ago quarter. Nine Street analysts had a consensus revenue estimate of $97.4 million. Tom Fallon, president and chief executive officer, said,' Our fourth quarter revenue performance was higher than our expectations, and reflects continued solid demand from customers for Infinera's unique digital optical networks including cable, Tier One and bandwidth wholesale service providers. We benefited from unanticipated year-end budget spending by a number of customers and were able to execute to our disaster recovery process following the historic flooding in Thailand.' Loss from operations for the quarter was $18.9 million, compared with loss of $2.8 million last year. Non-GAAP gross margins for the quarter decreased to 42 percent from 51 percent last year. Non-GAAP gross margins for the full year were 43 percent compared to 47 percent in 2010. For the full year, net loss was $81.7 million or $0.78 per share, wider than the loss of $27.9 million or $0.28 per share in 2010. Infinera provides Digital Optical Networking systems to telecommunications carriers worldwide. The Sunnyvale, California-headquartered company indicated that the development of its recently launched DTN-X remains on track with trials in the first quarter, expected volume production starting in the second quarter and initial revenue recognition expected for the second half of calendar year 2012. INFN closed Thursday's regular trade at $7.31, up $0.36 or 5.18%, on the Nasdaq. In the after hours, the stock gained $0.69 or 9.44%.
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