Infinera Expects Preliminary Fourth Quarter 2023 Revenue and Net Income per Diluted Share to be Within or Exceed the Outlook Ranges Provided on November 8, 2023 and Submits Plan of Listing Compliance to Nasdaq
11 1월 2024 - 9:30AM
Infinera Corporation (NASDAQ: INFN) (the “Company” or “Infinera”)
today reaffirmed certain preliminary unaudited financial result
ranges for the third quarter and outlook ranges for the fourth
quarter of 2023. Due to the preliminary nature of the announcement,
and since the Company is still finalizing its financials, only
select financial metrics are being referenced at this time.
The Company now believes
- Its preliminary revenue and preliminary net income per diluted
share for the third quarter of 2023 will be within or exceed the
ranges provided on November 8, 2023.
- Its preliminary revenue and preliminary net income per diluted
share for the fourth quarter of 2023 will be within or exceed the
outlook ranges provided on November 8, 2023, supported by strong
bookings in the quarter.
Infinera Chief Financial Officer Nancy Erba said “I am pleased
with our financial performance in the third and fourth quarters of
2023 and our strong finish to the year. We remain focused on
completing the work necessary to be able to get our third quarter
Form 10-Q on file as soon as possible. In the fourth quarter, we
benefited from strong bookings, free cash flow generation and
preliminary revenue and preliminary net income per diluted share
that are expected to be within or exceed the outlook ranges we
previously provided.”
Additionally, on January 9, 2024, the Company submitted a plan
of compliance to Nasdaq addressing how it intends to regain
compliance with Nasdaq Listing Rule 5250 (c)(1).
Furthermore, due to the intensive and time-consuming nature of
the matters and associated processes described previously in
greater detail in the Company’s Form 12b-25 filed with the
Securities and Exchange Commission on November 8, 2023, the
Company’s management is still reviewing and assessing the matters
that were previously disclosed. The Company continues to expect any
accounting adjustments will be timing-related shifts between
accounting periods. The Company and its auditors have found no new
material weaknesses and are undergoing standard processes to assess
and determine appropriate measures to remedy the impact of the
material weaknesses previously disclosed.
Contacts:
Media: Anna VueTel. +1 (916) 595-8157avue@infinera.com
Investors:Amitabh Passi, Head of Investor RelationsTel. +1 (669)
295-1489apassi@infinera.com
About InfineraInfinera is a global supplier of
innovative open optical networking solutions and advanced optical
semiconductors that enable carriers, cloud operators, governments,
and enterprises to scale network bandwidth, accelerate service
innovation, and automate network operations. Infinera solutions
deliver industry-leading economics and performance in long-haul,
submarine, data center interconnect, and metro transport
applications. To learn more about Infinera, visit www.infinera.com,
follow us on X and LinkedIn, and subscribe for updates.
Infinera and the Infinera logo are registered trademarks of
Infinera Corporation.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements generally relate to future events or Infinera's future
financial or operating performance. In some cases, you can identify
forward-looking statements because they contain words such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "should," "will," and "would" or the negative of these words
or similar terms or expressions that concern Infinera's
expectations, strategy, priorities, plans or intentions. The
Company’s expectations related to its financial results for the
third quarter and fourth quarter of 2024, the Company’s
expectations related to its compliance with Nasdaq requirements,
and the Company’s expectations regarding its accounting adjustments
are among the forward-looking statements in this press release.
Neither Infinera, nor its auditors, has completed the review of its
financial results for the third quarter or the fourth quarter of
2023, and the final third quarter and fourth quarter 2023 financial
results may be impacted by Infinera’s determination as to whether
Infinera will need to restate its financial statements for any
prior or subsequent periods including interim periods. This
determination will depend in large part on the impacts of the
accounting matters described above on Infinera’s financial results
for prior periods, and whether these impacts are material. These
determinations have not yet been made.
The preliminary results for the third quarter and fourth quarter
of 2023 presented in this press release assume that Infinera will
not need to restate its financial results for any prior periods.
While Infinera believes this assumption is reasonable based on
information currently available to it, this information may change,
Infinera’s assessment of all available information may change,
and/or its auditors may have a different perspective on these
matters. In the event that Infinera does need to restate its
financial statements for prior periods, its financial results for
the third quarter and fourth quarter of 2023 would likely be
affected.
Infinera’s financial results for the third quarter and fourth
quarter of 2023 are also subject to all aspects of the final
quarterly review process and may change as a result of new
information that arises, or new determinations that are made, in
this process. The Company’s forward-looking statements herein are
based on estimates and information available to Infinera as of the
date hereof and are not guarantees of future performance; actual
results could differ materially from those stated or implied due to
risks and uncertainties. The risks and uncertainties that could
cause Infinera’s results to differ materially from those expressed
or implied by such forward-looking statements include demand growth
for additional network capacity and the level and timing of
customer capital spending and excess inventory held by customers
beyond normalized levels; delays in the development, introduction
or acceptance of new products or in releasing enhancements to
existing products; aggressive business tactics by Infinera’s
competitors and new entrants and Infinera's ability to compete in a
highly competitive market; supply chain and logistics issues,
including delays, shortages, components that have been discontinued
and increased costs, and Infinera's dependency on sole source,
limited source or high-cost suppliers; dependence on a small number
of key customers; product performance problems; the complexity of
Infinera's manufacturing process; Infinera's ability to identify,
attract, upskill and retain qualified personnel; challenges with
our contract manufacturers and other third-party partners; the
effects of customer and supplier consolidation; dependence on
third-party service partners; Infinera’s ability to respond to
rapid technological changes; failure to accurately forecast
Infinera's manufacturing requirements or customer demand; the
effects of public health emergencies; Infinera’s future capital
needs and its ability to generate the cash flow or otherwise secure
the capital necessary to meet such capital needs; the effect of
global and regional economic conditions on Infinera’s business,
including effects on purchasing decisions by customers; the adverse
impact inflation and higher interest rates may have on Infinera by
increasing costs beyond what it can recover through price
increases; restrictions to our operations resulting from loan or
other credit agreements; the impacts of any restructuring plans or
other strategic efforts on our business; our international sales
and operations; the impacts of foreign currency fluctuations; the
effective tax rate of Infinera, which may increase or fluctuate;
potential dilution from the issuance of additional shares of common
stock in connection with the conversion of Infinera's convertible
senior notes; Infinera’s ability to protect its intellectual
property; claims by others that Infinera infringes on their
intellectual property rights; security incidents, such as data
breaches or cyber-attacks; Infinera's ability to comply with
various rules and regulations, including with respect to export
control and trade compliance, environmental, social, governance,
privacy and data protection matters; events that are outside of
Infinera's control, such as natural disasters, violence or other
catastrophic events that could harm Infinera's operations;
Infinera’s ability to remediate its recently disclosed material
weaknesses in internal control over financial reporting in a timely
and effective manner; any other impacts of Infinera’s and its
auditors’ review of the accounting matters described above; and
other risks and uncertainties detailed in Infinera’s SEC filings
from time to time. More information on potential factors that may
impact Infinera’s business are set forth in Infinera's periodic
reports filed with the SEC, including its Annual Report on Form
10-K for the year ended December 31, 2022, as filed with the SEC on
February 27, 2023, as well as subsequent reports filed with or
furnished to the SEC from time to time. These reports are available
on Infinera’s website at www.infinera.com and the SEC’s website at
www.sec.gov. Infinera assumes no obligation to, and does not
currently intend to, update any such forward-looking
statements.
Infinera (NASDAQ:INFN)
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Infinera (NASDAQ:INFN)
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