Finisar Corporation announced unaudited consolidated earnings results for fourth quarter and full year ended April 29, 2018. For the quarter, the company reported revenues of $310,069,000 compared to $357,527,000 a year ago. Loss from operations was $26,737,000 compared to the income of $40,839,000 a year ago. Loss before income taxes was $30,058,000 compared to the income of $34,697,000 a year ago. Net loss was $18,344,000 or $0.16 per diluted share compared to the income of $130,245,000 or $1.13 per diluted share a year ago. Non-GAAP operating income was $4,573,000 compared to $58,411,000 a year ago. Non-GAAP operating income was 1.5% of revenue primarily due to lower revenue and lower gross margins. Non-GAAP income before income taxes was $8,430,000 compared to $60,515,000 a year ago. Non-GAAP net income was $5,780,000 or $0.05 per diluted share compared to $57,515,000 or $0.50 per diluted share a year ago, primarily due to lower revenues and lower gross margins. Capital expenditures were approximately $55.2 million in the fourth quarter, of which $4.4 million related to the construction of the third building of Wuxi, China manufacturing site, and approximately $27 million related to the uplift of building in Sherman, Texas and the initial deliveries of capital equipment for that site.

For the year, the company reported revenues of $1,316,483,000 compared to $1,449,303,000 a year ago. Income from operations was $6,513,000 compared to $176,884,000 a year ago. Loss before income taxes was $15,005,000 compared to the income of $163,194,000 a year ago. Net loss was $48,287,000 or $0.42 per diluted share compared to the income of $249,346,000 or $2.19 per diluted share a year ago. Non-GAAP operating income was $99,195,000 compared to $240,556,000 a year ago. Non-GAAP income before income taxes was $110,920,000 compared to $244,398,000 a year ago. Non-GAAP net income was $100,420,000 or $0.86 per diluted share compared to $231,698,000 or $2.03 per diluted share a year ago.

For the first quarter of fiscal 2019, the company currently expects revenues in the range of $305 million to $325 million, non-GAAP gross margin of approximately 26% to 27%, non-GAAP operating margin of approximately 4% to 5%, and non-GAAP earnings per fully diluted share in the range of approximately $0.10 to $0.16. Non-GAAP tax rate for fiscal 2019 is estimated at 11% to 13%.

The company also announced impairment of long-lived assets of $371,000 for the fourth quarter ended April 29, 2018.