Finisar Corporation announced unaudited consolidated earnings results for the first quarter ended July 29, 2018. For the quarter, revenue was $317,336,000 compared to $341,806,000 for the same period a year ago. Loss from operations was $15,691,000 compared to profit of $29,912,000 for the same period a year ago. Loss before income taxes was $21,711,000 compared to profit of $21,645,000 for the same period a year ago. Net loss was $18,489,000 compared to profit of $19,859,000 for the same period a year ago. Basic and diluted loss per share was $0.16 compared to diluted earnings per share of $0.17 for the same period a year ago. Operating income non-GAAP was $18,841,000 compared to $46,005,000 for the same period a year ago. Income before income taxes - non-GAAP was $22,997,000 compared to $48,401,000 for the same period a year ago. Net income - non-GAAP was $21,297,000 compared to $45,750,000 for the same period a year ago. Non-GAAP diluted earnings per share were $0.18 compared to $0.40 for the same period a year ago. Capital expenditures were approximately $112.7 million in the first quarter, with approximately $4 million related to the construction of the third building of Wuxi manufacturing site and approximately $97 million related to the uplift of the building in Sherman, Texas and the delivery of capital equipments for that site.

For the second quarter of fiscal 2019, the company currently expects revenues in the range of $315 to $335 million, this is primarily due to an increase in the demand for VCSEL arrays for 3D sensing applications in connection with the expected timing of new product introductions, partially offset by lower revenues associated with 10-gig and below ethernet transceivers, non-GAAP gross margin of approximately 28%, non-GAAP operating margin of approximately 7% to 8% and non-GAAP earnings per fully diluted share in the range of approximately $0.19 to $0.25. In the second quarter Texas facility, The company expects approximately $35 million in capital expenditures for the uplift of the building and additional equipment. the company also expect an additional $28 million in other capital expenditures in the quarter, including $3 million related to the construction and fit out of the third Wuxi building.

For the quarter, impairment of long-lived assets was $186,000.

The company expects non-GAAP tax rate for the remainder of fiscal 2019 is expected to be approximately 10%.