The revenue for the second quarter of fiscal 2009 excluded $805,000 related to shipments of products for Nortel Networks, which filed for bankruptcy protection on January 14, 2009. Revenue for the second quarter would have been $38.4 million if this revenue had not been deferred.
Non-GAAP net income for the quarter was $2.6 million, or $0.12 per diluted share, which excludes $10.8 million in goodwill impairment and other costs, $1.4 million in stock-based compensation and $954,000 in amortization of intangibles. This compares to non-GAAP net income of $3.2 million, or $0.15 per diluted share, reported for the first quarter of fiscal 2009, which excluded a $4.1 million provision for excess and obsolete inventory, $1.6 million in stock-based compensation and $954,000 in amortization of intangible assets.
During the second quarter, Oplink repurchased $2.3 million in common stock pursuant to its previously announced repurchase program. Oplink generated $3.4 million in cash from operations during the second quarter and closed the quarter with cash, cash equivalents and short and long-term investments of $146.8 million.
With continued integration efforts and cost control measures, we are closely aligning our operating expenses with lower near-term revenue expectations, commented Joe Liu, president and chief executive officer of Oplink. While we are cautious about near-term carrier spending and the overall economy, we remain optimistic about long-term demand for our products and services as well as maintaining our leadership in passive optics.
March 2009 Quarter Business Outlook:
For the quarter ending March 31, 2009, the company expects to report revenues of between $28 million and $32 million and GAAP net loss per share of about $0.06 to $0.11. On a non-GAAP basis, excluding stock-based compensation, amortization of intangible assets, and other non-cash or non-recurring charges, if any, the company expects earnings per diluted share for the quarter ending March 31, 2009 of about $0.00 to $0.05.
