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Infinera Corporation Reports First Quarter 2013 Financial Results

SUNNYVALE, CA -- (Marketwired) -- 04/24/13 -- Infinera Corporation (NASDAQ: INFN), a leading provider of digital optical communications systems, today released financial results for the first quarter ended March 30, 2013.

GAAP revenues for the first quarter of 2013 were $124.6 million compared to $128.1 million in the fourth quarter of 2012 and $104.7 million in the first quarter of 2012.

GAAP gross margin for the first quarter of 2013 was 34% compared to 34% in the fourth quarter of 2012 and 39% in the first quarter of 2012. GAAP net loss for the quarter was $(15.3) million, or $(0.13) per share, compared to net loss of $(16.1) million, or $(0.14) per share, in the fourth quarter of 2012 and net loss of $(20.6) million, or $(0.19) per share, in the first quarter of 2012.

Non-GAAP gross margin for the first quarter of 2013 was 36% compared to 36% in the fourth quarter of 2012 and 40% in the first quarter of 2012, excluding non-cash stock-based compensation expenses. Non-GAAP net loss for the first quarter of 2013 was $(7.3) million, or $(0.06) per share, compared to net loss of $(6.0) million, or $(0.05) per share, in the fourth quarter of 2012 and net loss of $(11.2) million, or $(0.10) per share, in the first quarter of 2012.

Management Commentary

"Our first quarter performance demonstrated solid execution in a traditionally slow quarter for the industry," said Tom Fallon, president and chief executive officer. "The DTN-X platform continued to gain traction in the market. During the quarter, we received purchase commitments from six additional customers, including two new to Infinera, for a total of 27 DTN-X customer commitments to date. Customer deployments were strong and we shipped a record number of 100G ports.

"The economic value proposition offered by Infinera's photonic integration and long-haul 500G super-channels has generated significant interest among potential customers. As a result, our new business pipeline is extremely active and we are pursuing global opportunities in a wide variety of markets.

"We are increasingly confident in our outlook for Infinera. We exited the first quarter with an increased backlog and a robust pipeline of potential new business, positioning us well for 2013."

Conference Call Information:

Infinera will host a conference call for analysts and investors to discuss its first quarter results and its outlook for the second quarter today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). A live webcast of the conference call will also be accessible from the Investor Relations' section of the company's website at www.infinera.com. Following the webcast, an archived version will be available on the website for 90 days. To hear the replay, parties in the United States and Canada should call 1-866-459-3539. International parties can access the replay at 1-203-369-1328.

About Infinera

Infinera provides Digital Optical Networking systems to telecommunications carriers worldwide. Infinera's systems are unique in their use of a breakthrough semiconductor technology: the photonic integrated circuit (PIC). Infinera's systems and PIC technology are designed to provide customers with simpler and more flexible engineering and operations, faster time-to-service, and the ability to rapidly deliver differentiated services without reengineering their optical infrastructure. For more information, please visit www.infinera.com.

Forward-Looking Statements

This press release contains certain forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties. These statements are based on information available to Infinera as of the date hereof and actual results could differ materially from those stated or implied due to risks and uncertainties. Forward-looking statements include statements regarding Infinera's expectations, beliefs, intentions or strategies regarding the future including statements that the economic value proposition offered by Infinera's photonic integration and long-haul 500G super-channels has generated significant interest among potential customers; that our new business pipeline is extremely active and we are pursuing global opportunities in a wide variety of markets; that we are increasingly optimistic about the outlook for Infinera; and that we exited the first quarter with an increased backlog, strong bookings, and a robust pipeline of potential new business, positioning us well for 2013. Such forward-looking statements can be identified by forward-looking words such as "anticipated," "believed," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include aggressive business tactics by our competitors, our reliance on single-source suppliers, our ability to protect our intellectual property, claims by others that we infringe their intellectual property, and our ability to respond to rapid technological changes, and other risks that may impact our business are set forth in our annual reports on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 5, 2013, as well as subsequent reports filed with or furnished to the SEC. These reports are available on our 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.

Use of Non-GAAP Financial Information

In addition to disclosing financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP), this press release and the accompanying tables contain certain non-GAAP measures that exclude non-cash stock-based compensation expenses and non-recurring restructuring and other related costs. We believe these adjustments are appropriate to enhance an overall understanding of our underlying financial performance and also our prospects for the future and are considered by management for the purpose of making operational decisions. In addition, these results are the primary indicators management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss), basic and diluted net income (loss) per share, or gross margin prepared in accordance with GAAP. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and are subject to limitations. For a description of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measures, please see the section titled, "GAAP to Non-GAAP Reconciliations." We anticipate disclosing forward-looking non-GAAP information in our conference call to discuss our first quarter results, including an estimate of non-GAAP earnings for the second quarter of 2013 that excludes non-cash stock-based compensation expenses.

A copy of this press release can be found on the Investor Relations' page of Infinera's website at www.infinera.com.

Infinera Corporation and the Infinera logo are trademarks or registered trademarks of Infinera Corporation. All other trademarks used or mentioned herein belong to their respective owners.


Infinera Corporation
GAAP Condensed Consolidated Statements of Operations
(In thousands, except share data)
(Unaudited)
                                                      Three Months Ended
                                                   ------------------------
                                                    March 30,    March 31,
                                                       2013         2012
                                                   -----------  -----------
Revenue:
  Product                                          $   107,809  $    92,391
  Ratable product and related support and services         534          531
  Services                                              16,282       11,779
                                                   -----------  -----------
    Total revenue                                      124,625      104,701

Cost of revenue (1):
  Cost of product                                       75,352       59,324
  Cost of ratable product and related support and
   services                                                 95          191
  Cost of services                                       6,476        4,759
                                                   -----------  -----------
    Total cost of revenue                               81,923       64,274

Gross profit                                            42,702       40,427

Operating expenses (1):
  Research and development                              29,726       30,985
  Sales and marketing                                   18,046       18,242
  General and administrative                             9,872       11,084
                                                   -----------  -----------
    Total operating expenses                            57,644       60,311

Loss from operations                                   (14,942)     (19,884)

Other income (expense), net:
  Interest income                                          197          275
  Other gain (loss), net:                                 (203)        (424)
                                                   -----------  -----------
    Total other income (expense), net                       (6)        (149)

Loss before income taxes                               (14,948)     (20,033)
Provision for income taxes                                 331          579
                                                   -----------  -----------
Net loss                                           $   (15,279) $   (20,612)
                                                   ===========  ===========

Net loss per common share, basic and diluted       $     (0.13) $     (0.19)
                                                   ===========  ===========

Weighted average shares used in computing basic
 and diluted net loss per common share                 114,308      108,666
                                                   ===========  ===========


(1) The following table summarizes the effects of stock-based compensation
 related to employees and non-employees for the three months ended March
 30, 2013 and March 31, 2012:

                                                      Three Months Ended
                                                   ------------------------
                                                    March 30,    March 31,
                                                       2013         2012
                                                   -----------  -----------
  Cost of revenue                                  $       486  $       606
  Research and development                               3,119        3,320
  Sales and marketing                                    1,999        2,219
  General and administration                               769        2,223
                                                   -----------  -----------
                                                         6,373        8,368
  Cost of revenue - amortization from balance
   sheet*                                                1,602        1,069
                                                   -----------  -----------
  Total stock-based compensation expense           $     7,975  $     9,437
                                                   ===========  ===========

* Stock-based compensation expense deferred to inventory and deferred
 inventory costs in prior periods and recognized in the current period.




Infinera Corporation
GAAP to Non-GAAP Reconciliations
(In thousands, except per share data)
(Unaudited)

                                                Three Months Ended
                                      -------------------------------------
                                       March 30,   December 29,  March 31,
                                          2013         2012         2012
                                      -----------  -----------  -----------
Reconciliation of Gross Profit:
U.S. GAAP as reported                 $    42,702  $    43,268  $    40,427
Stock-based compensation(1)                 2,088        2,684        1,675
                                      -----------  -----------  -----------
Non-GAAP as adjusted                  $    44,790  $    45,952  $    42,102
                                      ===========  ===========  ===========

Reconciliation of Gross Margin:
U.S. GAAP as reported                          34%          34%          39%
Stock-based compensation(1)                     2%           2%           1%
                                      -----------  -----------  -----------
Non-GAAP as adjusted                           36%          36%          40%
                                      ===========  ===========  ===========

Reconciliation of Loss from
 Operations:
U.S. GAAP as reported                 $   (14,942) $   (15,513) $   (19,884)
Stock-based compensation(1)                 7,975       10,135        9,437
                                      -----------  -----------  -----------
Non-GAAP as adjusted                  $    (6,967) $    (5,378) $   (10,447)
                                      ===========  ===========  ===========

Reconciliation of Net Loss:
U.S. GAAP as reported                 $   (15,279) $   (16,088) $   (20,612)
Stock-based compensation(1)                 7,975       10,135        9,437
                                      -----------  -----------  -----------
Non-GAAP as adjusted                  $    (7,304) $    (5,953) $   (11,175)
                                      ===========  ===========  ===========

Net Loss per Common Share - Basic:
U.S. GAAP as reported                 $     (0.13) $     (0.14) $     (0.19)
Stock-based compensation(1)                  0.07         0.09         0.09
                                      -----------  -----------  -----------
Non-GAAP as adjusted                  $     (0.06) $     (0.05) $     (0.10)
                                      ===========  ===========  ===========

Net Loss per Common Share - Diluted:
U.S. GAAP as reported                 $     (0.13) $     (0.14) $     (0.19)
Stock-based compensation(1)                  0.07         0.09         0.09
                                      -----------  -----------  -----------
Non-GAAP as adjusted(2)               $     (0.06) $     (0.05) $     (0.10)
                                      ===========  ===========  ===========

Weighted average shares used in
 computing net loss per common share
 - U.S. GAAP:
Basic                                     114,308      112,311      108,666
                                      ===========  ===========  ===========
Diluted                                   114,308      112,311      108,666
                                      ===========  ===========  ===========

Weighted average shares used in
 computing net loss per common share
 - Non-GAAP:
Basic                                     114,308      112,311      108,666
                                      ===========  ===========  ===========
Diluted(2)                                117,602      114,115      112,007
                                      ===========  ===========  ===========


(1) Stock-based compensation expense is calculated in accordance with the
 fair value recognition provisions of Financial Accounting Standards Board
 Accounting Standards Codification (ASC) Topic 718, Compensation-Stock
 Compensation effective January 1, 2006. The following table summarizes the
 effects of stock-based compensation related to employees and non-
 employees:

                                                Three Months Ended
                                      -------------------------------------
                                       March 30,   December 29,  March 31,
                                          2013         2012         2012
                                      -----------  -----------  -----------
Cost of revenue                       $       486  $       735  $       606
Research and development                    3,119        2,852        3,320
Sales and marketing                         1,999        2,802        2,219
General and administration                    769        1,797        2,223
                                      -----------  -----------  -----------
                                            6,373        8,186        8,368
Cost of revenue - amortization from
 balance sheet*                             1,602        1,949        1,069
                                      -----------  -----------  -----------
Total stock-based compensation
 expense                              $     7,975  $    10,135  $     9,437
                                      ===========  ===========  ===========

-------------------------------------
* Stock-based compensation expense deferred to inventory and deferred
 inventory costs in prior periods and recognized in the current period.

(2) Diluted shares used to calculate net loss per share on a non-GAAP basis
 provided for informational purposes only.




Infinera Corporation
Condensed Consolidated Balance Sheets
(In thousands, except par values)
(Unaudited)

                                                    March 30,   December 29,
                                                       2013         2012
                                                   -----------  -----------
ASSETS

Current assets:
  Cash and cash equivalents                        $    98,998  $   104,666
  Short-term investments                                62,108       76,146
  Accounts receivable, net of allowance for
   doubtful accounts of $100 in 2013 and $94 in
   2012                                                112,133      107,039
  Other receivables                                      3,298        2,909
  Inventory                                            130,991      127,809
  Deferred inventory costs                                 413        1,029
  Prepaid expenses and other current assets             10,284        9,899
                                                   -----------  -----------
    Total current assets                               418,225      429,497

Property, plant and equipment, net                      77,155       80,343
Deferred inventory costs, non-current                       68          100
Long-term investments                                        -        2,874
Cost-method investment                                   9,000        9,000
Long-term restricted cash                                3,826        3,868
Deferred tax asset                                         745          805
Other non-current assets                                 1,779        1,683
                                                   -----------  -----------
    Total assets                                   $   510,798  $   528,170
                                                   ===========  ===========

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable                                 $    52,104  $    61,428
  Accrued expenses                                      19,940       25,483
  Accrued compensation and related benefits             18,694       22,325
  Accrued warranty                                       7,027        7,262
  Deferred revenue                                      31,234       26,744
  Deferred tax liability                                   745          805
                                                   -----------  -----------
    Total current liabilities                          129,744      144,047

  Accrued warranty, non-current                          9,645        9,220
  Deferred revenue, non-current                          3,059        3,210
  Other long-term liabilities                           15,909       15,557

Commitments and contingencies

Stockholders' equity:
  Preferred stock, $0.001 par value
    Authorized shares - 25,000 and no shares
     issued and outstanding                                  -            -
  Common stock, $0.001 par value
    Authorized shares - 500,000 as of March 30,
     2013 and December 29, 2012
    Issued and outstanding shares - 115,617 as of
     March 30, 2013 and 112,461 as of December 29,
     2012                                                  116          112
  Additional paid-in capital                           942,490      930,618
  Accumulated other comprehensive loss                  (2,520)      (2,228)
  Accumulated deficit                                 (587,645)    (572,366)
                                                   -----------  -----------
  Total stockholders' equity                           352,441      356,136
                                                   -----------  -----------
    Total liabilities and stockholders' equity     $   510,798  $   528,170
                                                   ===========  ===========




Infinera Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

                                                      Three Months Ended
                                                   ------------------------
                                                    March 30,    March 31,
                                                       2013         2012
                                                   -----------  -----------
Cash Flows from Operating Activities:
Net loss                                           $   (15,279) $   (20,612)
Adjustments to reconcile net loss to net cash used
 in operating activities:
  Depreciation and amortization                          6,334        5,528
  (Recovery of) provision for other receivables            (88)           -
  Amortization of premium on investments                   314          618
  Stock-based compensation expense                       7,975        9,437
  Non-cash tax benefit                                       -          (59)
  Other gain                                              (243)         (22)
  Changes in assets and liabilities:
    Accounts receivable                                 (5,094)      15,172
    Other receivables                                     (558)         422
    Inventory                                           (5,041)     (12,050)
    Prepaid expenses and other assets                     (432)       2,173
    Deferred inventory costs                               629        1,167
    Accounts payable                                    (8,045)      (7,266)
    Accrued liabilities and other expenses              (6,301)      (1,010)
    Deferred revenue                                     4,340          624
    Accrued warranty                                       190          121
                                                   -----------  -----------
      Net cash used in operating activities            (21,299)      (5,757)

Cash Flows from Investing Activities:
  Purchase of available-for-sale investments           (20,023)     (21,907)
  Proceeds from sale of available-for-sale
   investments                                           2,850        5,194
  Proceeds from maturities and calls of
   investments                                          33,835       32,034
  Purchase of property and equipment                    (4,936)     (13,649)
  Reimbursement of manufacturing capacity advance            -           50
  Change in restricted cash                                 44         (193)
                                                   -----------  -----------
      Net cash provided by investing activities         11,770        1,529

Cash Flows from Financing Activities:
  Proceeds from issuance of common stock                 5,560        7,005
  Repurchase of common stock                            (1,493)        (832)
                                                   -----------  -----------
    Net cash provided by financing activities            4,067        6,173

Effect of exchange rate changes on cash                   (206)         306

Net change in cash and cash equivalents                 (5,668)       2,251
Cash and cash equivalents at beginning of period       104,666       94,458
                                                   -----------  -----------
Cash and cash equivalents at end of period         $    98,998  $    96,709
                                                   ===========  ===========

Supplemental disclosures of cash flow information:
  Cash paid for income taxes                       $       210  $       329
Supplemental schedule of non-cash financing
 activities:
  Non-cash settlement for manufacturing capacity
   advance                                         $         -  $       275




Infinera Corporation
Supplemental Financial Information
(Unaudited)

----------------------------------------------------------------------------
                     Q2'11  Q3'11  Q4'11  Q1'12  Q2'12  Q3'12  Q4'12  Q1'13
----------------------------------------------------------------------------
Revenue ($ Mil)      $96.0  $104.0 $112.0 $104.7 $93.5  $112.2 $128.1 $124.6
Gross Margin % (1)    41%    41%    42%    40%    37%    39%    36%    36%
----------------------------------------------------------------------------
Invoiced Shipment
Composition:
Domestic %            72%    65%    70%    71%    70%    70%    63%    63%
International %       28%    35%    30%    29%    30%    30%    37%    37%
Largest Customer %    10%  < 10%   14%    13%    15%    13%    13%    14%
----------------------------------------------------------------------------
Cash Related
Information:
Cash from (used in)
Operations ($ Mil)   ($0.1)  $4.1  ($5.1) ($5.8)($22.7)($29.3)  $8.3 ($21.3)
Capital Expenditures
($ Mil)               $6.7   $5.9  $16.1  $13.6   $6.1   $2.5   $3.2   $4.9
Depreciation &
Amortization ($ Mil)  $4.2   $4.9   $4.5   $5.5   $5.7   $6.1   $6.4   $6.3
DSO's                  70     60     65     57     55     74     76     82
----------------------------------------------------------------------------
Inventory Metrics:
Raw Materials ($
Mil)                  $7.3   $7.0  $12.1  $15.3  $14.8  $12.4  $13.0  $12.2
Work in Process ($
Mil)                 $27.7  $26.9  $37.0  $41.6  $49.4  $59.8  $57.3  $53.1
Finished Goods ($
Mil)                 $34.4  $36.4  $39.9  $44.7  $50.9  $46.3  $57.5  $65.7
----------------------------------------------------------------------------
Total Inventory ($
Mil)                 $69.4  $70.3  $89.0  $101.6 $115.1 $118.5 $127.8 $131.0
Inventory Turns (1)   3.3    3.5    2.9    2.5    2.1    2.3    2.6    2.4
----------------------------------------------------------------------------
Worldwide Headcount  1,136  1,151  1,181  1,210  1,228  1,235  1,242  1,219
----------------------------------------------------------------------------


(1) Amounts reflect non-GAAP results. Non-GAAP adjustments include non-cash
stock-based compensation expense.


Contacts:
Media:
Anna Vue
[email protected]
Infinera Corporation
916-595-8157

Investors/Analysts:
Jenifer Kirtland/Bob Jones
[email protected] / [email protected]
Infinera Corporation
408-543-8139/408-543-8140

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