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0000950123-10-075919.txt : 201008110000950123-10-075919.hdr.sgml : 2010081120100811070059ACCESSION NUMBER:0000950123-10-075919CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:20CONFORMED PERIOD OF REPORT:20100811ITEM INFORMATION:Other EventsITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20100811DATE AS OF CHANGE:20100811
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:OPNEXT INCCENTRAL INDEX KEY:0001157780STANDARD INDUSTRIAL CLASSIFICATION:SEMICONDUCTORS & RELATED DEVICES [3674]IRS NUMBER:000000000
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-33306FILM NUMBER:101006392
BUSINESS ADDRESS:STREET 1:1 CHRISTOPHER WAYCITY:EATONTOWNSTATE:NJZIP:07724BUSINESS PHONE:7325443400
MAIL ADDRESS:STREET 1:1 CHRISTOPHER WAYCITY:EATONTOWNSTATE:NJZIP:07724
8-K1c04763e8vk.htmFORM 8-K
Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of Report (Date of earliest event reported): August 11, 2010
OPNEXT, INC.
(Exact name of registrant as specified
in its charter)
Delaware 001-33306 22-3761205
(State or other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)
46429 Landing Parkway, Fremont, California
94538
(Address of Principal Executive Offices) (Zip Code)
Registrants telephone number, including area code: (510) 580-8828
N/A
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrantunder any of the following provisions:
o Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Item8.01. Other Events.
On August11, 2010, executive officers of Opnext, Inc. (the Company) presentedinformation regarding the Company to a technology conference hosted by Morgan Keegan &Company, Inc. A copy of the presentation material is attached hereto as Exhibit99.1.
The information contained in this Current Report, including Exhibit99.1, shall notbe incorporated by reference into any filing of the Company, whether made before or afterthe date hereof, regardless of any general incorporation language in such filing.
Item9.01. Financial Statements and Exhibits.
(d)Exhibits
Exhibit No. Description
99.1
Presentation, dated August11, 2010, issued by Opnext,Inc. and furnished pursuant to Item8.01 of Form8-K.
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS Certain of the statementscontained in this report and Exhibit99.1 attached hereto, including, without limitation,statements as to managements good faith expectations and belief, are forward-lookingstatements. Forward-looking statements are made based upon managements expectations andbelief concerning future developments and their potential effect upon the Company. Therecan be no assurance that future developments will be in accordance with managementsexpectations or that the effects of future developments on the Company will be thoseanticipated by management.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registranthas duly caused this report to be signed on its behalf by the undersigned hereunto dulyauthorized.
OPNEXT, INC.
Date: August 11, 2010 By: /s/ Robert J. Nobile
Robert J. Nobile
Chief Financial Officer and
Senior Vice President, Finance
EXHIBIT INDEX
Exhibit No. Description
99.1
Presentation, dated August11, 2010, issued by Opnext, Inc.
EX-99.12c04763exv99w1.htmEXHIBIT 99.1
Exhibit 99.1
Exhibit 99.1
Morgan Keegan Technology Conference
August 11, 2010
2
Safe Harbor Statement /
GAAP Reconciliation
Copyright 2010 by Opnext, Inc.
Statements made herein include forward-looking statements, including, but not limited to, those related to future revenues, growth ofrevenues, market position, acceptance of certain new products, management's expectations with respect to Opnext's initiatives,position for future growth, the general market outlook and the outlook for the industry. These statements involve risks anduncertainties that may cause actual results to differ materially from those set forth in these statements. Among other things: the general outlook for the future is based on preliminary estimates, assumptions and projections that management believes tobe reasonable at this time, but are beyond management's control; and the market in which Opnext operates is volatile, implementation of operating strategies may not achieve the desired impactrelative to changing market conditions and the success of these strategies will depend on the effective implementation of ourstrategies while minimizing organizational disruption. Other factors that could cause Opnext's future, including future financial position and results from operations, to differ from currentexpectations include: the impact of rapidly changing technologies; the impact of competition on product development and pricing; thesuccess of Opnext's research and development efforts; the ability of Opnext to source critical parts and to react to changes ingeneral industry and market conditions, including regulatory developments; expenses associated with litigation; rights to intellectualproperty; market trends and the adoption of industry standards; the ability of Opnext to realize the value from the acquisition ofStrataLight Communications, Inc.; and consolidations within or affecting the optical modules and components industry. Thesefactors are not intended to be an all-encompassing list of risks and uncertainties that may affect Opnext's business. Additionalinformation regarding these and other factors can be found in Opnext's reports filed with the SEC, including under "Risk Factors,""Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Forward-Looking Statements" inOpnext's Annual Report on Form 10-K filed on June 14, 2010, as amended, as well as Opnext's press releases and other periodicfilings with the SEC. In providing forward-looking statements, Opnext expressly disclaims any obligation to update these statements,publicly or otherwise, whether as a result of new information, future events or otherwise, except to comply with applicable federaland state securities laws. Certain data included in this presentation includes non-GAAP financial measures. Reconciliations of the non-GAAP financialmeasures for the quarters ended June 30, 2010 and 2009 and March 31, 2010 are included in Opnext's earnings release datedAugust 5, 2010, which is available on the Investor Relations section of the Opnext website at http://www.opnext.com.
3
Clarity Partners
Hitachi, Ltd.Fiber Optic Component BU
Hitachi, Ltd.Opto Device
September 2000
October 2002
Pine PhotonicsPluggable Transceivers
June 2003
Clarity and Hitachi unlocked the value of Hitachi's laser technologyand business by creating a standalone, market-driven company
History
February 15, 2007
OPXT
StrataLightTransmission Subsystems
January 2009
July 2001
Copyright 2010 by Opnext, Inc.
Opnext Global Locations
Opnext Global Locations
Corporate HeadquartersAmericas Sales
Pluggables Business Fremont, CA
Subsystems BusinessLos Gatos, CA
Global OperationsEatontown, NJ
Europe SalesMunich, Germany
Asia-Pacific SalesShanghai, PRC
DevicesBusinessKomoro, Japan
Japan SalesTokyo, Japan
Modules BusinessTotsuka, Japan
4
Copyright 2010 by Opnext, Inc.
5
5
Regional Split *
*Quarter End Q1 FY2011
Our Customers
Copyright 2010 by Opnext, Inc.
6
A technology leader in 10G, 40G, & 100GFocused on the most attractive marketsDiversified customer base & broad product portfolio Investing in next generation products
Opnext is a global leader in high speed optics forcommunications networks
Value Proposition
Copyright 2010 by Opnext, Inc.
7
Material
Engineering
InGaAlAs (InP)
Laser
Diodes
DFBlaser
EA
TOSA / ROSA
Miniaturization
Integration
Subsystem
Linecards
300-pin
XFP
X2
SFP+
XENPAK
Optical expertise from lasers to subsystems provides the needed flexibility for system vendors
Solutions for All Levels of Optical Networking
Copyright 2010 by Opnext, Inc.
8
More than just communications
Defense & Security
Laser printing / MFP
Laser Targeting
Biomedical
Light healing / DNA & Blood Analysis
Commercial Applications
Barcode Scanners
Industrial Uses
Distance Measurement
Display Technologies
Infrared / Night Vision
Show Lasers
Lasers forMini Projectors
Heads-UpDisplay
Laser Level
Industrial & Commercial Products
Copyright 2010 by Opnext, Inc.
9
IP Traffic Growth, 2009-2014
1 ExaByte = 1018 Bytes = 100,000 Libraries of Congress
Global IP traffic is expected to more than quadruple from 2009 to 2014Internet video is now over one-third of all consumer Internet trafficMobile data traffic is expected to double every year through 2014
Source: Cisco Visual Networking Index June 2010
34% CAGR
Copyright 2010 by Opnext, Inc.
10
Total Optical Component Market
10% CAGR
$3,224
$3,615
$3,607
$4,890
'10-'1319% CAGR
'10-'1313% CAGR
$4,199
$3,223
Legacy, FTTx,Transport, Passives
Discretes
Total Optical Component Spending ($mm)
$5,590
Note: Market data based on Ovum Jul'09 Report, Ovum Feb'10 Forecast, Ovum May'10 Update and LightCounting Mar'10 Forecast
16% CAGR
Copyright 2010 by Opnext, Inc.
Addressable
11
Addressing a Large and Growing Market(^10Gbit/s)
Note: Market data based on Ovum Jul'09 Report, Ovum Feb'10 Forecast, Ovum May'10 Update and LightCounting Mar'10 Forecast
16% CAGR
$1,033
$970
$1,179
10G, 40G, 100G Spending ($mm)
$1,829
22% CAGR
'10-'1339% CAGR
'10-'1313% CAGR
$873
$1,487
$2,165
Copyright 2010 by Opnext, Inc.
12
The Broadest 40G and 100G Offering
40G and 100GSubsystem
40G and 100GMuxponder
40G and 100GTransponder
40G SFF and LFF
40G DPSK
40G OpticalPMDC
40 GbE CFP MSA10km and 40 km
40G DQPSK
100 GbE CFP MSA10km (LR4) and 40km
100G OTU4 CFP MSA
40G and 100GEA-TOSA
40G and 100GPIN-ROSA
100G Coherent
100G Mux
100G CoherentReceiver
40G Coherent
Subsystems
Line-sideModules
ClientModules
Components
Copyright 2010 by Opnext, Inc.
13
Many Challenges ... and Opportunities
Business Challenges Market for 40G + 100G: 2009 = $280mm growing at >39% CAGR to 2013 *Mix Uncertain: 40G vs. 100G; Modulation Scheme Splits; Merchant vs. Captive Proprietary Linecards vs. Industry MSAs R&D Investment Model
Technical Challenges Industry paradigm shifting: Direct Detection ^ Coherent Detection Thermal Management Photonic Integration: Delivers supply chain stability, improved manufacturability & cost
Alphabet Soup of Modulations
Many single sourced optical components w/high cost structure
Single ModulationPM-QPSK
Early Optical MSA ecosystemMultiple Suppliers
40G Lesson
100G Plan
Gen 1 = Packet over SONETGen 2 = Ethernet
Gen 1 = Ethernet
*Source: Ovum 2010 Forecast;
Copyright 2010 by Opnext, Inc.
Opnext View: 40G/100G Coherent Market
System Vendor DWDM Revenue Share$6,948B2QCY09 - 1QCY10
About 1/3 of the system DWDM marketis pursuing internal coherent programsfor 40/100G DWDMAbout 2/3 of the system DWDM marketis accessible to Opnext and modulevendorsALUCienaCisco
Accessibleto Opnext &ModuleVendors
Opnext Estimated CoherentModule Market
Based on Ovum WAN Optical Component Forecast, Feb-2010 & Ovum Inaugural 40GComponent Forecast, Mar-2010
Ovum forecasting 40/100G DWDMmarket to grow at 36% CAGR from 2010to 2014Module market expected to grow fasteras early adopters shift to module baseddesigns
Copyright 2010 by Opnext, Inc.
14
15
15
Revenue Trends
26% CAGR
Copyright 2010 by Opnext, Inc.
Note: StrataLight Communications, Inc. acquired on January 9, 2009
16
16
Financial Highlights
* Reconciliations of the non-GAAP financial measures are included in the Company's earnings release dated Aug 5, 2010, which is available on theInvestor Relations section of the Opnext website at www.opnext.com.
**
**
*
Copyright 2010 by Opnext, Inc.
Financial Position
(in thousands)
Copyright 2010 by Opnext, Inc.
(Unaudited)
(Unaudited)
Cash & Equivalents less Short-term Loans Payable = $84.2 million at June 30, 2010
17
Thank You
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