Epoch Partners Issues a Research Note on Finisar

Finisar Preannounces Fiscal 4Q01, Trims Fiscal 2002 Guidance



Apr 17, 2001, 01:00 ET from Epoch Partners, Inc.

    SAN FRANCISCO, April 17 /PRNewswire/ -- Epoch Partners today issued a
 Research Note on Finisar Corporation (Nasdaq:   FNSR).  The Research Note,
 issued today by Mark Langley, Senior Analyst, Communications Equipment
 Subsystems with Epoch Partners, discusses Finisar's preannouncement of its
 fiscal fourth-quarter results.  The following are key highlights included in
 the Research Note:
 
     -- Finisar preannounced its fiscal fourth quarter, reducing its revenue
        guidance to a range of $50 million to $55 million from the $65 million
        to $70 million range it gave in its 3Q01 conference call.
     -- Management now expects 4Q01 pro forma EPS of $0.00-$0.01, compared to
        the Street consensus and our estimate of $0.04.
     -- The company also reduced its fiscal 2002 revenue guidance to
        $275 million to $325 million from $375 million to $420 million.
     -- Finisar attributed the shortfall to order pushouts by existing
        customers and the general economic slowdown.
     -- Based on our revised estimates, we think Finisar shares are richly
        valued. However, we think that the shares could react quickly to
        positive news about the enterprise-spending environment, as reflected
        by the 81% increase in Finisar's share price last week on no
        company-specific news.
     -- Finisar will announce earnings after the market close on May 31.
     -- Our full note, with detailed analysis of each company, is available
        free at:  www.epoch.com.
 
     Communications Equipment Research Coverage
     Investors can visit Epoch's Web site to read research coverage on the
 following public companies:  Avanex Corporation, Avici Systems, Bookham
 Technology plc, Ceragon Networks, CIENA Corporation, Cisco Systems, Corvis
 Corporation, Endwave Corporation, Finisar Corporation, Floware Wireless
 Systems, Foundry Networks, JDS Uniphase Corporation, Lucent Technologies,
 Netro Corporation, New Focus, Inc., Netro Corporation, Sycamore Networks, and
 UTStarcom, Inc.
     In addition, investors can be added to the Communications Equipment email
 alert system, which alerts investors to new research in the Communications
 Equipment sector.  To be added to this alert system visit
 http://pluto.sparklist.com/scripts/lyris.pl?join=epochcommeq.
     Full research coverage on other companies under coverage by Epoch is
 available for free to investors through the Epoch Web site (www.epoch.com).
     Epoch Partners is a technology-enabled investment bank focused on
 high-growth companies and electronically connected institutional and
 individual investors.
 
     The information contained herein is based on sources believed to be
 reliable but is neither all inclusive nor guaranteed by Epoch Partners.
 Opinions, if any, reflect our judgment at this time and are subject to change.
 Epoch Partners does not undertake to advise of changes in its opinion or the
 information.  Epoch Partners may perform or seek to perform investment banking
 services for the issuers of securities which are the subject of our Research.
 Most of the companies Epoch Partners follows are emerging growth companies
 whose securities typically involve a higher degree of risk and more volatility
 than the securities of more established companies.  The securities discussed
 in the Epoch Partners Research may be unsuitable for investors depending on
 their specific investment objectives and financial situation and needs.  No
 report included in the Epoch Partners Research is a recommendation that any
 particular investor should purchase or sell any particular security in any
 amount or at all and is not a solicitation of any offer to purchase or sell
 from or to any particular investor.  For additional information that may be
 available on the securities mentioned, please contact Epoch Partners.
     Epoch Partners is a member of the National Association of Securities
 Dealers, CRD number 103899.
 
 

SOURCE Epoch Partners, Inc.
    SAN FRANCISCO, April 17 /PRNewswire/ -- Epoch Partners today issued a
 Research Note on Finisar Corporation (Nasdaq:   FNSR).  The Research Note,
 issued today by Mark Langley, Senior Analyst, Communications Equipment
 Subsystems with Epoch Partners, discusses Finisar's preannouncement of its
 fiscal fourth-quarter results.  The following are key highlights included in
 the Research Note:
 
     -- Finisar preannounced its fiscal fourth quarter, reducing its revenue
        guidance to a range of $50 million to $55 million from the $65 million
        to $70 million range it gave in its 3Q01 conference call.
     -- Management now expects 4Q01 pro forma EPS of $0.00-$0.01, compared to
        the Street consensus and our estimate of $0.04.
     -- The company also reduced its fiscal 2002 revenue guidance to
        $275 million to $325 million from $375 million to $420 million.
     -- Finisar attributed the shortfall to order pushouts by existing
        customers and the general economic slowdown.
     -- Based on our revised estimates, we think Finisar shares are richly
        valued. However, we think that the shares could react quickly to
        positive news about the enterprise-spending environment, as reflected
        by the 81% increase in Finisar's share price last week on no
        company-specific news.
     -- Finisar will announce earnings after the market close on May 31.
     -- Our full note, with detailed analysis of each company, is available
        free at:  www.epoch.com.
 
     Communications Equipment Research Coverage
     Investors can visit Epoch's Web site to read research coverage on the
 following public companies:  Avanex Corporation, Avici Systems, Bookham
 Technology plc, Ceragon Networks, CIENA Corporation, Cisco Systems, Corvis
 Corporation, Endwave Corporation, Finisar Corporation, Floware Wireless
 Systems, Foundry Networks, JDS Uniphase Corporation, Lucent Technologies,
 Netro Corporation, New Focus, Inc., Netro Corporation, Sycamore Networks, and
 UTStarcom, Inc.
     In addition, investors can be added to the Communications Equipment email
 alert system, which alerts investors to new research in the Communications
 Equipment sector.  To be added to this alert system visit
 http://pluto.sparklist.com/scripts/lyris.pl?join=epochcommeq.
     Full research coverage on other companies under coverage by Epoch is
 available for free to investors through the Epoch Web site (www.epoch.com).
     Epoch Partners is a technology-enabled investment bank focused on
 high-growth companies and electronically connected institutional and
 individual investors.
 
     The information contained herein is based on sources believed to be
 reliable but is neither all inclusive nor guaranteed by Epoch Partners.
 Opinions, if any, reflect our judgment at this time and are subject to change.
 Epoch Partners does not undertake to advise of changes in its opinion or the
 information.  Epoch Partners may perform or seek to perform investment banking
 services for the issuers of securities which are the subject of our Research.
 Most of the companies Epoch Partners follows are emerging growth companies
 whose securities typically involve a higher degree of risk and more volatility
 than the securities of more established companies.  The securities discussed
 in the Epoch Partners Research may be unsuitable for investors depending on
 their specific investment objectives and financial situation and needs.  No
 report included in the Epoch Partners Research is a recommendation that any
 particular investor should purchase or sell any particular security in any
 amount or at all and is not a solicitation of any offer to purchase or sell
 from or to any particular investor.  For additional information that may be
 available on the securities mentioned, please contact Epoch Partners.
     Epoch Partners is a member of the National Association of Securities
 Dealers, CRD number 103899.
 
 SOURCE  Epoch Partners, Inc.