Form 8-K - SEC.gov | HOME : 001-33306 : 22-3761205 (State or other Jurisdiction of Incorporation)...

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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


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


5

5

Regional Split *

*Quarter End Q1 FY2011

Our Customers


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


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


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


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


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


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


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


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;


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


14

15

15

Revenue Trends

26% CAGR


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.

**

**

*


Financial Position

(in thousands)


(Unaudited)

(Unaudited)

Cash & Equivalents less Short-term Loans Payable = $84.2 million at June 30, 2010

17

Thank You

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Form 8-K - SEC.gov | HOME : 001-33306 : 22-3761205 (State or other Jurisdiction of Incorporation)...

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Transcript of Form 8-K - SEC.gov | HOME : 001-33306 : 22-3761205 (State or other Jurisdiction of Incorporation)...