##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended January 3, 2010
 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission file number 000-31581
 OPLINK COMMUNICATIONS, INC.
  Delaware
    
    No. 77-0411346(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)
 (Address of principal executive offices) (Zip Code)
  þ o
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ
 o o




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##### 



OPLINK COMMUNICATIONS, INC.
 
 PagePART I. FINANCIAL INFORMATIONItem 1. Financial Statements (unaudited):Condensed Consolidated Balance Sheets  December 31, 2009 and June 30, 2009
    
    
    3Condensed Consolidated Statements of Operations  Three and six months
ended December 31, 2009 and 2008
    
    
    4Condensed Consolidated Statements of Cash Flows  Six months ended
December 31, 2009 and 2008
    
    
    5Notes to Condensed Consolidated Financial Statements
    
    
    6Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    22Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    32Item 4. Controls and Procedures
    
    
    33PART II. OTHER INFORMATIONItem 1. Legal Proceedings
    
    
    33Item 1A. Risk Factors
    
    
    34Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    36Item 3. Defaults Upon Senior Securities
    
    
    36Item 4. Submission of Matters to a Vote of Security Holders
    
    
    36Item 5. Other Information
    
    
    37Item 6. Exhibits
    
    
    37SIGNATURES
    
    
    39EX-31.1EX-31.2EX-32.1EX-32.2
   2




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PART I. FINANCIAL INFORMATION
 
 ITEM 1- FINANCIAL STATEMENTS
 OPLINK COMMUNICATIONS, INC.
 
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited)
 December 31,
    
    
    June 30,2009
    
    
    2009 (1)(In thousands, except shareand per share data)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    57,815
    
    
    $
    49,702Short-term investments
    
    
    120,992
    
    
    
    115,774Accounts receivable, net
    
    
    25,374
    
    
    
    29,023Inventories
    
    
    10,308
    
    
    
    10,031Prepaid expenses and other current assets
    
    
    3,982
    
    
    
    2,648Total current assets
    
    
    218,471
    
    
    
    207,178Long-term investments
    
    
    10,000
    
    
    
    3,180Property, plant and equipment, net
    
    
    28,060
    
    
    
    30,318Intangible assets, net
    
    
    6,957
    
    
    
    8,848Other assets
    
    
    418
    
    
    
    423Total assets
    
    $
    263,906
    
    
    $
    249,947LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    9,623
    
    
    $
    7,580Accrued liabilities
    
    
    10,453
    
    
    
    10,044Income taxes payable
    
    
    115
    
    
    
    644Accrued transitional costs for contract
manufacturing
    
    
    160
    
    
    
    160Total current liabilities
    
    
    20,351
    
    
    
    18,428Income taxes payable, non-current
    
    
    3,270
    
    
    
    2,816Other non-current liabilities
    
    
    633
    
    
    
    676Total liabilities
    
    
    24,254
    
    
    
    21,920Commitments and contingencies (Note 14)Stockholders equity:Common stock, $0.001 par value,
34,000,000 shares
authorized; 20,892,139 and
20,497,592 shares issued and
outstanding
as of December 31, 2009 and June
30, 2009, respectively
    
    
    21
    
    
    
    20Additional paid-in capital
    
    
    459,743
    
    
    
    453,083Accumulated other comprehensive income
    
    
    8,264
    
    
    
    8,246Accumulated deficit
    
    
    (228,376
    )
    
    
    (233,322
    )Total stockholders equity
    
    
    239,652
    
    
    
    228,027Total liabilities and
stockholders equity
    
    $
    263,906
    
    
    $
    249,947
 
 (1)
    
    The condensed consolidated balance sheet at June 30, 2009 has been derived from the audited
consolidated financial statements at that date. The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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OPLINK COMMUNICATIONS, INC.
 
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended
    
    
    Six Months EndedDecember 31,
    
    
    December 31,2009
    
    
    2008
    
    
    2009
    
    
    2008(in thousands, except per share data)Revenues
    
    $
    32,743
    
    
    $
    37,611
    
    
    $
    66,308
    
    
    $
    80,563Cost of revenues:Cost of revenues
    
    
    21,643
    
    
    
    28,939
    
    
    
    45,277
    
    
    
    65,584Stock compensation expense
    
    
    88
    
    
    
    126
    
    
    
    187
    
    
    
    244Total cost of revenues
    
    
    21,731
    
    
    
    29,065
    
    
    
    45,464
    
    
    
    65,828Gross profit
    
    
    11,012
    
    
    
    8,546
    
    
    
    20,844
    
    
    
    14,735Operating expenses:Research and development:Research and development
    
    
    2,268
    
    
    
    2,785
    
    
    
    4,493
    
    
    
    6,067Stock compensation expense
    
    
    245
    
    
    
    252
    
    
    
    514
    
    
    
    475Total research and development
    
    
    2,513
    
    
    
    3,037
    
    
    
    5,007
    
    
    
    6,542Sales and marketing:Sales and marketing
    
    
    1,923
    
    
    
    1,945
    
    
    
    4,009
    
    
    
    4,202Stock compensation expense
    
    
    361
    
    
    
    267
    
    
    
    689
    
    
    
    582Total sales and marketing
    
    
    2,284
    
    
    
    2,212
    
    
    
    4,698
    
    
    
    4,784General and administrative:General and administrative
    
    
    1,810
    
    
    
    2,702
    
    
    
    3,531
    
    
    
    5,368Stock compensation expense
    
    
    914
    
    
    
    723
    
    
    
    1,864
    
    
    
    1,634Total general and administrative
    
    
    2,724
    
    
    
    3,425
    
    
    
    5,395
    
    
    
    7,002Impairment charges and other costs
    
    
    
    
    
    
    10,829
    
    
    
    
    
    
    
    10,829Amortization of intangible assets
    
    
    403
    
    
    
    412
    
    
    
    807
    
    
    
    824Total operating expenses
    
    
    7,924
    
    
    
    19,915
    
    
    
    15,907
    
    
    
    29,981Income (loss) from operations
    
    
    3,088
    
    
    
    (11,369
    )
    
    
    4,937
    
    
    
    (15,246
    )Interest and other income, net
    
    
    193
    
    
    
    1,300
    
    
    
    467
    
    
    
    2,340Gain (loss) on sale or disposal of assets
    
    
    214
    
    
    
    (492
    )
    
    
    338
    
    
    
    (611
    )Income (loss) before income taxes (provision) benefit
    
    
    3,495
    
    
    
    (10,561
    )
    
    
    5,742
    
    
    
    (13,517
    )Income taxes (provision) benefit
    
    
    (358
    )
    
    
    15
    
    
    
    (796
    )
    
    
    (441
    )Net income (loss)
    
    $
    3,137
    
    
    $
    (10,546
    )
    
    $
    4,946
    
    
    $
    (13,958
    )Net income (loss) per share:Basic
    
    $
    0.15
    
    
    $
    (0.51
    )
    
    $
    0.24
    
    
    $
    (0.67
    )Diluted
    
    $
    0.14
    
    
    $
    (0.51
    )
    
    $
    0.23
    
    
    $
    (0.67
    )Shares used in per share calculation:Basic
    
    
    20,797
    
    
    
    20,686
    
    
    
    20,686
    
    
    
    20,721Diluted
    
    
    21,694
    
    
    
    20,686
    
    
    
    21,452
    
    
    
    20,721
 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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OPLINK COMMUNICATIONS, INC.
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Six Months EndedDecember 31,2009
    
    
    2008(In thousands)Cash flows from operating activities:Net income (loss)
    
    $
    4,946
    
    
    $
    (13,958
    )Adjustments to reconcile net income (loss) to
net cash provided by operating activities:Depreciation of property and equipment
    
    
    3,341
    
    
    
    3,817Amortization of intangible assets
    
    
    1,891
    
    
    
    1,908Impairment charges and other costs
    
    
    
    
    
    
    10,829Stock compensation expense
    
    
    3,254
    
    
    
    2,935Provision for doubtful accounts
    
    
    
    
    
    
    323Inventory charges
    
    
    
    
    
    
    4,065Amortization of premium (discount) on investments
    
    
    131
    
    
    
    (229
    )(Gain) loss on sale or disposal of assets
    
    
    (338
    )
    
    
    611Other
    
    
    (18
    )
    
    
    (563
    )Change in assets and liabilities:Accounts receivable
    
    
    3,654
    
    
    
    6,040Inventories
    
    
    (286
    )
    
    
    2,708Prepaid expenses and other current assets
    
    
    (1,333
    )
    
    
    (1,715
    )Other assets
    
    
    14
    
    
    
    (7
    )Accounts payable
    
    
    2,037
    
    
    
    (7,334
    )Accrued liabilities and other liabilities
    
    
    317
    
    
    
    (1,691
    )Net cash provided by operating activities
    
    
    17,610
    
    
    
    7,739Cash flows from investing activities:Purchases of available-for-sale investments
    
    
    (106,834
    )
    
    
    (39,828
    )Sales and maturities of available-for-sale investments
    
    
    99,762
    
    
    
    47,602Purchases of held-to-maturity investments
    
    
    (10,000
    )
    
    
    Maturities of held-to-maturity investments
    
    
    5,000
    
    
    
    Proceeds from sales of property and equipment
    
    
    278
    
    
    
    475Purchases of property and equipment
    
    
    (1,129
    )
    
    
    (1,834
    )Net cash (used in) provided by investing activities
    
    
    (12,923
    )
    
    
    6,415Cash flows from financing activities:Proceeds from issuance of common stock
    
    
    3,406
    
    
    
    846Repurchase of common stock
    
    
    
    
    
    
    (2,293
    )Net cash provided by (used in) financing activities
    
    
    3,406
    
    
    
    (1,447
    )Effect of exchange rate changes on cash and cash equivalents
    
    
    20
    
    
    
    (410
    )Net increase in cash and cash equivalents
    
    
    8,113
    
    
    
    12,297Cash and cash equivalents, beginning of period
    
    
    49,702
    
    
    
    72,001Cash and cash equivalents, end of period
    
    $
    57,815
    
    
    $
    84,298Supplemental disclosures of cash flow information:Cash paid during the period for income taxes
    
    $
    895,000
    
    
    $
    497,000
 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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OPLINK COMMUNICATIONS, INC.
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
  Description of Business.
   Basis of Presentation
    6




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Risks and Uncertainties.
 Net Income (Loss) Per Share
 Three Months Ended
    
    
    Six Months EndedDecember 31,
    
    
    December 31,2009
    
    
    2008
    
    
    2009
    
    
    2008Numerator:Net income (loss)
    
    $
    3,137
    
    
    $
    (10,546
    )
    
    $
    4,946
    
    
    $
    (13,958
    )Denominator:Weighted average shares outstanding  basic
    
    
    20,797
    
    
    
    20,686
    
    
    
    20,686
    
    
    
    20,721Effect of dilutive potential common shares
    
    
    897
    
    
    
    
    
    
    
    766
    
    
    
    Weighted average shares outstanding  diluted
    
    
    21,694
    
    
    
    20,686
    
    
    
    21,452
    
    
    
    20,721Net income (loss) per share  basic
    
    $
    0.15
    
    
    $
    (0.51
    )
    
    $
    0.24
    
    
    $
    (0.67
    )Net income (loss) per share  diluted
    
    $
    0.14
    
    
    $
    (0.51
    )
    
    $
    0.23
    
    
    $
    (0.67
    )Antidilutive stock options and restricted stock units
not included in income per share calculation
    
    
    1,637
    
    
    
    4,120
    
    
    
    2,042
    
    
    
    4,120
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Comprehensive Income (Loss)
 December 31,
    
    
    June 30,2009
    
    
    2009Accumulated other comprehensive income:Cumulative translation adjustment
    
    $
    8,264
    
    
    $
    8,329Unrealized loss on investments, net
    
    
    
    
    
    
    (83
    )$
    8,264
    
    
    $
    8,246
  Three Months Ended
    
    
    Six Months EndedDecember 31,
    
    
    December 31,2009
    
    
    2008
    
    
    2009
    
    
    2008Net income (loss)
    
    $
    3,137
    
    
    $
    (10,546
    )
    
    $
    4,946
    
    
    $
    (13,958
    )Change in cumulative translation adjustment
    
    
    (27
    )
    
    
    (225
    )
    
    
    (65
    )
    
    
    276Change in unrealized (loss) gain on investments, net
    
    
    (63
    )
    
    
    (12
    )
    
    
    83
    
    
    
    3Total comprehensive income (loss)
    
    $
    3,047
    
    
    $
    (10,783
    )
    
    $
    4,964
    
    
    $
    (13,679
    )
 Short-Term and Long-Term Investments.
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December 31, 2009Gross
    
    
    GrossCarrying
    
    
    Amortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    EstimatedValue
    
    
    Cost
    
    
    Gains
    
    
    Losses
    
    
    Fair ValueShort-term investments:Certificates of deposit
    
    $
    5,566
    
    
    $
    5,566
    
    
    $
    
    
    
    $
    
    
    
    $
    5,566United States government agencies
    
    
    5,002
    
    
    
    5,000
    
    
    
    2
    
    
    
    
    
    
    
    5,002United States Treasury
    
    
    44,911
    
    
    
    44,919
    
    
    
    6
    
    
    
    (14
    )
    
    
    44,911Corporate securities
    
    
    65,513
    
    
    
    65,507
    
    
    
    38
    
    
    
    (10
    )
    
    
    65,535Total short-term investments
    
    
    120,992
    
    
    
    120,992
    
    
    
    46
    
    
    
    (24
    )
    
    
    121,014Long-term investments:United States government agencies
    
    
    10,000
    
    
    
    10,000
    
    
    
    
    
    
    
    (54
    )
    
    
    9,946Total long-term investments
    
    
    10,000
    
    
    
    10,000
    
    
    
    
    
    
    
    (54
    )
    
    
    9,946Total investments
    
    $
    130,992
    
    
    $
    130,992
    
    
    $
    46
    
    
    $
    (78
    )
    
    $
    130,960
 June 30, 2009Gross
    
    
    GrossCarrying
    
    
    Amortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    EstimatedValue
    
    
    Cost
    
    
    Gains
    
    
    Losses
    
    
    Fair ValueShort-term investments:Certificates of deposit
    
    $
    3,140
    
    
    $
    3,140
    
    
    $
    
    
    
    $
    
    
    
    $
    3,140United States government agencies
    
    
    10,004
    
    
    
    10,001
    
    
    
    3
    
    
    
    (2
    )
    
    
    10,002United States Treasury
    
    
    48,971
    
    
    
    48,944
    
    
    
    27
    
    
    
    
    
    
    
    48,971Corporate securities
    
    
    53,659
    
    
    
    53,772
    
    
    
    13
    
    
    
    (126
    )
    
    
    53,659Total short-term investments
    
    
    115,774
    
    
    
    115,857
    
    
    
    43
    
    
    
    (128
    )
    
    
    115,772Long-term investments:Corporate securities
    
    
    3,180
    
    
    
    3,180
    
    
    
    
    
    
    
    
    
    
    
    3,180Total long-term investments
    
    
    3,180
    
    
    
    3,180
    
    
    
    
    
    
    
    
    
    
    
    3,180Total investments
    
    $
    118,954
    
    
    $
    119,037
    
    
    $
    43
    
    
    $
    (128
    )
    
    $
    118,952
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December 31, 2009Gross
    
    
    GrossAmortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    EstimatedCost
    
    
    Gains
    
    
    Losses
    
    
    Fair ValueAvailable-for-sale investments:Certificates of deposit
    
    $
    5,566
    
    
    $
    
    
    
    $
    
    
    
    $
    5,566United States government agencies
    
    
    5,000
    
    
    
    2
    
    
    
    
    
    
    
    5,002United States Treasury
    
    
    44,919
    
    
    
    6
    
    
    
    (14
    )
    
    
    44,911Corporate securities
    
    
    62,368
    
    
    
    16
    
    
    
    (10
    )
    
    
    62,374Total available-for-sale investments
    
    
    117,853
    
    
    
    24
    
    
    
    (24
    )
    
    
    117,853Held-to-maturity investments:Corporate securities
    
    
    3,139
    
    
    
    22
    
    
    
    
    
    
    
    3,161United States government agencies
    
    
    10,000
    
    
    
    
    
    
    
    (54
    )
    
    
    9,946Total held-to-maturity investments
    
    
    13,139
    
    
    
    22
    
    
    
    (54
    )
    
    
    13,107Total investments
    
    $
    130,992
    
    
    $
    46
    
    
    $
    (78
    )
    
    $
    130,960
 June 30, 2009Gross
    
    
    GrossAmortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    EstimatedCost
    
    
    Gains
    
    
    Losses
    
    
    Fair ValueAvailable-for-sale investments:Certificates of deposit
    
    $
    3,140
    
    
    $
    
    
    
    $
    
    
    
    $
    3,140United States government agencies
    
    
    5,000
    
    
    
    3
    
    
    
    
    
    
    
    5,003United States Treasury
    
    
    48,944
    
    
    
    27
    
    
    
    
    
    
    
    48,971Corporate securities
    
    
    53,772
    
    
    
    13
    
    
    
    (126
    )
    
    
    53,659Total available-for-sale investments
    
    
    110,856
    
    
    
    43
    
    
    
    (126
    )
    
    
    110,773Held-to-maturity investments:Corporate securities
    
    
    3,180
    
    
    
    
    
    
    
    
    
    
    
    3,180United States government agencies
    
    
    5,001
    
    
    
    
    
    
    
    (2
    )
    
    
    4,999Total held-to-maturity investments
    
    
    8,181
    
    
    
    
    
    
    
    (2
    )
    
    
    8,179Total investments
    
    $
    119,037
    
    
    $
    43
    
    
    $
    (128
    )
    
    $
    118,952
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December 31, 2009In Loss Position< 12 monthsGrossFair
    
    
    UnrealizedValue
    
    
    LossesAvailable-for-sale investments:United States Treasury
    
    $
    24,922
    
    
    $
    (14
    )Corporate securities
    
    
    14,003
    
    
    
    (10
    )Total available-for-sale investments in loss position
    
    
    38,925
    
    
    
    (24
    )Held-to-maturity investments:United States government agencies
    
    
    9,946
    
    
    
    (54
    )Total held-to-maturity investments in loss position
    
    
    9,946
    
    
    
    (54
    )Total investments in loss position
    
    $
    48,871
    
    
    $
    (78
    )
  December 31, 2009
    
    
    June 30, 2009Amortized
    
    
    Estimated
    
    
    Amortized
    
    
    EstimatedCost
    
    
    Fair Value
    
    
    Cost
    
    
    Fair ValueAvailable-for-sale investments:Due in one year or less
    
    $
    117,853
    
    
    $
    117,853
    
    
    $
    110,856
    
    
    $
    110,773Total available-for-sale investments
    
    
    117,853
    
    
    
    117,853
    
    
    
    110,856
    
    
    
    110,773Held-to-maturity investments:Due in one year or less
    
    
    3,139
    
    
    
    3,161
    
    
    
    5,001
    
    
    
    4,999Due in one year to five years
    
    
    10,000
    
    
    
    9,946
    
    
    
    3,180
    
    
    
    3,180Total held-to-maturity investments
    
    
    13,139
    
    
    
    13,107
    
    
    
    8,181
    
    
    
    8,179Total investments
    
    $
    130,992
    
    
    $
    130,960
    
    
    $
    119,037
    
    
    $
    118,952
 Fair Value Accounting
 
    
    Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets
or liabilities that the reporting entity has the ability to access at the measurement
date;
    
    Level 2 inputs are inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly or indirectly; and
    
    Level 3 inputs are unobservable inputs for the asset or liability.
 11




---



##### Table of Contents



Items Measured at Fair Value on a Recurring Basis
  December 31, 2009Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalFinancial assets:Money market funds
    
    $
    6,457
    
    
    $
    
    
    
    $
    
    
    
    $
    6,457Certificates of deposit
    
    
    
    
    
    
    5,566
    
    
    
    
    
    
    
    5,566United States government agencies
    
    
    
    
    
    
    5,002
    
    
    
    
    
    
    
    5,002United States Treasury
    
    
    
    
    
    
    49,911
    
    
    
    
    
    
    
    49,911Corporate securities
    
    
    
    
    
    
    83,399
    
    
    
    
    
    
    
    83,399Total financial assets
    
    $
    6,457
    
    
    $
    143,878
    
    
    $
    
    
    
    $
    150,335Financial liabilities
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
 June 30, 2009Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalFinancial assets:Money market funds
    
    $
    24,813
    
    
    $
    
    
    
    $
    
    
    
    $
    24,813Certificates of deposit
    
    
    
    
    
    
    3,140
    
    
    
    
    
    
    
    3,140United States government agencies
    
    
    
    
    
    
    5,003
    
    
    
    
    
    
    
    5,003United States Treasury
    
    
    
    
    
    
    48,971
    
    
    
    
    
    
    
    48,971Corporate securities
    
    
    
    
    
    
    58,658
    
    
    
    
    
    
    
    58,658Total financial assets
    
    $
    24,813
    
    
    $
    115,772
    
    
    $
    
    
    
    $
    140,585Financial liabilities
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
  12




---



##### Table of Contents



Items Measured at Fair Value on a Nonrecurring Basis
  Inventories
 December 31,
    
    
    June 30,2009
    
    
    2009Inventories:Raw materials
    
    $
    8,595
    
    
    $
    7,809Work-in-process
    
    
    1,713
    
    
    
    2,222Total
    
    $
    10,308
    
    
    $
    10,031
 Intangible Assets, Net.
 EstimatedUseful Life
    
    
    Gross
    
    
    AccumulatedDecember 31, 2009
    
    (in Years)
    
    
    Amount
    
    
    Amortization
    
    
    NetTechnology
    
    
    4
    
    
    $
    8,673
    
    
    $
    4,987
    
    
    $
    3,686Trade name
    
    
    6
    
    
    
    1,595
    
    
    
    607
    
    
    
    988Customer relationships
    
    
    3-4
    
    
    
    5,481
    
    
    
    3,198
    
    
    
    2,283Backlog
    
    
    1
    
    
    
    97
    
    
    
    97
    
    
    
    Total
    
    
    
    
    
    $
    15,846
    
    
    $
    8,889
    
    
    $
    6,957
 EstimatedUseful Life
    
    
    Gross
    
    
    AccumulatedJune 30, 2009
    
    (in Years)
    
    
    Amount
    
    
    Amortization
    
    
    NetTechnology
    
    
    4
    
    
    $
    8,673
    
    
    $
    3,903
    
    
    $
    4,770Trade name
    
    
    6
    
    
    
    1,595
    
    
    
    474
    
    
    
    1,121Customer relationships
    
    
    3-4
    
    
    
    5,481
    
    
    
    2,524
    
    
    
    2,957Backlog
    
    
    1
    
    
    
    97
    
    
    
    97
    
    
    
    Total
    
    
    
    
    
    $
    15,846
    
    
    $
    6,998
    
    
    $
    8,848
  Three Months Ended
    
    
    Six Months EndedDecember 31,
    
    
    December 31,Reported as:
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Cost of revenues
    
    $
    542
    
    
    $
    542
    
    
    $
    1,084
    
    
    $
    1,084Operating expenses
    
    
    403
    
    
    
    412
    
    
    
    807
    
    
    
    824Total
    
    $
    945
    
    
    $
    954
    
    
    $
    1,891
    
    
    $
    1,908
 13




---



##### Table of Contents



Fiscal years ending June 30,
    
    Amount2010
    
    $
    1,8912011
    
    
    3,6772012
    
    
    1,0662013
    
    
    2602014
    
    
    63After 2014
    
    
    $
    6,957
 Accrued Liabilities.
 December 31,
    
    
    June 30,2009
    
    
    2009Accrued liabilities:Payroll and related expenses
    
    $
    3,828
    
    
    $
    3,120Employee withholdings and related expenses
    
    
    721
    
    
    
    586Accrued sales commission
    
    
    559
    
    
    
    535Accrued warranty
    
    
    371
    
    
    
    371Accrued professional fees
    
    
    832
    
    
    
    1,561Accrued sales return
    
    
    439
    
    
    
    595Advance deposits from customers
    
    
    162
    
    
    
    123Other
    
    
    3,541
    
    
    
    3,153$
    10,453
    
    
    $
    10,044
 Product Warranties.
  Three Months Ended
    
    
    Six Months EndedDecember 31,
    
    
    December 31,2009
    
    
    2008
    
    
    2009
    
    
    2008Balance at the beginning of the period
    
    $
    371
    
    
    $
    346
    
    
    $
    371
    
    
    $
    286Accruals for warranties issued during the period
    
    
    29
    
    
    
    71
    
    
    
    88
    
    
    
    156Accruals related to pre-existing warranties
including expirations and changes in estimates
    
    
    64
    
    
    
    (4
    )
    
    
    78
    
    
    
    109Cost of warranty repair
    
    
    (93
    )
    
    
    (67
    )
    
    
    (166
    )
    
    
    (205
    )Balance at the end of the period
    
    $
    371
    
    
    $
    346
    
    
    $
    371
    
    
    $
    346
 14




---



##### Table of Contents



Stock Compensation
 Three Months Ended
    
    
    Six Months EndedDecember 31,
    
    
    December 31,2009
    
    
    2008
    
    
    2009
    
    
    2008Stock-based compensation expense by type of award:Employee stock options
    
    $
    1,114
    
    
    $
    1,182
    
    
    $
    2,129
    
    
    $
    2,298Restricted stock awards and restricted stock units
    
    
    419
    
    
    
    
    
    
    
    817
    
    
    
    223Employee stock purchase plan
    
    
    75
    
    
    
    186
    
    
    
    308
    
    
    
    414Total stock-based compensation
    
    
    1,608
    
    
    
    1,368
    
    
    
    3,254
    
    
    
    2,935Tax effect on stock-based compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net effect on net income (loss)
    
    $
    1,608
    
    
    $
    1,368
    
    
    $
    3,254
    
    
    $
    2,935Effect on net income (loss) per share:Basic
    
    $
    (0.08
    )
    
    $
    (0.07
    )
    
    $
    (0.16
    )
    
    $
    (0.14
    )Diluted
    
    $
    (0.07
    )
    
    $
    (0.07
    )
    
    $
    (0.15
    )
    
    $
    (0.14
    )
     Valuation Assumptions
 15




---



##### Table of Contents



Three Months Ended
    
    
    Six Months EndedDecember 31,
    
    
    December 31,2009
    
    
    2008
    
    
    2009
    
    
    2008Risk-free interest rate
    
    
    2.18
    %
    
    
    2.31
    %
    
    
    2.27
    %
    
    
    2.87
    %Expected term
    
    4.6 years
    
    
    4.6 years
    
    
    4.6 years
    
    
    4.6 yearsExpected dividends
    
    
    0
    %
    
    
    0
    %
    
    
    0
    %
    
    
    0
    %Volatility
    
    
    50
    %
    
    
    65
    %
    
    
    51
    %
    
    
    51
    %
  Three Months Ended
    
    
    Six Months EndedDecember 31,
    
    
    December 31,2009
    
    
    2008
    
    
    2009
    
    
    2008Risk-free interest rate
    
    
    0.53
    %
    
    
    1.26
    %
    
    
    0.53
    %
    
    
    1.26
    %Expected term
    
    1.3 years
    
    
    1.3 years
    
    
    1.3 years
    
    
    1.3 yearsExpected dividends
    
    
    0
    %
    
    
    0
    %
    
    
    0
    %
    
    
    0
    %Volatility
    
    
    50
    %
    
    
    65
    %
    
    
    50
    %
    
    
    65
    %
   Equity Incentive Program
   16




---



##### Table of Contents



Options
    
    
    AwardsWeighted
    
    
    Restricted
    
    
    WeightedNumber of
    
    
    Average
    
    
    Stock
    
    
    AverageAwards Available
    
    
    Options
    
    
    Exercise
    
    
    Awards/Units
    
    
    Grant Datefor Grant
    
    
    Outstanding
    
    
    Price
    
    
    Outstanding
    
    
    Fair ValueBalance, June 30, 2009
    
    
    1,876,918
    
    
    
    3,795,130
    
    
    $
    14.0630
    
    
    
    
    
    
    $
    Additional shares authorized
    
    
    2,500,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Granted
    
    
    (570,313
    )
    
    
    87,500
    
    
    
    15.1511
    
    
    
    482,813
    
    
    
    13.9000Exercised or vested
    
    
    
    
    
    
    (295,295
    )
    
    
    9.7818
    
    
    
    (19,080
    )
    
    
    13.9000Cancelled or forfeited
    
    
    70,371
    
    
    
    (70,371
    )
    
    
    30.7377
    
    
    
    
    
    
    
    Expired (1)
    
    
    (1,374,461
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balance, December 31, 2009
    
    
    2,502,515
    
    
    
    3,516,964
    
    
    $
    14.1209
    
    
    
    463,733
    
    
    $
    13.9000
 
 (1)
    
    
    The Companys 2000 Stock Option Plan terminated upon the adoption of the 2009 Plan and
shares not grated at the time of termination have expired.
  Options Outstanding
    
    
    
    Options Vested and Exercisableat December 31, 2009
    
    
    

    at December 31, 2009Weighted
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    AverageRemaining
    
    
    Weighted
    
    
    Aggregate
    
    
    
    
    
    
    Remaining
    
    
    Weighted
    
    
    AggregateContractual
    
    
    Average
    
    
    Intrinsic
    
    
    
    
    
    
    Contractual
    
    
    Average
    
    
    IntrinsicRange of Exercise
    
    Number
    
    
    Life
    
    
    Exercise
    
    
    Value
    
    
    Number
    
    
    Life
    
    
    Exercise
    
    
    ValuePrice
    
    Outstanding
    
    
    (in Years)
    
    
    Price
    
    
    (in thousands)
    
    
    Outstanding
    
    
    (in Years)
    
    
    Price
    
    
    (in thousands)$1.0000- $5.00
    
    
    406,904
    
    
    
    2.8
    
    
    $
    4.62
    
    
    $
    4,790
    
    
    
    406,904
    
    
    
    2.8
    
    
    $
    4.62
    
    
    $
    4,790$5.0001 - $8.00
    
    
    389,948
    
    
    
    3.6
    
    
    
    5.76
    
    
    
    4,144
    
    
    
    350,462
    
    
    
    3.0
    
    
    
    5.55
    
    
    
    3,798$8.0001 - $10.00
    
    
    30,416
    
    
    
    1.9
    
    
    
    8.76
    
    
    
    232
    
    
    
    30,416
    
    
    
    1.9
    
    
    
    8.76
    
    
    
    232$10.0001 - $11.00
    
    
    443,569
    
    
    
    7.9
    
    
    
    10.09
    
    
    
    2,793
    
    
    
    194,197
    
    
    
    7.2
    
    
    
    10.10
    
    
    
    1,222$11.0001 - $13.00
    
    
    245,090
    
    
    
    7.4
    
    
    
    12.16
    
    
    
    1,037
    
    
    
    124,237
    
    
    
    6.5
    
    
    
    12.39
    
    
    
    497$13.0001 - $15.00
    
    
    627,036
    
    
    
    7.4
    
    
    
    13.70
    
    
    
    1,689
    
    
    
    349,118
    
    
    
    6.7
    
    
    
    13.68
    
    
    
    945$15.0001 - $18.00
    
    
    323,008
    
    
    
    7.1
    
    
    
    17.12
    
    
    
    44
    
    
    
    198,703
    
    
    
    6.2
    
    
    
    17.44
    
    
    
    $18.0001 - $20.00
    
    
    192,072
    
    
    
    4.0
    
    
    
    18.87
    
    
    
    
    
    
    
    173,731
    
    
    
    3.8
    
    
    
    18.83
    
    
    
    $20.0001 - $25.00
    
    
    753,170
    
    
    
    6.4
    
    
    
    20.24
    
    
    
    
    
    
    
    673,448
    
    
    
    6.4
    
    
    
    20.24
    
    
    
    $25.0001 - $35.00
    
    
    69,894
    
    
    
    0.6
    
    
    
    31.41
    
    
    
    
    
    
    
    69,812
    
    
    
    0.6
    
    
    
    31.41
    
    
    
    $42.0001 - $158.00
    
    
    35,857
    
    
    
    0.7
    
    
    
    73.44
    
    
    
    
    
    
    
    35,857
    
    
    
    0.7
    
    
    
    73.44
    
    
    
    3,516,964
    
    
    
    5.8
    
    
    $
    14.12
    
    
    $
    14,729
    
    
    
    2,606,885
    
    
    
    5.0
    
    
    $
    14.41
    
    
    $
    11,484Vested and expected
to vest
    
    
    3,449,891
    
    
    
    5.8
    
    
    $
    14.15
    
    
    $
    14,466
   17




---



##### Table of Contents



Employee Stock Purchase Plan
    Recent Accounting Pronouncements
  18




---



##### Table of Contents



19




---



##### Table of Contents



Commitments and Contingencies.
 Contractual Obligations
  Contractual Obligations Due by PeriodContractual Obligations
    
    Total
    
    
    Less than 1 year
    
    
    1-3 years
    
    
    4-5 years
    
    
    After 5 yearsPurchase obligations
    
    $
    12,148
    
    
    $
    12,148
    
    
    $
    
    
    
    $
    
    
    
    $
    Operating leases
    
    
    473
    
    
    
    305
    
    
    
    168
    
    
    
    
    
    
    
    Capital expenditure
    
    
    202
    
    
    
    180
    
    
    
    22
    
    
    
    
    
    
    
    Total
    
    $
    12,823
    
    
    $
    12,633
    
    
    $
    190
    
    
    $
    
    
    
    $
    
 Litigation
 Finisar Corporation v. Source Photonics, Inc., et al.
  IPO Securities Litigation
  IPO 16(b) Claim
  20




---



##### Table of Contents



Other Litigation
  Segment Reporting.
  Three Months Ended
    
    
    Six Months EndedDecember 31,
    
    
    December 31,2009
    
    
    2008
    
    
    2009
    
    
    2008Revenues:United States
    
    $
    11,311
    
    
    $
    14,080
    
    
    $
    24,728
    
    
    $
    28,327Canada
    
    
    745
    
    
    
    1,448
    
    
    
    1,555
    
    
    
    4,299Europe
    
    
    4,675
    
    
    
    5,705
    
    
    
    9,650
    
    
    
    12,604China
    
    
    8,587
    
    
    
    8,323
    
    
    
    16,433
    
    
    
    17,571Japan
    
    
    4,544
    
    
    
    5,862
    
    
    
    8,205
    
    
    
    10,413Asia-Pacific (excluding China and Japan)
    
    
    2,881
    
    
    
    2,193
    
    
    
    5,737
    
    
    
    7,349Totals
    
    $
    32,743
    
    
    $
    37,611
    
    
    $
    66,308
    
    
    $
    80,563
  December 31,
    
    
    June 30,2009
    
    
    2009United States
    
    $
    5,525
    
    
    $
    7,492China
    
    
    22,526
    
    
    
    22,811Asia-Pacific (excluding China)
    
    
    9
    
    
    
    15Totals
    
    $
    28,060
    
    
    $
    30,318
  21




---



##### Table of Contents



Income Taxes.
    Subsequent Event
  
 ITEM 2  MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 Forward-looking statements
   22




---



##### Table of Contents



Overview
   Use of Estimates and Critical Accounting Policies
   
    
    revenue recognition and product returns;
    
    depreciation and amortization;
    
    warranty obligations;
    
    allowance for doubtful accounts;
    
    excess and obsolete inventory;
    
    impairment of investments;
 23




---



##### Table of Contents




    
    long-lived asset valuation;
    
    impairment of goodwill and other intangible assets;
    
    fair value accounting;
    
    business combination;
    
    income taxes;
    
    stock compensation; and
    
    loss contingencies.
   Results of Operations
 Revenues
 Three Months Ended
    
    
    
    
    
    
    
    
    
    Six Months EndedDecember 31,
    
    
    
    
    
    Percentage
    
    
    December 31,
    
    
    
    
    
    Percentage2009
    
    
    2008
    
    
        Change
    
    

    Change
    
    
    
    2009
    

    2008
    
    
    Change
    
    
Change(In thousands, except percentages)Revenues
    
    $
    32,743
    
    
    $
    37,611
    
    
    $
    (4,868
    )
    
    
    -12.9
    %
    
    $
    66,308
    
    
    $
    80,563
    
    
    $
    (14,255
    )
    
    
    -17.7
    %
   24




---



##### Table of Contents



Gross Profit
 Three Months Ended
    
    
    
    
    
    
    
    
    
    Six Months EndedDecember 31,
    
    
    
    
    
    Percentage
    
    
    December 31,
    
    


    
    
    Percentage2009
    
    
    2008
    
    
    Change

    
    
    Change

    
    
    2009
    
    
    2008
    
    
Change
    
    
    Change(In thousands, except percentages)Gross profit
    
    $
    11,012
    
    
    $
    8,546
    
    
    $
    2,466
    
    
    
    28.9
    %
    
    $
    20,844
    
    
    $
    14,735
    
    
    $
    6,109
    
    
    
    41.5
    %Gross profit margin
    
    
    33.6
    %
    
    
    22.7
    %
    
    
    
    
    
    
    
    
    
    
    31.4
    %
    
    
    18.3
    %
      25




---



##### Table of Contents



Research and Development
 Three Months Ended
    
    
    
    
    
    
    
    
    
    Six Months EndedDecember 31,
    
    
    
    
    
    Percentage
    
    
    December 31,
    
    
    
    
    
    Percentage2009
    
    
    2008
    
    
    Change

    
    
Change
   
    
    2009
    
    
    2008
    
    
    Change

    
    
    Change(In thousands, except percentages)Research and
development
    
    $
    2,513
    
    
    $
    3,037
    
    
    $
    (524
    )
    
    
    -17.3
    %
    
    $
    5,007
    
    
    $
    6,542
    
    
    $
    (1,535
    )
    
    
    -23.5
    %
   Sales and Marketing
 Three Months Ended
    
    
    
    
    
    
    
    
    
    Six Months EndedDecember 31,
    
    
    
    
    
    Percentage
    
    
    December 31,
    
    
    
    
    
    Percentage2009
    
    
    2008
    
    
        Change

    
    
    Change

    
    
    2009
    
    
    2008
    
    
    Change
    

    
    Change(In thousands, except percentages)Sales and
marketing
    
    $
    2,248
    
    
    $
    2,212
    
    
    $
    72
    
    
    
    3.3
    %
    
    $
    4,698
    
    
    $
    4,784
    
    
    $
    (86
    )
    
    
    -1.8
    %
   General and Administrative
 Three Months Ended
    
    
    
    
    
    
    
    
    
    Six Months EndedDecember 31,
    
    
    
    
    
    Percentage
    
    
    December 31,
    
    
    
    
    
    
    
    
    
    Percentage2009
    
    
    2008
    
    
Change
    
    

Change

    
    
    2009
    
    
    2008
    
    
Change

    
    
Change(In thousands, except percentages)General and
 administrative
    
    $
    2,724
    
    
    $
    3,425
    
    
    $
    (701
    )
    
    
    -20.5
    %
    
    $
    5,395
    
    
    $
    7,002
    
    
    $
    (1,607
    )
    
    
    -23.0
    %
  26




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##### Table of Contents



Stock Compensation Expense
 Three Months Ended
    
    
    
    
    
    
    
    
    
    Six Months EndedDecember 31,
    
    
    
    
    
    Percentage
    
    
    December 31,
    
    
    
    
    
    Percentage2009
    
    
    2008
    
    
    Change
    

    
    Change

    
    
    2009
    
    
    2008
    
    
    Change
    
    
    Change(In thousands, except percentages)Stock compensation
expense
    
    $
    1,608
    
    
    $
    1,368
    
    
    $
    240
    
    
    
    17.5
    %
    
    $
    3,254
    
    
    $
    2,935
    
    
    $
    319
    
    
    
    10.9
    %
    Impairment Charges and Other Costs
   Amortization of Intangible Assets
  27




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##### Table of Contents



Interest and Other Income, Net
 Three Months Ended
    
    
    
    
    
    
    
    
    
    Six Months EndedDecember 31,
    
    
    
    
    
    Percentage
    
    
    December 31,
    
    
    
    
    
    Percentage2009
    
    
    2008
    
    
    Change

    
    
        Change

    
    
    2009
    
    
    2008
    
    
    Change
    

    
        Change(In thousands, except percentages)Interest and
other income, net
    
    $
    193
    
    
    $
    1,300
    
    
    $
    (1,107)
    
    
    
    -85.2
    %
    
    $
    467
    
    
    $
    2,340
    
    
    $
    (1,873)
    
    
    
    -80.0
    %
   Gain (loss) on Sale or Disposal of Assets
  Provision for Income Taxes
    28




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##### Table of Contents



Liquidity and Capital Resources
  Six Months Ended December 31, 2009
         29




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##### Table of Contents



Six Months Ended December 31, 2008
          Off-Balance Sheet Arrangements
  30




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##### Table of Contents



Contractual Obligations
  Contractual Obligations Due by PeriodContractual Obligations
    
    Total
    
    
    Less than 1 year
    
    
    1-3 years
    
    
    4-5 years
    
    
    After 5 yearsPurchase obligations
    
    $
    12,148
    
    
    $
    12,148
    
    
    $
    
    
    
    $
    
    
    
    $
    Operating leases
    
    
    473
    
    
    
    305
    
    
    
    168
    
    
    
    
    
    
    
    Capital expenditure
    
    
    202
    
    
    
    180
    
    
    
    22
    
    
    
    
    
    
    
    Total
    
    $
    12,823
    
    
    $
    12,633
    
    
    $
    190
    
    
    $
    
    
    
    $
    
 Recent Accounting Pronouncements
     31




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##### Table of Contents



ITEM 3  QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
  Interest Rate Exposure
  32




---



##### Table of Contents



Carrying
    
    
    Average Rate
    
    
    Carrying
    
    
    Average RateValue at
    
    
    of Return at
    
    
    Value at
    
    
    of Return atDecember 31,
    
    
    December 31,
    
    
    June 30,
    
    
    June 30,2009
    
    
    2009
    
    
    2009
    
    
    2009(Annualized)
    
    
    
    
    
    
    (Annualized)Investment Securities:Cash equivalents  variable rate
    
    $
    
    
    
    
    
    
    
    $
    24,813
    
    
    
    0.3
    %Cash equivalents  fixed rate
    
    
    32,483
    
    
    
    0.3
    %
    
    
    4,999
    
    
    
    0.2
    %Short-term investments  variable rate
    
    
    9,503
    
    
    
    0.8
    %
    
    
    14,362
    
    
    
    1.2
    %Short-term investments  fixed rate
    
    
    111,489
    
    
    
    0.6
    %
    
    
    101,412
    
    
    
    1.4
    %Long-term investments  fixed rate
    
    
    10,000
    
    
    
    1.3
    %
    
    
    3,180
    
    
    
    1.5
    %Total
    
    $
    163,475
    
    
    
    
    
    
    $
    148,766
 Expected Fiscal Year Maturity Date2010
    
    
    2011
    
    
    2012
    
    
    Total
    
    
    Fair ValueLong-term investments  fixed rate
    
    $
    
    
    
    $
    
    
    
    $
    10,000
    
    
    $
    10,000
    
    
    $
    9,946Average interest rate
    
    
    
    
    
    
    
    
    
    
    1.3
    %
    
    
    1.3
    %
 Foreign Currency Exchange Rate Exposure
   
 ITEM 4   CONTROLS AND PROCEDURES.
 Evaluation of Disclosure Controls and Procedures.
 Changes in Internal Control over Financial Reporting.
 
 PART II. OTHER INFORMATION
 
 ITEM 1- LEGAL PROCEEDINGS
  33




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##### Table of Contents



ITEM
1ARISK FACTORS
  We expect volatility in our stock price, which could cause you to lose all or part of your
investment.
  
    
    quarterly variations in our operating results;
    
    changes in financial estimates by securities analysts and/or our failure to meet
estimates;
    
    changes in market values of comparable companies;
    
    announcements by our competitors or us of new products or of significant acquisitions,
strategic partnerships or joint ventures;
    
    any loss by us of a major customer;
    
    economic fluctuations in the market for optical communications products, or in the
telecommunications industry generally;
    
    the outcome of, and costs associated with, any litigation to which we are or may become a
party;
    
    departures of key management or engineering personnel; and
    
    future sales of our common stock.
 Our operating results may be further adversely affected by the downturn in the global economy and
the global telecommunications industry.
  
    
    reduced demand for our products as a result of constraints on IT-related capital
spending, decreasing our revenue;
    
    increased price competition for our products, resulting in price erosion and
declining average selling prices; and
    
    higher overhead costs as a percentage of revenue, producing lower gross margins.
  34




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##### Table of Contents



We depend upon a small number of customers for a substantial portion of our revenues, and any
decrease in revenues from, or loss of, these customers without a corresponding increase in revenues
from other customers would harm our operating results.
    If our inventory levels prove to be too low for us to be able to respond quickly to an increase in
demand for our products, we may lose sales opportunities.
  If we do not successfully increase our manufacturing capacity, we may face capacity constraints
that could harm our business.
  We may be involved in intellectual property disputes in the future, which could divert managements
attention, cause us to incur significant costs and prevent us from selling or using the challenged
technology.
  35




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##### Table of Contents




    
    obtain from the owner of the infringed intellectual property right a license to
sell or use the relevant technology, which license may not be available on reasonable
terms, or at all;
    
    stop selling, incorporating or using our products that use the challenged intellectual property;
    
    pay substantial monetary damages; or
    
    redesign the products that use the technology.
   
 ITEM 2   UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
  
 ITEM 3   DEFAULTS UPON SENIOR SECURITIES
 None.
 
 ITEM 4   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
  1.
    
    Tim Christoffersen and Jesse Jack were elected to serve as Class III directors for
three-year terms that expire at the 2012 annual meeting of stockholders;2.
    
    The appointment of Burr, Pilger & Mayer LLP as Oplinks independent registered public
accounting firm for the 2010 fiscal year was ratified;3.
    
    A new 2009 Equity Incentive Plan was approved; and4.
    
    An amendment and restatement of the Companys 2000 Employee Stock Purchase Plan to
extend the term of the plan and make certain other changes was approved.
  AuthorityFor
    
    
    Withheld1. Election to the Board of Directors of two Class III
Directors:Tim Christoffersen
    
    
    17,011,929
    
    
    
    379,160Jesse Jack
    
    
    17,011,293
    
    
    
    379,796
 36




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##### Table of Contents



For
    
    
    Against
    
    
    Abstain2.
Ratification of
the appointment of
Burr, Pilger &
Mayer LLP as
Oplinks
independent
registered public
accounting firm
for the fiscal
year ending June
30, 2010
    
    
    17,355,392
    
    
    
    29,905
    
    
    
    5,792
 For
    
    
    Against
    
    
    Abstain3. Approval of 2009 Equity Incentive
Plan
    
    
    11,483,724
    
    
    
    3,386,705
    
    
    
    15,425
 For
    
    
    Against
    
    
    Abstain4. Approval
of Amendment and
Restatement of
2000 Employee
Stock Purchase
Plan
    
    
    13,854,535
    
    
    
    1,014,843
    
    
    
    16,476
 
 ITEM 5   OTHER INFORMATION
  
 ITEM 6    EXHIBITS
 Exhibit Index
 Exhibit No.
    
    Description3.1(1)
    
    Amended and Restated Certificate of Incorporation of the Registrant.3.2(2)
    
    Bylaws of the Registrant.3.3(3)
    
    Certificate of Designation of Series A Junior Participating Preferred Stock of
the Registrant.3.4(4)
    
    Certificate of Amendment to Amended and Restated Certificate of Incorporation of
the Registrant.3.5(5)
    
    Certificate of Amendment to Amended and Restated Certificate of Incorporation of
the Registrant.3.6(6)
    
    Amendment to Bylaws of the Registrant.31.1
    
    Certification of Chief Executive Officer Required
under Rule 13a-14(a) of the Securities Exchange Act
of 1934, as amended.31.2
    
    Certification of Chief Financial Officer Required
under Rule 13a-14(a) of the Securities Exchange Act
of 1934, as amended.32.1 **
    
    Certification of Chief Executive Officer Required
under Rule 13a-14(b) or Rule 15d-14(b) of the
Securities Exchange Act of 1934, as amended, and
Section 1350 of Chapter 63 of Title 18 of the
United States Code (18 U.S.C. Section 1350).32.2 **
    
    Certification of Chief Financial Officer Required
under Rule 13a-14(b) or Rule 15d-14(b) of the
Securities Exchange Act of 1934, as amended, and 18
U.S.C. Section 1350.
 
 (1)
    
    Previously filed as Exhibit 3.2 to the Registrants Registration
Statement on Form S-1/A, No. 333-41506, filed on August 29, 2000 and
incorporated herein by reference.(2)
    
    Previously filed as Exhibit 3.3 to the Registrants Registration
Statement on Form S-1/A, No. 333-41506, filed on August 1, 2000 and
incorporated herein by reference.(3)
    
    Previously filed as Exhibit 4.1 to the Registrants Report on Form 8-K
filed on March 22, 2002 and 37




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##### Table of Contents



incorporated herein by reference.(4)
    
    Previously filed as Exhibit 3.4 to the Registrants Quarterly Report
on Form 10-Q filed on November 14, 2005 and incorporated herein by
reference.(5)
    
    Previously filed as Exhibit 3.5 to the Registrants Quarterly Report
on Form 10-Q filed on February 9, 2007 and incorporated herein by
reference.(6)
    
    Previously filed as Exhibit 3.1 to the Registrants Report on Form 8-K
filed on December 20, 2007 and incorporated herein by reference.**
    
    The certifications attached as Exhibits 32.1 and 32.2 accompanies this Quarterly Report on
Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed
filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended. 38




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##### Table of Contents



SIGNATURES
  OPLINK COMMUNICATIONS, INC.
(Registrant)DATE:     February 11, 2010
    By:
    /s/ Shirley YinShirley YinChief Financial Officer
(Principal Financial and Accounting Officer) 39