##### 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 March 28, 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(Do not check if a smaller reporting
company)
    
    Smaller reporting company o
 o þ
 o o




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##### 



OPLINK COMMUNICATIONS, INC.
 
 PagePART I. FINANCIAL INFORMATIONItem 1. Financial Statements (unaudited):Condensed Consolidated Balance Sheets  March 31, 2010 and June 30, 2009
    
    
    3Condensed Consolidated Statements of Operations  Three and nine months
ended March 31, 2010 and 2009
    
    
    4Condensed Consolidated Statements of Cash Flows  Nine months ended March 31, 2010 and 2009
    
    
    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
    
    
    33Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    37Item 3. Defaults Upon Senior Securities
    
    
    37Item 4. (Removed and Reserved)
    
    
    37Item 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)
 March 31,
    
    
    June 30,2010
    
    
    2009 (1)(In thousands, except shareand per share data)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    44,057
    
    
    $
    49,702Short-term investments
    
    
    125,704
    
    
    
    115,774Accounts receivable, net
    
    
    28,866
    
    
    
    29,023Inventories
    
    
    15,723
    
    
    
    10,031Prepaid expenses and other current assets
    
    
    6,547
    
    
    
    2,648Total current assets
    
    
    220,897
    
    
    
    207,178Long-term investments
    
    
    15,000
    
    
    
    3,180Property, plant and equipment, net
    
    
    31,821
    
    
    
    30,318Goodwill and intangible assets, net
    
    
    7,201
    
    
    
    8,848Other assets
    
    
    605
    
    
    
    423Total assets
    
    $
    275,524
    
    
    $
    249,947LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    11,806
    
    
    $
    7,580Accrued liabilities
    
    
    13,724
    
    
    
    10,044Income taxes payable
    
    
    496
    
    
    
    644Accrued transitional costs for contract manufacturing
    
    
    160
    
    
    
    160Total current liabilities
    
    
    26,186
    
    
    
    18,428Income taxes payable, non-current
    
    
    3,343
    
    
    
    2,816Other non-current liabilities
    
    
    1,628
    
    
    
    676Total liabilities
    
    
    31,157
    
    
    
    21,920Commitments and contingencies (Note 16)Stockholders equity:Common stock, $0.001 par value, 34,000,000 shares
authorized; 20,962,270 and 20,497,592 shares issued and outstanding
as of March 31, 2010 and June 30, 2009, respectively
    
    
    21
    
    
    
    20Additional paid-in capital
    
    
    461,925
    
    
    
    453,083Accumulated other comprehensive income
    
    
    8,243
    
    
    
    8,246Accumulated deficit
    
    
    (225,822
    )
    
    
    (233,322
    )Total stockholders equity
    
    
    244,367
    
    
    
    228,027Total liabilities and stockholders equity
    
    $
    275,524
    
    
    $
    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.
 3




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OPLINK COMMUNICATIONS, INC.
 
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended
    
    
    Nine Months EndedMarch 31,
    
    
    March 31,2010
    
    
    2009
    
    
    2010
    
    
    2009(in thousands, except per share data)Revenues
    
    $
    33,623
    
    
    $
    30,805
    
    
    $
    99,931
    
    
    $
    111,368Cost of revenues:Cost of revenues
    
    
    22,562
    
    
    
    22,018
    
    
    
    67,839
    
    
    
    87,602Stock compensation expense
    
    
    81
    
    
    
    108
    
    
    
    268
    
    
    
    352Total cost of revenues
    
    
    22,643
    
    
    
    22,126
    
    
    
    68,107
    
    
    
    87,954Gross profit
    
    
    10,980
    
    
    
    8,679
    
    
    
    31,824
    
    
    
    23,414Operating expenses:Research and development:Research and development
    
    
    2,574
    
    
    
    2,477
    
    
    
    7,067
    
    
    
    8,544Stock compensation expense
    
    
    241
    
    
    
    266
    
    
    
    755
    
    
    
    741Total research and development
    
    
    2,815
    
    
    
    2,743
    
    
    
    7,822
    
    
    
    9,285Sales and marketing:Sales and marketing
    
    
    2,077
    
    
    
    1,817
    
    
    
    6,086
    
    
    
    6,019Stock compensation expense
    
    
    329
    
    
    
    252
    
    
    
    1,018
    
    
    
    834Total sales and marketing
    
    
    2,406
    
    
    
    2,069
    
    
    
    7,104
    
    
    
    6,853General and administrative:General and administrative
    
    
    1,924
    
    
    
    2,331
    
    
    
    5,455
    
    
    
    7,699Stock compensation expense
    
    
    651
    
    
    
    624
    
    
    
    2,515
    
    
    
    2,258Total general and administrative
    
    
    2,575
    
    
    
    2,955
    
    
    
    7,970
    
    
    
    9,957Impairment charges and other costs
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,829Amortization of intangible assets
    
    
    410
    
    
    
    412
    
    
    
    1,217
    
    
    
    1,236Total operating expenses
    
    
    8,206
    
    
    
    8,179
    
    
    
    24,113
    
    
    
    38,160Income (loss) from operations
    
    
    2,774
    
    
    
    500
    
    
    
    7,711
    
    
    
    (14,746
    )Interest and other income, net
    
    
    292
    
    
    
    297
    
    
    
    759
    
    
    
    2,637Gain (loss) on sale or disposal of assets
    
    
    4
    
    
    
    (182
    )
    
    
    342
    
    
    
    (793
    )Income (loss) before provision for income taxes
    
    
    3,070
    
    
    
    615
    
    
    
    8,812
    
    
    
    (12,902
    )Provision for income taxes
    
    
    (516
    )
    
    
    (729
    )
    
    
    (1,312
    )
    
    
    (1,170
    )Net income (loss)
    
    $
    2,554
    
    
    $
    (114
    )
    
    $
    7,500
    
    
    $
    (14,072
    )Net income (loss) per share:Basic
    
    $
    0.12
    
    
    $
    (0.01
    )
    
    $
    0.36
    
    
    $
    (0.68
    )Diluted
    
    $
    0.12
    
    
    $
    (0.01
    )
    
    $
    0.35
    
    
    $
    (0.68
    )Shares used in per share calculation:Basic
    
    
    20,907
    
    
    
    20,468
    
    
    
    20,754
    
    
    
    20,637Diluted
    
    
    21,792
    
    
    
    20,468
    
    
    
    21,563
    
    
    
    20,637
 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)
 Nine Months EndedMarch 31,2010
    
    
    2009(In thousands)Cash flows from operating activities:Net income (loss)
    
    $
    7,500
    
    
    $
    (14,072
    )Adjustments to reconcile net income (loss) to
net cash provided by operating activities:Depreciation and amortization of property, plant and equipment
    
    
    4,918
    
    
    
    5,469Amortization of intangible assets
    
    
    2,849
    
    
    
    2,858Impairment charges and other costs
    
    
    
    
    
    
    10,829Stock compensation expense
    
    
    4,556
    
    
    
    4,185Provision for doubtful accounts
    
    
    
    
    
    
    437Inventory charges
    
    
    
    
    
    
    4,065Amortization of premium (discount) on investments
    
    
    290
    
    
    
    (338
    )(Gain) loss on sale or disposal of assets
    
    
    (342
    )
    
    
    793Other
    
    
    (13
    )
    
    
    (491
    )Change in assets and liabilities:Accounts receivable
    
    
    1,248
    
    
    
    9,495Inventories
    
    
    (5,011
    )
    
    
    10,486Prepaid expenses and other current assets
    
    
    (3,144
    )
    
    
    (726
    )Other assets
    
    
    17
    
    
    
    81Accounts payable
    
    
    2,985
    
    
    
    (11,177
    )Accrued liabilities and other liabilities
    
    
    1,101
    
    
    
    (1,115
    )Net cash provided by operating activities
    
    
    16,954
    
    
    
    20,779Cash flows from investing activities:Purchases of available-for-sale investments
    
    
    (152,816
    )
    
    
    (74,913
    )Maturities of available-for-sale investments
    
    
    142,098
    
    
    
    62,717Purchases of held-to-maturity investments
    
    
    (15,000
    )
    
    
    Maturities of held-to-maturity investments
    
    
    5,000
    
    
    
    8,031Proceeds from sales of property and equipment
    
    
    371
    
    
    
    475Purchases of property, plant and equipment
    
    
    (2,407
    )
    
    
    (3,427
    )Acquisiton of business, net of cash acquired
    
    
    (3,698
    )
    
    
    Net cash used in investing activities
    
    
    (26,452
    )
    
    
    (7,117
    )Cash flows from financing activities:Proceeds from issuance of common stock
    
    
    3,827
    
    
    
    846Repurchase of common stock
    
    
    
    
    
    
    (3,356
    )Net cash provided by (used in) financing activities
    
    
    3,827
    
    
    
    (2,510
    )Effect of exchange rate changes on cash and cash equivalents
    
    
    26
    
    
    
    (594
    )Net (decrease) increase in cash and cash equivalents
    
    
    (5,645
    )
    
    
    10,558Cash and cash equivalents, beginning of period
    
    
    49,702
    
    
    
    72,001Cash and cash equivalents, end of period
    
    $
    44,057
    
    
    $
    82,559
 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
    
    
    Nine Months EndedMarch 31,
    
    
    March 31,2010
    
    
    2009
    
    
    2010
    
    
    2009Numerator:Net income (loss)
    
    $
    2,554
    
    
    $
    (114
    )
    
    $
    7,500
    
    
    $
    (14,072
    )Denominator:Weighted average shares outstanding  basic
    
    
    20,907
    
    
    
    20,468
    
    
    
    20,754
    
    
    
    20,637Effect of dilutive potential common shares
    
    
    885
    
    
    
    
    
    
    
    809
    
    
    
    Weighted average shares outstanding  diluted
    
    
    21,792
    
    
    
    20,468
    
    
    
    21,563
    
    
    
    20,637Net income (loss) per share  basic
    
    $
    0.12
    
    
    $
    (0.01
    )
    
    $
    0.36
    
    
    $
    (0.68
    )Net income (loss) per share  diluted
    
    $
    0.12
    
    
    $
    (0.01
    )
    
    $
    0.35
    
    
    $
    (0.68
    )Antidilutive stock options and restricted stock units
not included in income per share calculation
    
    
    1,694
    
    
    
    3,940
    
    
    
    1,919
    
    
    
    3,904
 Comprehensive Income (Loss)
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March 31,
    
    
    June 30,2010
    
    
    2009Accumulated other comprehensive income:Cumulative translation adjustment
    
    $
    8,265
    
    
    $
    8,329Unrealized loss on available-for-sale investments, net
    
    
    (22
    )
    
    
    (83
    )$
    8,243
    
    
    $
    8,246
  Three Months Ended
    
    
    Nine Months EndedMarch 31,
    
    
    March 31,2010
    
    
    2009
    
    
    2010
    
    
    2009Net income (loss)
    
    $
    2,554
    
    
    $
    (114
    )
    
    $
    7,500
    
    
    $
    (14,072
    )Change in cumulative translation adjustment
    
    
    1
    
    
    
    (194
    )
    
    
    (64
    )
    
    
    82Change in unrealized (loss) gain on
available-for-sale investments, net
    
    
    (22
    )
    
    
    (31
    )
    
    
    61
    
    
    
    (28
    )Total comprehensive income (loss)
    
    $
    2,533
    
    
    $
    (339
    )
    
    $
    7,497
    
    
    $
    (14,018
    )
 Cash and Cash Equivalents.
 Short-Term and Long-Term Investments.
  March 31, 2010Gross
    
    
    GrossCarrying
    
    
    Amortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    EstimatedValue
    
    
    Cost
    
    
    Gains
    
    
    Losses
    
    
    Fair ValueShort-term investments:Certificates of deposit
    
    $
    6,824
    
    
    $
    6,824
    
    
    $
    
    
    
    $
    
    
    
    $
    6,824United States Treasury
    
    
    49,944
    
    
    
    49,933
    
    
    
    13
    
    
    
    (2
    )
    
    
    49,944Corporate securities
    
    
    68,936
    
    
    
    68,969
    
    
    
    
    
    
    
    (33
    )
    
    
    68,936Total short-term investments
    
    
    125,704
    
    
    
    125,726
    
    
    
    13
    
    
    
    (35
    )
    
    
    125,704Long-term investments:United States government agencies
    
    
    15,000
    
    
    
    15,000
    
    
    
    1
    
    
    
    (16
    )
    
    
    14,985Total long-term investments
    
    
    15,000
    
    
    
    15,000
    
    
    
    1
    
    
    
    (16
    )
    
    
    14,985Total investments
    
    $
    140,704
    
    
    $
    140,726
    
    
    $
    14
    
    
    $
    (51
    )
    
    $
    140,689
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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
  March 31, 2010Gross
    
    
    GrossAmortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    EstimatedCost
    
    
    Gains
    
    
    Losses
    
    
    Fair ValueAvailable-for-sale investments:Certificates of deposit
    
    $
    6,824
    
    
    $
    
    
    
    $
    
    
    
    $
    6,824United States Treasury
    
    
    49,933
    
    
    
    13
    
    
    
    (2
    )
    
    
    49,944Corporate securities
    
    
    68,969
    
    
    
    
    
    
    
    (33
    )
    
    
    68,936Total available-for-sale investments
    
    
    125,726
    
    
    
    13
    
    
    
    (35
    )
    
    
    125,704Held-to-maturity investments:United States government agencies
    
    
    15,000
    
    
    
    1
    
    
    
    (16
    )
    
    
    14,985Total held-to-maturity investments
    
    
    15,000
    
    
    
    1
    
    
    
    (16
    )
    
    
    14,985Total investments
    
    $
    140,726
    
    
    $
    14
    
    
    $
    (51
    )
    
    $
    140,689
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##### Table of Contents



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
  March 31, 2010In Loss Position< 12 monthsGrossFair
    
    
    UnrealizedValue
    
    
    LossesAvailable-for-sale investments:United States Treasury
    
    $
    14,975
    
    
    $
    (2
    )Corporate securities
    
    
    43,332
    
    
    
    (33
    )Total available-for-sale investments in loss position
    
    
    58,307
    
    
    
    (35
    )Held-to-maturity investments:United States government agencies
    
    
    5,000
    
    
    
    (16
    )Total held-to-maturity investments
    
    
    5,000
    
    
    
    (16
    )Total investments in loss position
    
    $
    63,307
    
    
    $
    (51
    )
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March 31, 2010
    
    
    June 30, 2009Amortized
    
    
    Estimated
    
    
    Amortized
    
    
    EstimatedCost
    
    
    Fair Value
    
    
    Cost
    
    
    Fair ValueAvailable-for-sale investments:Due in one year or less
    
    $
    125,726
    
    
    $
    125,704
    
    
    $
    110,856
    
    
    $
    110,773Total available-for-sale investments
    
    
    125,726
    
    
    
    125,704
    
    
    
    110,856
    
    
    
    110,773Held-to-maturity investments:Due in one year or less
    
    
    
    
    
    
    
    
    
    
    5,001
    
    
    
    4,999Due in one year to five years
    
    
    15,000
    
    
    
    14,985
    
    
    
    3,180
    
    
    
    3,180Total held-to-maturity investments
    
    
    15,000
    
    
    
    14,985
    
    
    
    8,181
    
    
    
    8,179Total investments
    
    $
    140,726
    
    
    $
    140,689
    
    
    $
    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.
    Items Measured at Fair Value on a Recurring Basis
  11




---



##### Table of Contents



March 31, 2010Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalFinancial assets:Money market funds
    
    $
    9,194
    
    
    $
    
    
    
    $
    
    
    
    $
    9,194Certificates of deposit
    
    
    
    
    
    
    6,824
    
    
    
    
    
    
    
    6,824United States Treasury
    
    
    
    
    
    
    49,944
    
    
    
    
    
    
    
    49,944Corporate securities
    
    
    
    
    
    
    83,935
    
    
    
    
    
    
    
    83,935Total financial assets
    
    $
    9,194
    
    
    $
    140,703
    
    
    $
    
    
    
    $
    149,897Financial 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
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
  Items Measured at Fair Value on a Nonrecurring Basis
  Acquisition.
    12




---



##### Table of Contents



Cash
    
    $
    6,215Fair value of total consideration
    
    $
    6,215Net working capital
    
    $
    2,657Property, plant, and equipment
    
    
    4,162Other non-current assets
    
    
    188Developed technology
    
    
    410Customer relationships
    
    
    190Trade name
    
    
    180Other non-current liabilities
    
    
    (1,397
    )Total identifiable net assets
    
    
    6,390Fair value of noncontrolling interest
    
    
    (597
    )Goodwill
    
    
    422Total
    
    $
    6,215
     Inventories
 March 31,
    
    
    June 30,2010
    
    
    2009Inventories:Raw materials
    
    $
    10,496
    
    
    $
    7,809Work-in-process
    
    
    5,227
    
    
    
    2,222Total
    
    $
    15,723
    
    
    $
    10,031
 Goodwill and Intangible Assets, Net.
 13




---



##### Table of Contents



EstimatedUseful Life
    
    
    Gross
    
    
    AccumulatedMarch 31, 2010
    
    (in Years)
    
    
    Amount
    
    
    Amortization
    
    
    NetTechnology
    
    
    4-6
    
    
    $
    9,083
    
    
    $
    5,533
    
    
    $
    3,550Trade name
    
    
    3-6
    
    
    
    1,775
    
    
    
    679
    
    
    
    1,096Customer relationships
    
    
    3-7
    
    
    
    5,671
    
    
    
    3,538
    
    
    
    2,133Backlog
    
    
    1
    
    
    
    97
    
    
    
    97
    
    
    
    Total
    
    
    
    
    
    $
    16,626
    
    
    $
    9,847
    
    
    $
    6,779
 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
    
    
    Nine Months EndedMarch 31,
    
    
    March 31,2010
    
    
    2009
    
    
    2010
    
    
    2009Reported as:Cost of revenues
    
    $
    548
    
    
    $
    538
    
    
    $
    1,632
    
    
    $
    1,622Operating expenses
    
    
    410
    
    
    
    412
    
    
    
    1,217
    
    
    
    1,236Total
    
    $
    958
    
    
    $
    950
    
    
    $
    2,849
    
    
    $
    2,858
  Fiscal years ending June 30,
    
    
    
    
    Amount2010
    
    
    
    
    $
    9842011
    
    
    
    
    
    3,8332012
    
    
    
    
    
    1,2212013
    
    
    
    
    
    3962014
    
    
    
    
    
    159After 2014
    
    
    
    
    186$
    6,779
  Accrued Liabilities.
 14




---



##### Table of Contents



March 31,
    
    
    June 30,2010
    
    
    2009Accrued liabilities:Payroll and related expenses
    
    $
    4,310
    
    
    $
    3,120Employee withholdings and related expenses
    
    
    1,101
    
    
    
    586Acquisition liabilities
    
    
    1,274
    
    
    
    Accrued professional fees
    
    
    1,037
    
    
    
    1,561Pension liabilities
    
    
    772
    
    
    
    Accrued sales commission
    
    
    666
    
    
    
    535Accrued sales return
    
    
    539
    
    
    
    595Accrued warranty
    
    
    371
    
    
    
    371Other
    
    
    3,654
    
    
    
    3,276$
    13,724
    
    
    $
    10,044
 Product Warranties.
  Three Months Ended
    
    
    Nine Months EndedMarch 31,
    
    
    March 31,2010
    
    
    2009
    
    
    2010
    
    
    2009Balance at the beginning of the period
    
    $
    371
    
    
    $
    346
    
    
    $
    371
    
    
    $
    286Accruals for warranties issued during the period
    
    
    35
    
    
    
    65
    
    
    
    123
    
    
    
    221Accruals related to pre-existing warranties
including expirations and changes in estimates
    
    
    33
    
    
    
    (7
    )
    
    
    111
    
    
    
    102Cost of warranty repair
    
    
    (68
    )
    
    
    (58
    )
    
    
    (234
    )
    
    
    (263
    )Balance at the end of the period
    
    $
    371
    
    
    $
    346
    
    
    $
    371
    
    
    $
    346
 Stock Compensation
 15




---



##### Table of Contents



Three Months Ended
    
    
    Nine Months EndedMarch 31,
    
    
    March 31,2010
    
    
    2009
    
    
    2010
    
    
    2009Stock-based compensation expense by type of award:Employee stock options
    
    $
    838
    
    
    $
    950
    
    
    $
    2,967
    
    
    $
    3,248Restricted stock awards and restricted stock units
    
    
    320
    
    
    
    
    
    
    
    1,137
    
    
    
    223Employee stock purchase plan
    
    
    144
    
    
    
    300
    
    
    
    452
    
    
    
    714Total stock-based compensation
    
    
    1,302
    
    
    
    1,250
    
    
    
    4,556
    
    
    
    4,185Tax effect on stock-based compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net effect on net income (loss)
    
    $
    1,302
    
    
    $
    1,250
    
    
    $
    4,556
    
    
    $
    4,185Effect on net income (loss) per share:Basic
    
    $
    (0.06
    )
    
    $
    (0.06
    )
    
    $
    (0.22
    )
    
    $
    (0.20
    )Diluted
    
    $
    (0.06
    )
    
    $
    (0.06
    )
    
    $
    (0.21
    )
    
    $
    (0.20
    )
     Valuation Assumptions
  Three Months Ended
    
    Nine Months EndedMarch 31,
    
    March 31,2010
    
    2009
    
    2010
    
    2009Risk-free interest rate
    
    
    2.18
    %
    
    
    1.80
    %
    
    
    2.23
    %
    
    
    2.85
    %Expected term
    
    4.6 years
    
    4.6 years
    
    4.6 years
    
    4.6 yearsExpected dividends
    
    
    0
    %
    
    
    0
    %
    
    
    0
    %
    
    
    0
    %Volatility
    
    
    45
    %
    
    
    66
    %
    
    
    49
    %
    
    
    52
    %
 16




---



##### Table of Contents



Three Months Ended
    
    Nine Months EndedMarch 31,
    
    March 31,2010
    
    2009
    
    2010
    
    2009Risk-free interest rate
    
    
    N/A
    (1)
    
    
    N/A
    (1)
    
    
    0.53
    %
    
    
    1.26
    %Expected term
    
    
    N/A
    
    
    
    N/A
    
    
    1.3 years
    
    1.3 yearsExpected dividends
    
    
    N/A
    
    
    
    N/A
    
    
    
    0
    %
    
    
    0
    %Volatility
    
    
    N/A
    
    
    
    N/A
    
    
    
    50
    %
    
    
    65
    %
 
 (1)
    
    No purchase rights were granted under the Companys employee stock purchase plan during
the three months ended March 31, 2010 and 2009.   Equity Incentive Program
    17




---



##### 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
    
    
    $
    14.06
    
    
    
    
    
    
    $
    Additional shares authorized
    
    
    2,500,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Granted
    
    
    (634,813
    )
    
    
    152,000
    
    
    
    15.04
    
    
    
    482,813
    
    
    
    13.90Exercised or vested
    
    
    
    
    
    
    (365,426
    )
    
    
    10.27
    
    
    
    (19,080
    )
    
    
    13.90Cancelled or forfeited
    
    
    79,738
    
    
    
    (77,738
    )
    
    
    30.74
    
    
    
    (2,000
    )
    
    
    13.90Expired (1)
    
    
    (1,374,461
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balance, March 31, 2010
    
    
    2,447,382
    
    
    
    3,503,966
    
    
    $
    14.16
    
    
    
    461,733
    
    
    $
    13.90
 
 (1)
    
    The Companys 2000 Stock Option Plan terminated upon the adoption of the 2009 Plan and
shares not granted at the time of termination have expired.  Options Outstanding
    
    
    Options Vested and Exercisableat March 31, 2010
    
    
    at March 31, 2010Weighted
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    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
    
    
    
    2.6
    
    
    $
    4.62
    
    
    $
    5,917
    
    
    
    406,904
    
    
    
    2.6
    
    
    $
    4.62
    
    
    $
    5,917$5.0001 - $8.00
    
    
    383,880
    
    
    
    3.3
    
    
    
    5.73
    
    
    
    5,154
    
    
    
    348,784
    
    
    
    2.8
    
    
    
    5.54
    
    
    
    4,749$8.0001 - $10.00
    
    
    27,367
    
    
    
    1.6
    
    
    
    8.76
    
    
    
    285
    
    
    
    27,367
    
    
    
    1.6
    
    
    
    8.76
    
    
    
    285$10.0001 - $11.00
    
    
    431,594
    
    
    
    7.7
    
    
    
    10.09
    
    
    
    3,914
    
    
    
    207,790
    
    
    
    7.2
    
    
    
    10.09
    
    
    
    1,884$11.0001 - $13.00
    
    
    228,294
    
    
    
    7.2
    
    
    
    12.16
    
    
    
    1,598
    
    
    
    120,021
    
    
    
    6.3
    
    
    
    12.38
    
    
    
    813$13.0001 - $15.00
    
    
    669,514
    
    
    
    7.1
    
    
    
    13.81
    
    
    
    3,583
    
    
    
    360,012
    
    
    
    6.5
    
    
    
    13.68
    
    
    
    1,972$15.0001 - $18.00
    
    
    306,547
    
    
    
    6.5
    
    
    
    17.10
    
    
    
    632
    
    
    
    200,537
    
    
    
    5.4
    
    
    
    17.45
    
    
    
    342$18.0001 - $20.00
    
    
    191,195
    
    
    
    3.8
    
    
    
    18.87
    
    
    
    86
    
    
    
    179,340
    
    
    
    3.7
    
    
    
    18.85
    
    
    
    84$20.0001 - $25.00
    
    
    752,920
    
    
    
    6.2
    
    
    
    20.24
    
    
    
    
    
    
    
    704,495
    
    
    
    6.2
    
    
    
    20.24
    
    
    
    $25.0001 - $35.00
    
    
    69,894
    
    
    
    0.4
    
    
    
    31.41
    
    
    
    
    
    
    
    69,894
    
    
    
    0.4
    
    
    
    31.41
    
    
    
    $42.0000 - $158.00
    
    
    35,857
    
    
    
    0.5
    
    
    
    73.44
    
    
    
    
    
    
    
    35,857
    
    
    
    0.5
    
    
    
    73.44
    
    
    
    3,503,966
    
    
    
    5.6
    
    
    $
    14.16
    
    
    $
    21,169
    
    
    
    2,661,001
    
    
    
    4.8
    
    
    $
    14.48
    
    
    $
    16,046Vested and
expected to vest
    
    
    3,459,689
    
    
    
    5.5
    
    
    $
    14.17
    
    
    $
    20,894
   18




---



##### Table of Contents



Employee Stock Purchase Plan
    Recent Accounting Pronouncements
  19




---



##### Table of Contents



Commitments and Contingencies.
 Contractual Obligations
  Contractual Obligations Due by PeriodTotal
    
    
    Less than 1 year
    
    
    1-3 years
    
    
    4-5 years
    
    
    After 5 yearsContractual ObligationsPurchase obligations
    
    $
    22,902
    
    
    $
    22,881
    
    
    $
    21
    
    
    $
    
    
    
    $
    Operating leases
    
    
    383
    
    
    
    264
    
    
    
    119
    
    
    
    
    
    
    
    Total
    
    $
    23,285
    
    
    $
    23,145
    
    
    $
    140
    
    
    $
    
    
    
    $
    
 Litigation
 Finisar Corporation v. Source Photonics, Inc., et al.
  IPO Securities Litigation
  20




---



##### Table of Contents



IPO 16(b) Claim
   Other Litigation
  Segment Reporting.
  Three Months Ended
    
    
    Nine Months EndedMarch 31,
    
    
    March 31,2010
    
    
    2009
    
    
    2010
    
    
    2009Revenues:United States
    
    $
    10,926
    
    
    $
    10,857
    
    
    $
    35,654
    
    
    $
    39,184Canada
    
    
    970
    
    
    
    1,487
    
    
    
    2,525
    
    
    
    5,786Europe
    
    
    5,536
    
    
    
    4,314
    
    
    
    15,186
    
    
    
    16,918China
    
    
    9,712
    
    
    
    7,671
    
    
    
    26,145
    
    
    
    25,242Japan
    
    
    4,061
    
    
    
    4,005
    
    
    
    12,266
    
    
    
    14,418Asia-Pacific (excluding China and Japan)
    
    
    2,418
    
    
    
    2,471
    
    
    
    8,155
    
    
    
    9,820Totals
    
    $
    33,623
    
    
    $
    30,805
    
    
    $
    99,931
    
    
    $
    111,368
  21




---



##### Table of Contents



March 31,
    
    
    June 30,2010
    
    
    2009United States
    
    $
    4,999
    
    
    $
    7,492China
    
    
    22,393
    
    
    
    22,811Taiwan
    
    
    4,429
    
    
    
    Asia-Pacific (excluding
China and Taiwan)
    
    
    
    
    
    
    15Totals
    
    $
    31,821
    
    
    $
    30,318
  Income Taxes.
    
 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;
 23




---



##### Table of Contents




    
    impairment of investments;
    
    long-lived asset valuation;
    
    impairment of goodwill and other intangible assets;
    
    fair value accounting;
    
    business combination;
    
    income taxes;
    
    stock compensation; and
    
    loss contingencies.
   Business Combination
  Results of Operations
 Revenues
 Three Months Ended
    
    
    
    
    
    
    
    
    
    Nine Months EndedMarch 31,
    
    
    
    
    
    Percentage
    
    March 31,
    
    
    
    
    
    Percentage2010
    
    2009
    
    Change
    
    Change
    
    2010
    
    2009
    
    Change
    
    Change(In thousands, except percentages)Revenues
    
    $
    33,623
    
    
    $
    30,805
    
    
    $
    2,818
    
    
    
    9.1
    %
    
    $
    99,931
    
    
    $
    111,368
    
    
    $
    (11,437
    )
    
    
    -10.3
    %
  24




---



##### Table of Contents



Gross Profit
 Three Months Ended
    
    
    
    
    
    
    
    
    
    Nine Months EndedMarch 31,
    
    
    
    
    
    Percentage
    
    March 31,
    
    
    
    
    
    Percentage2010
    
    2009
    
    Change
    
    Change
    
    2010
    
    2009
    
    Change
    
    Change(In thousands, except percentages)Gross profit
    
    $
    10,980
    
    
    $
    8,679
    
    
    $
    2,301
    
    
    
    26.5
    %
    
    $
    31,824
    
    
    $
    23,414
    
    
    $
    8,410
    
    
    
    35.9
    %Gross profit margin
    
    
    32.7
    %
    
    
    28.2
    %
    
    
    
    
    
    
    
    
    
    
    31.8
    %
    
    
    21.0
    %
    25




---



##### Table of Contents



Research and Development
 Three Months Ended
    
    
    
    
    
    
    
    
    
    Nine Months EndedMarch 31,
    
    
    
    
    
    Percentage
    
    March 31,
    
    
    
    
    
    Percentage2010
    
    2009
    
    Change
    
    Change
    
    2010
    
    2009
    
    Change
    
    Change(In thousands, except percentages)Research and
development
    
    $
    2,815
    
    
    $
    2,743
    
    
    $
    72
    
    
    
    2.6
    %
    
    $
    7,822
    
    
    $
    9,285
    
    
    $
    (1,463
    )
    
    
    -15.8
    %
   Sales and Marketing
 Three Months Ended
    
    
    
    
    
    
    
    
    
    Nine Months EndedMarch 31,
    
    
    
    
    
    Percentage
    
    March 31,
    
    
    
    
    
    Percentage2010
    
    2009
    
    Change
    
    Change
    
    2010
    
    2009
    
    Change
    
    Change(In thousands, except percentages)Sales and
marketing
    
    $
    2,406
    
    
    $
    2,069
    
    
    $
    337
    
    
    
    16.3
    %
    
    $
    7,104
    
    
    $
    6,853
    
    
    $
    251
    
    
    
    3.7
    %
   General and Administrative
 26




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Three Months Ended
    
    
    
    
    
    
    
    
    
    Nine Months EndedMarch 31,
    
    
    
    
    
    Percentage
    
    March 31,
    
    
    
    
    
    Percentage2010
    
    2009
    
    Change
    
    Change
    
    2010
    
    2009
    
    Change
    
    Change(In thousands, except percentages)General and
administrative
    
    $
    2,575
    
    
    $
    2,955
    
    
    $
    (380
    )
    
    
    -12.9
    %
    
    $
    7,970
    
    
    $
    9,957
    
    
    $
    (1,987
    )
    
    
    -20.0
    %
    Stock Compensation Expense
 Three Months Ended
    
    
    
    
    
    
    
    
    
    Nine Months EndedMarch 31,
    
    
    
    
    
    Percentage
    
    March 31,
    
    
    
    
    
    Percentage2010
    
    2009
    
    Change
    
    Change
    
    2010
    
    2009
    
    Change
    
    Change(In thousands, except percentages)Stock compensation
expense
    
    $
    1,302
    
    
    $
    1,250
    
    
    $
    52
    
    
    
    4.2
    %
    
    $
    4,556
    
    
    $
    4,185
    
    
    $
    371
    
    
    
    8.9
    %
    Impairment Charges and Other Costs
  27




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##### Table of Contents



Amortization of Intangible Assets
  Interest and Other Income, Net
 Three Months Ended
    
    
    
    
    
    
    
    
    
    Nine Months EndedMarch 31,
    
    
    
    
    
    Percentage
    
    March 31,
    
    
    
    
    
    Percentage2010
    
    2009
    
    Change
    
    Change
    
    2010
    
    2009
    
    Change
    
    Change(In thousands, except percentages)Interest and other
income, net
    
    $
    292
    
    
    $
    297
    
    
    $
    (5
    )
    
    
    -1.7
    %
    
    $
    759
    
    
    $
    2,637
    
    
    $
    (1,878
    )
    
    
    -71.2
    %
     Gain (loss) on Sale or Disposal of Assets
  Provision for Income Taxes
  28




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Liquidity and Capital Resources
  Nine Months Ended March 31, 2010
     29




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Nine Months Ended March 31, 2009
      30




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Off-Balance Sheet Arrangements
  Contractual Obligations
  Contractual Obligations Due by PeriodContractual Obligations
    
    Total
    
    
    Less than 1 year
    
    
    1-3 years
    
    
    4-5 years
    
    
    After 5 yearsPurchase obligations
    
    $
    22,902
    
    
    $
    22,881
    
    
    $
    21
    
    
    $
    
    
    
    $
    Operating leases
    
    
    383
    
    
    
    264
    
    
    
    119
    
    
    
    
    
    
    
    Total
    
    $
    23,285
    
    
    $
    23,145
    
    
    $
    140
    
    
    $
    
    
    
    $
    
 Recent Accounting Pronouncements
    31




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##### Table of Contents



ITEM 3  QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
  Interest Rate Exposure
   Carrying
    
    
    Average Rate
    
    
    Carrying
    
    
    Average RateValue at
    
    
    of Return at
    
    
    Value at
    
    
    of Return atMarch 31,
    
    
    March 31,
    
    
    June 30,
    
    
    June 30,2010
    
    
    2010
    
    
    2009
    
    
    2009(Annualized)
    
    
    
    
    
    
    (Annualized)Investment Securities:Cash equivalents  variable rate
    
    $
    9,539
    
    
    
    0.1
    %
    
    $
    24,813
    
    
    
    0.3
    %Cash equivalents  fixed rate
    
    
    14,654
    
    
    
    0.1
    %
    
    
    4,999
    
    
    
    0.2
    %Short-term investments  variable rate
    
    
    1,000
    
    
    
    0.1
    %
    
    
    14,362
    
    
    
    1.2
    %Short-term investments  fixed rate
    
    
    124,704
    
    
    
    1.0
    %
    
    
    101,412
    
    
    
    1.4
    %Long-term investments  fixed rate
    
    
    15,000
    
    
    
    1.3
    %
    
    
    3,180
    
    
    
    1.5
    %Total
    
    $
    164,897
    
    
    
    
    
    
    $
    148,766
 Expected Fiscal Year Maturity Date2010
    
    2011
    
    2012
    
    Total
    
    Fair ValueLong-term investments  fixed rate
    
    $
    
    
    
    $
    
    
    
    $
    15,000
    
    
    $
    15,000
    
    
    $
    14,985Average interest rate
    
    
    
    
    
    
    
    
    
    
    1.3
    %
    
    
    1.3
    %
 32




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##### Table of Contents



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
  
 ITEM 1ARISK FACTORS
  33




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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.
 If we do not successfully increase our manufacturing capacity, we may face capacity constraints
that could harm our business.
   Because we depend on third parties to supply some of our materials and components, we may not be
able to obtain sufficient quantities of these materials, which could limit our ability to fill
customer orders and harm our operating results.
 34




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##### Table of Contents



Shifts in our product mix may result in declines in gross margins.
  Resources devoted to research and development may not yield new products that achieve commercial
success.
  Our operating results may be further adversely affected by the downturn in the global economy and
the global telecommunications industry.
  35




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##### Table of Contents




    
    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.
   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.
    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.
  
    
    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
 36




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##### Table of Contents




    
    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
 (REMOVED AND RESERVED)
 
 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
 37




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##### Table of Contents



Exhibit No.
    
    DescriptionAct 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 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:  May 6, 2010
    By:
    /s/ Shirley YinShirley YinChief Financial Officer
(Principal Financial and Accounting Officer) 39