Oplink Communications Inc. (Nasdaq:OPLK) reported its financial results for its fourth quarter and fiscal year ended June 30, 2011. Revenues for the quarter were $43.7 million, an increase of 12% over the same period of the prior year. GAAP net income for the quarter was $26.3 million, or $1.23 per diluted share, as compared to $3.6 million, or $0.17 per diluted share, reported in the same period of the prior year. Included in net income for the fourth quarter was a one-time tax benefit of $22.6 million, or $1.06 per diluted share, associated with the release of a valuation allowance related to certain deferred tax assets.

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