Saturday, January 06, 2007
Exfo completes 12th consecutive growth quarter
Exfo Electro-Optical Engineering has reported strong sales and earnings growth.
Exfo Electro-Optical Engineering has reported strong sales and earnings growth for the fiscal year ended 31st August 2006. Sales increased 31.9% to US $128.3 million in fiscal 2006 from US $97.2 million in 2005. In the fourth quarter of 2006, sales reached US $35.7 million compared with US $35.4 million in the previous quarter and US $26.3 million in the fourth quarter of 2005.
Net bookings totalled US $32.6 million in the fourth quarter of fiscal 2006 compared with US $37.9 million (-14.0%) in the third quarter of 2006 and US $24.6 million (+32.6%) in the fourth quarter of 2005.
Gross margin improved to 55.3% of sales in fiscal 2006 from 54.7% in 2005.
In the fourth quarter of 2006, gross margin amounted to 54.3% compared with 56.4% in the previous quarter and 54.7% in the fourth quarter of 2005.
GAAP net earnings totalled US $8.1 million, or US $0.12 per diluted share, in fiscal 2006 compared with a net loss of US $1.6 million, or US $0.02 per diluted share, in 2005.
GAAP net earnings in 2006 included US $4.4 million in amortisation of intangible assets, US $1.0 million in stock-based compensation costs, US $0.6 million in impairment of long-lived assets, and a nonrecurring government revenue grant of US $1.3 million.
In the fourth quarter of 2006, GAAP net earnings amounted to US $2.9 million, or US $0.04 per diluted share, compared with US $3.5 million, or US $0.05 per diluted share, in the third quarter of 2006 and US $0.5 million, or US $0.01 per diluted share, in the fourth quarter of 2005.
GAAP net earnings included US $1.0 million in amortisation of intangible assets and US $0.2 million in stock-based compensation costs in the fourth quarter of 2006.
'Clearly, Exfo stands out in the telecom industry with 12 consecutive quarters of sales growth, a 31.9% year-over-year sales increase in fiscal 2006, as well as compound annual growth rates (CAGRs) of 27.5% and 20.9% over the last 3 and 10 years, respectively, despite the 2001 telecom crisis', said Germain Lamonde, Exfo's Chairman of the Board, President and CEO.
'Like every year since our inception in 1985, I believe that we have increased sales faster than our end-markets'.
'Our bottom-line improved even faster than our top-line in recent years with GAAP net earnings of US $8.1 million in 2006, thus extending our sequence to seven consecutive quarters of GAAP profitability'.
'These performance highlights, which must be weighed against the strengthening Canadian dollar, larger customers consolidating and competitors intensifying pricing pressure, reflect ongoing market-share gains in each division as well as operating efficiencies throughout the company'.
'Based on long-term planning and judicious R and D investments in optical, protocol and copper access testing, I believe that Exfo is well-positioned to benefit from the migration of carriers to converged, IP-based networking as they increase bandwidth and accelerate triple-play service deployments', Lamonde added.
'We intend to continue strengthening our sales, marketing and R and D teams in order to build on our competitive advantage in the marketplace'.
'As well, I am pleased to report that we surpassed two key corporate performance goals for fiscal 2006 and have announced ambitious performance metrics for 2007, as we maintain our focus on growing faster than our end markets, increasing net earnings faster than revenues, and achieving these results through excellence in product innovation'.
'I would like to thank all our employees for their outstanding commitment and real passion to serve our customers, since we could not aspire to reach such lofty heights without their wholehearted contribution'.
Selling and administrative expenses amounted to US $40.3 million, or 31.4% of sales, in fiscal 2006 compared with US $31.8 million, or 32.7% of sales, in 2005.
In the fourth quarter of 2006, selling and administrative expenses totalled US $10.9 million, or 30.4% of sales, compared with US $11.1 million, or 31.3% of sales, in the third quarter of 2006 and US $8.1 million, or 30.7% of sales, in the fourth quarter of 2005.
Gross research and development (R and D) expenses reached US $19.5 million, or 15.2% of sales, in fiscal 2006 compared with US $15.9 million, or 16.3% of sales, in 2005.
In the fourth quarter of 2006, gross R and D expenses attained US $5.2 million, or 14.6% of sales, compared with US $5.3 million, or 15.1% of sales, in the previous quarter and US $4.1 million, or 15.8% of sales, in the fourth quarter of 2005.
Net R and D expenses totalled US $15.4 million, or 12.0% of sales in fiscal 2006, compared with US $12.2 million, or 12.5% of sales, in 2005.
In the fourth quarter of 2006, net R and D expenses amounted to US $4.3 million, or 12.0% of sales, compared with US $4.1 million, or 11.6% of sales, in the third quarter of 2006 and US $3.3 million, or 12.5% of sales, in the fourth quarter of 2005.
Exfo forecasts sales between US $34.0 million and US $37.0 million and GAAP net earnings between US $0.02 and US $0.05 per diluted share for the first quarter of fiscal 2007.
GAAP net earnings include US $0.02 per diluted share in amortisation of intangible assets and stock-based compensation costs.
Exfo Electro-Optical Engineering has reported strong sales and earnings growth for the fiscal year ended 31st August 2006. Sales increased 31.9% to US $128.3 million in fiscal 2006 from US $97.2 million in 2005. In the fourth quarter of 2006, sales reached US $35.7 million compared with US $35.4 million in the previous quarter and US $26.3 million in the fourth quarter of 2005.
Net bookings totalled US $32.6 million in the fourth quarter of fiscal 2006 compared with US $37.9 million (-14.0%) in the third quarter of 2006 and US $24.6 million (+32.6%) in the fourth quarter of 2005.
Gross margin improved to 55.3% of sales in fiscal 2006 from 54.7% in 2005.
In the fourth quarter of 2006, gross margin amounted to 54.3% compared with 56.4% in the previous quarter and 54.7% in the fourth quarter of 2005.
GAAP net earnings totalled US $8.1 million, or US $0.12 per diluted share, in fiscal 2006 compared with a net loss of US $1.6 million, or US $0.02 per diluted share, in 2005.
GAAP net earnings in 2006 included US $4.4 million in amortisation of intangible assets, US $1.0 million in stock-based compensation costs, US $0.6 million in impairment of long-lived assets, and a nonrecurring government revenue grant of US $1.3 million.
In the fourth quarter of 2006, GAAP net earnings amounted to US $2.9 million, or US $0.04 per diluted share, compared with US $3.5 million, or US $0.05 per diluted share, in the third quarter of 2006 and US $0.5 million, or US $0.01 per diluted share, in the fourth quarter of 2005.
GAAP net earnings included US $1.0 million in amortisation of intangible assets and US $0.2 million in stock-based compensation costs in the fourth quarter of 2006.
'Clearly, Exfo stands out in the telecom industry with 12 consecutive quarters of sales growth, a 31.9% year-over-year sales increase in fiscal 2006, as well as compound annual growth rates (CAGRs) of 27.5% and 20.9% over the last 3 and 10 years, respectively, despite the 2001 telecom crisis', said Germain Lamonde, Exfo's Chairman of the Board, President and CEO.
'Like every year since our inception in 1985, I believe that we have increased sales faster than our end-markets'.
'Our bottom-line improved even faster than our top-line in recent years with GAAP net earnings of US $8.1 million in 2006, thus extending our sequence to seven consecutive quarters of GAAP profitability'.
'These performance highlights, which must be weighed against the strengthening Canadian dollar, larger customers consolidating and competitors intensifying pricing pressure, reflect ongoing market-share gains in each division as well as operating efficiencies throughout the company'.
'Based on long-term planning and judicious R and D investments in optical, protocol and copper access testing, I believe that Exfo is well-positioned to benefit from the migration of carriers to converged, IP-based networking as they increase bandwidth and accelerate triple-play service deployments', Lamonde added.
'We intend to continue strengthening our sales, marketing and R and D teams in order to build on our competitive advantage in the marketplace'.
'As well, I am pleased to report that we surpassed two key corporate performance goals for fiscal 2006 and have announced ambitious performance metrics for 2007, as we maintain our focus on growing faster than our end markets, increasing net earnings faster than revenues, and achieving these results through excellence in product innovation'.
'I would like to thank all our employees for their outstanding commitment and real passion to serve our customers, since we could not aspire to reach such lofty heights without their wholehearted contribution'.
Selling and administrative expenses amounted to US $40.3 million, or 31.4% of sales, in fiscal 2006 compared with US $31.8 million, or 32.7% of sales, in 2005.
In the fourth quarter of 2006, selling and administrative expenses totalled US $10.9 million, or 30.4% of sales, compared with US $11.1 million, or 31.3% of sales, in the third quarter of 2006 and US $8.1 million, or 30.7% of sales, in the fourth quarter of 2005.
Gross research and development (R and D) expenses reached US $19.5 million, or 15.2% of sales, in fiscal 2006 compared with US $15.9 million, or 16.3% of sales, in 2005.
In the fourth quarter of 2006, gross R and D expenses attained US $5.2 million, or 14.6% of sales, compared with US $5.3 million, or 15.1% of sales, in the previous quarter and US $4.1 million, or 15.8% of sales, in the fourth quarter of 2005.
Net R and D expenses totalled US $15.4 million, or 12.0% of sales in fiscal 2006, compared with US $12.2 million, or 12.5% of sales, in 2005.
In the fourth quarter of 2006, net R and D expenses amounted to US $4.3 million, or 12.0% of sales, compared with US $4.1 million, or 11.6% of sales, in the third quarter of 2006 and US $3.3 million, or 12.5% of sales, in the fourth quarter of 2005.
Exfo forecasts sales between US $34.0 million and US $37.0 million and GAAP net earnings between US $0.02 and US $0.05 per diluted share for the first quarter of fiscal 2007.
GAAP net earnings include US $0.02 per diluted share in amortisation of intangible assets and stock-based compensation costs.
# posted by Swathi @ 8:31 PM 
