Product category:
Stand-Alone Instruments
News Release from: Exfo Electro-Optical Engineering
Edited by the Electronicstalk Editorial
Team on 03 July 2006
Sales, bookings and earnings rise for
Exfo
Exfo Electro-Optical Engineering has reported significant increases in sales, bookings and GAAP net earnings for the third quarter ended 31st May 2006.
Exfo Electro-Optical Engineering has reported significant increases in sales, bookings and GAAP net earnings for the third quarter ended 31st May 2006 Sales increased 35.3% to US $35.4 million in the third quarter of fiscal 2006 from US $26.2 million in the third quarter of 2005 and 17.8% from US $30.1 million in the second quarter of 2006
This article was originally published on Electronicstalk on 14 Dec 2007 at 8.00am (UK)
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Net bookings reached US $37.9 million for a book-to-bill ratio of 1.07 in the third quarter of fiscal 2006 compared with US $28.9 million in the same period last year and US $28.3 million in the second quarter of 2006.
Gross margin improved to 56.4% of sales in the third quarter of fiscal 2006 to reach its highest level in the last 15 quarters.
In comparison, the company reported a gross margin of 56.2% in the third quarter of 2005 and 55.3% in the second quarter of 2006.
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GAAP net earnings in the third quarter of fiscal 2006 totalled US $3.5 million, or US $0.05 per diluted share, compared with net earnings of US $0.3 million, or US $0.00 per diluted share, in the same period last year and net earnings of US $1.4 million, or US $0.02 per diluted share, in the second quarter of 2006.
GAAP net earnings in the third quarter of fiscal 2006 included US $1.0 million in amortisation of intangible assets, US $0.6 million in impairment of long-lived assets and US $0.3 million in stock-based compensation costs.
These charges were partially offset by a US $1.3 million revenue grant from the Quebec provincial government.
The third quarter of fiscal 2006 marked the first complete reporting period that Consultronics contributed to Exfo's consolidated financial results.
The assets of Consultronics, a leading supplier of IPTV, VoIP and xDSL test equipment for copper-based broadband access networks, were integrated into Exfo's Telecom Division following the closing of the acquisition on 26th January 2006.
"I'm pleased to report that our profitable growth strategy continues to unfold very nicely on the strength of our eleventh consecutive quarter with increased sales and sixth consecutive quarter with GAAP net earnings", said Germain Lamonde, Exfo's Chairman, President and CEO.
"We demonstrated the leverage in our operating model by raising our gross margin to 56.4% in the third quarter and increasing our GAAP operating margin to 10.2%, even though the Canadian dollar continued to increase significantly during the quarter".
"The integration of Consultronics has been progressing very efficiently and smoothly with this business contributing as expected to our overall results".
"Protocol testing, which was once again above 10% of optical revenue, delivered its highest bookings level in company history, while our optical test business received its third consecutive industry award for achieving the largest organic market-share gains in 2005, largely due to its dominant position in fibre-to-the-x testing".
"In a nutshell, I am satisfied with how Exfo is executing overall".
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