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ADVA
AG Optical Networking Implantate
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Exchanges:
Frankfurt
The Group's principal
activities are to develop, manufacture, market and sell optical
networking
equipment for carriers, service providers and enterprises. It provides
optical networking solutions for the delivery of high-speed data,
storage,
voice and video services in the metropolitan area. These solutions are
used at 71 telecommunications carriers and service providers, including
Post Telephone and Telegraph companies, Regional Bell Operating
Companies,
Local Exchange Carriers and Inter-Exchange Carriers, universities and
government
agencies worldwide. The Group's portfolio of carrier-class hardware and
software products includes FSP 500, FSP 1000, FSP 2000, FSP 3000,
FSP-I,
FSP-II, FSP Network Manager and FSP Network Planner. The Group has
sales
from Europe, Middle East, Africa, the Americas and Asia -Pacific.
http://www.advaoptical.com
28.02.2013
ADVA Optical Networking Reports Audited 2012 IFRS Financial Results In
Line with Expectations
ADVA Optical Networking announced Q2 2012 financial results for the
quarter ended on June 30, 2012, and prepared in accordance with
International Financial Reporting Standards (IFRS).
•Q4 2012 revenues at EUR 80.3 million, IFRS pro forma operating income
of EUR 4.8 million (6.0% of revenues)
•FY 2012 revenues at EUR 330.1 million, IFRS pro forma operating income
of EUR 21.8 million (6.6% of revenues)
•Q1 2013 revenues expected to range between EUR 72 million and EUR 77
million with IFRS pro forma operating income between -2% and +2% of
revenues
Q4 2012 IFRS Financial Results
Revenues totaled EUR 80.3 million in Q4 2012 and were in the upper half
of guidance of between EUR 77 million and EUR 82 million. Revenues are
down 3.8% vs. Q4 2011 at EUR 83.4 million and down 2.4% vs. Q3 2012 at
EUR 82.3 million. IFRS pro forma operating income, excluding
stock-based compensation and amortization & impairment of goodwill
& acquisition-related intangible assets, amounted to EUR 4.8
million in Q4 2012 or 6.0% of revenues, at the upper end of guidance of
between 2% and 6% of revenues. This compares to Q4 2011 IFRS pro forma
operating income of EUR 7.4 million or 8.9% of revenues, and to Q3 2012
IFRS pro forma operating income of EUR 5.6 million or 6.8% of revenues.
These developments are largely due to lower revenues and increased
selling and marketing expenses.
The IFRS operating income in Q4 2012 was EUR 4.3 million, down from EUR
6.7 million in Q4 2011. This is due to the above-mentioned reasons for
lower pro forma operating income.
The IFRS net income in Q4 2012 amounted to EUR 4.1 million after EUR
8.7 million in Q4 2011. Beyond the reduced operating income, net
foreign currency exchange losses of EUR 0.1 million in Q4 2012 after
gains of EUR 1.9 million in Q4 2011 contributed to this decrease. Basic
and diluted IFRS net earnings per share were EUR 0.09 and EUR 0.08,
respectively, down from EUR 0.18 each in Q4 2011.
Full-Year 2012 IFRS Financial Results
Driven by increased Ethernet access business, revenues rose to a record
high of EUR 330.1 million in 2012, 6.2% above the EUR 310.9 million
reported in 2011. IFRS pro forma operating income increased from EUR
17.3 million or 5.6% of revenues in 2011 to EUR 21.8 million or 6.6% of
revenues in 2012. This improvement is largely due to revenue and gross
margin growth.
2012 IFRS operating income at EUR 18.8 million also increased
significantly from EUR 13.2 million in 2011. The main reason for this
positive development is the above-mentioned increase in pro forma
operating income and a reduction in amortization of intangible assets
from acquisitions from EUR 2.5 million in 2011 to EUR 1.6 million in
2012.
Finally, IFRS net income amounted to EUR 16.7 million in 2012, slightly
down vs. EUR 16.9 million in 2011. The positive operating income
development was mostly compensated by income tax expenses of EUR 1.8
million after income tax benefits of EUR 2.9 million in 2011.
Furthermore, net foreign currency exchange gains of EUR 0.8 million in
2012 were lower than the EUR 2.3 million recorded in 2011. Basic and
diluted IFRS net earnings per share were EUR 0.35 and EUR 0.34 in 2012,
slightly down from EUR 0.36 and EUR 0.35, respectively, in 2011.
“We are very pleased with our Q4 2012 results which were achieved in a
very volatile macro-economic environment. At EUR 80.3 million, our Q4
2012 revenues are in the upper half of guidance. Our pro forma gross
margin strengthened from 39.3% in Q3 2012 and 40.0% in Q4 2011, to
41.8% in Q4 2012. Prior to amortization of capitalized development
expenses, pro forma gross margin increased from 44.5% in Q3 2012 and
43.9% in Q4 2011, to 46.7% in Q4 2012. We achieved pro forma operating
income of 6.0% of revenues in Q4 2012, at the upper end of guidance,
demonstrating our focus on managing operational costs. In addition,
cash and cash equivalents were at another record high of EUR 70.6
million at the end of Q4 2012, slightly up from EUR 70.3 million at the
end of the previous quarter. Throughout the year, ADVA Optical
Networking maintained financial strength, with an equity ratio in
excess of 50% and record high net liquidity at the end of every
quarter. At year-end 2012, net liquidity was at an all-time high of EUR
41.6 million, up from EUR 41.3 million at the end of Q3 2012. For the
full year 2012, through a combination of revenue growth, increased
gross margins, and enhanced operational excellence, we were able to
further grow profitability. Pro forma operating income grew by 26%,
from EUR 17.3 million or 5.6% of revenues in 2011 to EUR 21.8 million
or 6.6% of revenues in 2012,” commented Jaswir Singh, chief financial
officer & chief operating officer of ADVA Optical Networking.
- See more at:
http://www.advaoptical.com/en/newsroom/press-releases-english/20130228-ir2.aspx#sthash.O1jz1MZB.dpuf
ADVA
Optical Networking Reports Q3 2011 Financial Results Above
Guidance
ADVA Optical Networking
announced Q3 2011 financial results for the quarter ended September 30,
2011, and prepared in accordance with International Financial Reporting
Standards (IFRS).
October 20, 2011
Q3 2011 revenues at EUR
79.3 million
Q3
2011 IFRS pro forma
operating income of EUR 5.5 million (6.9% of revenues)
Q4
2011 revenues expected
to range between EUR 79 million and EUR 84 million with IFRS pro forma
operating income between 6% and 9% of revenues
Q3 2011 IFRS Financial
Results
Revenues totaled EUR 79.3
million in Q3 2011 and came in slightly above guidance of between EUR
73
million and EUR 78 million. This compares to EUR 80.5 million in Q3
2010
and is up 1.9% vs. Q2 2011 at EUR 77.8 million. IFRS pro forma
operating
income, excluding stock-based compensation and amortization &
impairment
of goodwill & acquisition-related intangible assets, amounted to
EUR
5.5 million or 6.9% of revenues, also above guidance of between 2% and
5% of revenues. This compares to EUR 4.4 million or 5.5% of revenues in
Q3 2010 and EUR 3.5 million or 4.5% of revenues in Q2 2011. The
increase
in pro forma operating income is largely related to higher revenues vs.
Q2 2011 and to higher gross margins vs. Q3 2010.
IFRS operating income
rose to EUR 4.4 million in Q3 2011, after EUR 3.3 million in Q3 2010.
The
key driver for this improvement is the above-mentioned increase in pro
forma operating income.
In Q3 2011, IFRS net income
amounted to EUR 9.7 million, up significantly from EUR 2.4 million in
Q3
2010. Beyond the improvement of the operating income, net foreign
currency
exchange gains of EUR 3.0 million in Q3 2011 after EUR 0.5 million in
Q3
2010 drove this development. Further, ADVA Optical Networking reported
income tax benefits of EUR 2.7 million in Q3 2011 after income tax
expenses
of EUR 1.0 million in Q3 2010. The Q3 2011 income tax benefit is due to
initial recognition of deferred taxes in ADVA Optical Networking’s U.S.
entity. Basic and diluted IFRS net earnings per share were EUR 0.21 and
EUR 0.20, after EUR 0.05 each in Q3 2010.
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