Ad hoc:ADVA AG Optical Networking:Ad hoc: ADVA OPTICAL NETWORKING REPORTS Q1 2010 FINANCIAL RESULTS ABOVE GUIDANCE
(Thomson Reuters ONE) -
ADVA AG Optical Networking / / Ad hoc: ADVA OPTICAL NETWORKING REPORTS Q1 2010 FINANCIAL RESULTS ABOVE GUIDANCE processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Q1 2010 revenues at EUR 63.2 million
Q1 2010 IFRS pro forma operating income of
EUR 2.7 million (4.3% of revenues)
Q2 2010 revenues expected to range
between EUR 63 million and EUR 68 million with
IFRS pro forma operating income between 1% and 5% of revenues
Norcross, Georgia, USA and Martinsried/Munich, Germany. April 29, 2010. ADVA
Optical Networking announced Q1 2010 financial results for the quarter ended
March 31, 2010, and prepared in accordance with International Financial
Reporting Standards (IFRS).
Q1 2010 IFRS FINANCIAL RESULTS
Revenues in Q1 2010 at EUR 63.2 million were above guidance of between EUR 57
million and EUR 62 million, up a significant 10.9% vs. Q1 2009 at EUR 56.9
million and up 6.0% vs. EUR 59.6 million reported in Q4 2009. IFRS pro forma
operating income, excluding stock-based compensation and amortization &
impairment of goodwill & acquisition-related intangible assets, amounted to
EUR 2.7 million or 4.3% of revenues in Q1 2010, slightly higher than guidance of
between 0% and 4% of revenues. This compares to EUR -0.1 million or -0.1% of
revenues in Q1 2009 and EUR 3.1 million or 5.2% of revenues in Q4 2009.
Year-on-year, the pro forma operating income improvement is largely due to
higher revenues and a stable development of pro forma operating expenses.
The IFRS operating income in Q1 2010 was EUR 1.9 million, after an operating
loss of EUR 1.0 million in Q1 2009. The key driver for this improvement is the
above-mentioned increase of pro forma operating income.
The IFRS net income amounted to EUR 2.4 million in Q1 2010, after a net loss of
EUR 0.5 million in Q1 2009. This significant improvement was largely driven by
the development of the operating result described above, as well as net foreign
currency exchange gains of EUR 1.1 million in Q1 2010 after EUR 0.5 million in
Q1 2009. Basic and diluted IFRS net earnings per share were EUR 0.05 each in
Q1 2010 after EUR -0.01 each in Q1 2009.
conference call
In conjunction with the release of its Q1 2010 IFRS financial results on
April 29, 2010, ADVA Optical Networking will host a conference call for analysts
and investors at 3:00 p.m. CEDT / 9:00 a.m. EDT. Participating in the call will
be ADVA Optical Networking's chief executive officer, Brian Protiva and chief
financial officer & chief operating officer, Jaswir Singh. Interested parties
may dial in at +49 69 4035 9611 or +1 866 306 3455, and download the
corresponding presentation from ADVA Optical Networking's website, located on
the "financial results" page under "conference calls" in the investor relations
section of ADVA Optical Networking's website at www.advaoptical.com
Q2 2010 OUTLOOK
While ADVA Optical Networking has the potential to continue to grow revenues and
aggressively drive cost efficiencies in its product platforms, the current
global recovery seems to be in a phase unlike any other previously, enveloped in
much uncertainty. In light of stronger market fundamentals, the Company expects
Q2 2010 revenues of between EUR 63 million and EUR 68 million. Further, ADVA
Optical Networking anticipates Q2 2010 pro forma operating income to range
between 1% and 5% of revenues. ADVA Optical Networking notes that it will
continue to perform detailed quarterly reviews of the expected business
development with respect to all intangible assets, including capitalized
research and development expenses. These reviews may result in non-cash
impairment charges in Q2 2010 and beyond. The pro forma operating income
guidance provided above excludes any such potential impairment charges. ADVA
Optical Networking will host its annual shareholders' meeting on June 9, 2010,
in Meiningen, Germany, and will publish its Q2 2010 financial results on
July 22, 2010.
THREE-MONTH IFRS CONSOLIDATED INCOME STATEMENT
(in thousands of EUR, except earnings per share) Q1 2010 Q1 2009
Revenues 63,162 56,941
Pro forma cost of goods sold -35,974 -32,378
------------------------------------------------------------------------------
Pro forma gross profit 27,188 24,563
Pro forma selling and marketing expenses -9,473 -9,159
Pro forma general and administrative expenses -5,532 -5,902
Pro forma research and development expenses -11,860 -10,860
Income from capitalization of development expenses,
net of amortization for capitalized development projects 1,429 1,177
Other operating income, net 949 101
------------------------------------------------------------------------------
Pro forma operating income 2,701 -80
Amortization of intangible assets from acquisitions -411 -632
Stock compensation expenses -380 -296
------------------------------------------------------------------------------
Operating income (loss) 1,910 -1,008
Interest expense, net -327 -293
Other income, net 1,134 518
------------------------------------------------------------------------------
Income (loss) before tax 2,717 -783
Income tax benefit (expense), net -347 235
------------------------------------------------------------------------------
Net income (loss) 2,370 -548
Earnings per share in EUR
basic 0.05 -0.01
diluted 0.05 -0.01
# # #
The economic projections and forward-looking statements contained in this
document relate to future facts. Such projections and forward-looking statements
are subject to risks which cannot be foreseen and which are beyond the control
of ADVA Optical Networking. ADVA Optical Networking is therefore not in a
position to make any representation as to the accuracy of economic projections
and forward-looking statements or their impact on the financial situation of
ADVA Optical Networking or the market in the shares of ADVA Optical Networking.
ADVA Optical Networking provides consolidated pro forma financial results in
this press release solely as supplemental financial information to help
investors and the financial community make meaningful comparisons of ADVA
Optical Networking's operating results from one financial period to another.
ADVA Optical Networking believes that these pro forma consolidated financial
results are helpful because they exclude non-cash charges related to the stock
option programs and amortization and impairment of goodwill and
acquisition-related intangible assets, which are not reflective of the Company's
operating results for the period presented. This pro forma information is not
prepared in accordance with IFRS and should not be considered a substitute for
historical information presented in accordance with IFRS.
PUBLISHED BY:
ADVA AG Optical Networking, Martinsried/Munich and Meiningen, Germany
ADVA Optical Networking North America, Inc., Norcross, Georgia, USA
ADVA Optical Networking (Shenzhen) Ltd., Shenzhen, China
www.advaoptical.com
FOR PRESS:
Christine Keck
t +1 301 920 0237 (U.S.)
t +44 1904 699 358 (Europe)
t +86 755 8621 7400 (Asia)
public-relations(at)advaoptical.com
FOR INVESTORS:
Wolfgang Guessgen
t +1 201 940 7212 (U.S.)
t +49 89 89 0665 940 (Europe)
t +86 755 8621 7400 (Asia)
investor-relations(at)advaoptical.com
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ADVA AG Optical Networking
Campus Martinsried, Fraunhoferstr. 9a Martinsried/Munich Germany
WKN: 510300;ISIN: DE0005103006;
Listed: Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg,
Freiverkehr in Börse Berlin,
Freiverkehr in Börse Düsseldorf,
Freiverkehr in Bayerische Börse München,
Freiverkehr in Niedersächsische Börse zu Hannover,
Prime Standard in Frankfurter Wertpapierbörse,
Regulierter Markt in Frankfurter Wertpapierbörse;
Unternehmensinformation / Kurzprofil:
Datum: 29.04.2010 - 00:01 Uhr
Sprache: Deutsch
News-ID 19898
Anzahl Zeichen: 0
contact information:
Town:
Martinsried/Munich
Kategorie:
Business News
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