Ad hoc:ADVA AG Optical Networking:Ad hoc: ADVA OPTICAL NETWORKING REPORTS AUDITED 2009 IFRS FINANCIAL RESULTS ABOVE GUIDANCE FOR Q4
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ADVA AG Optical Networking / / Ad hoc: ADVA OPTICAL NETWORKING REPORTS AUDITED 2009 IFRS FINANCIAL RESULTS ABOVE GUIDANCE FOR Q4 processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Q4 2009 revenues at EUR 59.6 million,
IFRS pro forma operating income of EUR 3.1 million (5.2% of revenues)
FY 2009 revenues at EUR 232.8 million,
IFRS pro forma operating income of EUR 6.1 million (2.6% of revenues)
Q1 2010 revenues expected to range
between EUR 57 million and EUR 62 million with
IFRS pro forma operating income between 0% and 4% of revenues
Norcross, Georgia, USA and Martinsried/Munich, Germany. March 3, 2010. ADVA
Optical Networking announces Q4 and audited full-year 2009 financial results for
the period ended December 31, 2009, and prepared in accordance with
International Financial Reporting Standards (IFRS).
Q4 2009 IFRS FINANCIAL RESULTS
Revenues in Q4 2009 totaled EUR 59.6 million after EUR 56.8 million in Q4 2008
and EUR 58.1 million in Q3 2009, slightly above guidance of between EUR 54
million and EUR 59 million. IFRS pro forma operating income, excluding
stock-based compensation and amortization & impairment of goodwill &
acquisition-related intangible assets, amounted to EUR 3.1 million in Q4 2009 or
5.2% of revenues, also above guidance of between -1% and +4% of revenues. This
compares to a Q4 2008 IFRS pro forma operating income of EUR 0.1 million or
0.1% of revenues, and to Q3 2009 IFRS pro forma operating income of EUR 2.0
million or 3.4% of revenues. To a large degree, the year-over-year improvement
of pro forma operating income is due to revenue growth and higher gross margins.
The IFRS operating income in Q4 2009 was EUR 2.1 million, after an operating
loss of EUR 0.5 million in Q4 2008. The key driver for this development is the
above-mentioned increase in pro forma operating income, offset in part by stock
compensation expenses of EUR 0.4 million in Q4 2009 after EUR -0.1 million in Q4
2008.
The IFRS net income in Q4 2009 amounted to EUR 1.4 million, after a net loss of
EUR 2.2 million in Q4 2008. This significant improvement was largely driven by
the factors impacting the development of the operating result described above,
as well as net foreign currency exchange gains of EUR 0.8 million in Q4 2009
after a loss of EUR 0.2 million in Q4 2008. Basic and diluted IFRS net earnings
per share were EUR 0.03 each in Q4 2009 after EUR -0.05 each in Q4 2008.
FULL-YEAR 2009 IFRS FINANCIAL RESULTS
Driven by improved Ethernet access and carrier infrastructure business, revenues
came in at EUR 232.8 million in 2009, 7.0% higher than the EUR 217.7 million
reported in 2008. IFRS pro forma operating income at EUR 6.1 million in 2009 or
2.6% of revenues was significantly higher than the pro forma operating loss of
EUR 0.7 million or negative 0.3% of revenues in 2008. This improvement is
largely due to higher revenues.
The IFRS operating income in 2009 was EUR 2.3 million, after an operating loss
of EUR 7.0 million in 2008. The major reasons for this positive development are
the above-mentioned increase in pro forma operating income as well as
significantly lower amortization of intangible assets from acquisitions of EUR
2.4 million in 2009 after EUR 4.6 million in 2008.
Finally, ADVA Optical Networking's IFRS net income amounted to EUR 1.3 million
in 2009, after a net loss of EUR 8.9 million in 2008. Beyond the development of
the operating income mentioned above, the increase in the net result was
impacted by net foreign currency exchange gains of EUR 0.5 million in 2009 after
a loss of EUR 1.1 million in 2008. Basic and diluted IFRS net earnings per share
were EUR 0.03 each in 2009, after EUR -0.19 each in 2008.
CONFERENCE CALL
In conjunction with the release of its full-year 2009 audited IFRS financial
results on March 3, 2010, ADVA Optical Networking will host a conference call
for analysts and investors at 3:00 p.m. CET / 9:00 a.m. EST. 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 atwww.advaoptical.com
Q1 2010 OUTLOOK
The macro-economic environment continues to recover slowly and with significant
volatility. ADVA Optical Networking therefore remains cautious about revenue
development in 2010. In Q1 2010, the Company expects revenues to range between
EUR 57 million and EUR 62 million, and anticipates pro forma operating income of
between 0% and 4% of revenues. Further, ADVA Optical Networking notes that it
will continue to perform detailed quarterly reviews of the expected business
development in respect of all intangible assets, including capitalized research
and development expenses. These reviews may result in non-cash impairment
charges in Q1 2010 and beyond. The pro forma operating income guidance provided
above excludes any such potential impairment charges. ADVA Optical Networking
will publish its Q1 2010 financial results on April 29, 2010.
IFRS CONSOLIDATED INCOME STATEMENT
(in thousands of EUR, Q4 Q4 FY FY
except earnings per share) 2009 2008 2009 2008
Revenues 59,600 56,849 232,808 217,672
Pro forma cost of goods sold -32,550 -32,746 -132,851 -125,802
--------------------------------------------------------------------------------
Pro forma gross profit 27,050 24,103 99,957 91,870
Pro forma
selling and marketing expenses -9,390 -9,157 -36,725 -34,087
Pro forma
general and administrative expenses -6,029 -6,746 -23,280 -26,298
Pro forma
research and development expenses -10,449 -10,010 -40,714 -40,682
Income from capitalization of development
expenses, net of amortization for
capitalized development projects 991 1,501 5,214 9,004
Restructuring expenses 0 0 0 -2,251
Other operating income (expenses), net 931 388 1,650 1,736
--------------------------------------------------------------------------------
Pro forma operating income 3,104 79 6,102 -708
Amortization of
intangible assets from acquisitions -591 -747 -2,443 -4,574
Stock compensation expenses -428 121 -1,378 -1,761
--------------------------------------------------------------------------------
Operating income (loss) 2,085 -547 2,281 -7,043
Interest income (expense), net -301 -262 -1,215 -1,005
Other income (expense), net 842 -171 543 -1,103
--------------------------------------------------------------------------------
Income (loss) before tax 2,626 -980 1,609 -9,151
Income tax benefit (expense), net -1,217 -1,198 -289 275
--------------------------------------------------------------------------------
Net income (loss) 1,409 -2,178 1,320 -8,876
Earnings per share in EUR
basic 0.03 -0.05 0.03 -0.19
diluted 0.03 -0.05 0.03 -0.19
# # #
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
[HUG#1390323]
--- End of Message ---
ADVA AG Optical Networking
Campus Martinsried, Fraunhoferstr. 9a Martinsried/Munich Germany
WKN: 510300;ISIN: DE0005103006 ;Index:CDAX,TECH All Share,Prime All Share;
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: 03.03.2010 - 00:00 Uhr
Sprache: Deutsch
News-ID 13075
Anzahl Zeichen: 0
contact information:
Town:
Martinsried/Munich
Kategorie:
Business News
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