Ad hoc:ADVA AG Optical Networking:Ad hoc: ADVA OPTICAL NETWORKING REPORTS Q2 2010 FINANCIAL RESULTS WITH REVENUES EXCEEDING GUIDANCE
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ADVA AG Optical Networking / / Ad hoc: ADVA OPTICAL NETWORKING REPORTS Q2 2010 FINANCIAL RESULTS WITH REVENUES EXCEEDING GUIDANCE processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Q2 2010 revenues at EUR 68.6 million
Q2 2010 IFRS pro forma operating income of
EUR 1.9 million (2.8% of revenues)
Q3 2010 revenues expected to range
between EUR 75 million and EUR 80 million with
IFRS pro forma operating income between 2% and 6% of revenues
Norcross, Georgia, USA and Martinsried/Munich, Germany. July 22, 2010. ADVA
Optical Networking announced Q2 2010 financial results for the quarter ended
June 30, 2010, and prepared in accordance with International Financial Reporting
Standards (IFRS).
Q2 2010 IFRS FINANCIAL RESULTS
Revenues in Q2 2010 at EUR 68.6 million were slightly above guidance of between
EUR 63 million and EUR 68 million, up a significant 18.0% vs. Q2 2009 at
EUR 58.2 million and up 8.6% vs. EUR 63.2 million reported in Q1 2010. IFRS pro
forma operating income, excluding stock-based compensation and amortization &
impairment of goodwill & acquisition-related intangible assets, amounted to
EUR 1.9 million or 2.8% of revenues in Q2 2010, within guidance of between 1%
and 5% of revenues. This compares to EUR 1.1 million or 1.9% of revenues in
Q2 2009 and EUR 2.7 million or 4.3% of revenues in Q1 2010. While the
year-on-year rise of pro forma operating income is due to higher revenues and
increased other operating income, the quarter-on-quarter reduction of pro forma
operating income results from a lower pro forma gross margin, higher selling &
marketing expenses and lower net capitalization of development expenses. The
reduction of pro forma gross margin from 43.0% in Q1 2010 to 41.0% in Q2 2010
most notably is related to the weakening of the EUR against the USD and the
transition of ADVA Optical Networking's well-established FSP 500 platform to the
next-generation FSP 150 platform.
The IFRS operating income rose to EUR 1.0 million in Q2 2010, after EUR 0.2
million in Q2 2009. The key driver for this improvement is the above-mentioned
increase of pro forma operating income.
The IFRS net income amounted to EUR 0.6 million in Q2 2010, up from EUR 0.5
million in Q2 2009. Beyond the improvement of the operating income, net foreign
currency exchange gains of EUR 0.7 million in Q2 2010 after EUR 0.1 million in
Q2 2009 drove the rise in net income. These effects were subdued by income tax
expenses of EUR 0.8 million in Q2 2010 after an income tax benefit of EUR 0.4
million in Q2 2009. Basic and diluted IFRS net earnings per share were EUR 0.01
each, unchanged from Q2 2009.
CONFERENCE CALL
In conjunction with the release of its Q2 2010 IFRS financial results on
July 22, 2010, ADVA Optical Networking will host a conference call for analysts
and investors at 3:00 p.m. CEST / 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
atwww.advaoptical.com.
Q3 2010 OUTLOOK
ADVA Optical Networking has the potential to continue to significantly grow
revenues and aggressively drive cost efficiencies in its product platforms in a
macro-economic environment that is still volatile but slightly improving. The
Company expects Q3 2010 revenues of between EUR 75 million and EUR 80 million.
Further, ADVA Optical Networking anticipates Q3 2010 pro forma operating income
to range between 2% and 6% 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 Q3 2010 and beyond. The pro forma operating income
guidance provided above excludes any such potential impairment charges. ADVA
Optical Networking will publish its Q3 2010 financial results on October 21,
2010.
SIX-MONTH IFRS CONSOLIDATED INCOME STATEMENT
(in thousands of EUR, Q2 Q2 6M 6M
except earnings per share) 2010 2009 2010 2009
Revenues 68,611 58,155 131,773 115,096
Pro forma cost of goods sold -40,513 -34,108 -76,487 -66,486
--------------------------------------------------------------------------------
Pro forma gross profit 28,098 24,047 55,286 48,610
Pro forma selling and marketing expenses -10,885 -9,392 -20,358 -18,551
Pro forma
general and administrative expenses -5,921 -5,825 -11,453 -11,727
Pro forma
research and development expenses -12,235 -10,004 -24,095 -20,864
Income from capitalization of development
expenses, net of amortization for capitalized
development projects 863 1,790 2,292 2,967
Other operating income, net 1,969 491 2,918 592
--------------------------------------------------------------------------------
Pro forma operating income 1,889 1,107 4,590 1,027
Amortization of intangible assets from
acquisitions -435 -617 -846 -1,249
Stock compensation expenses -443 -282 -823 -578
--------------------------------------------------------------------------------
Operating income (loss) 1,011 208 2,921 -800
Interest expense, net -327 -296 -654 -589
Other income, net 717 98 1,851 616
--------------------------------------------------------------------------------
Income (loss) before tax 1,401 10 4,118 -773
Income tax benefit (expense), net -816 449 -1,163 684
--------------------------------------------------------------------------------
Net income (loss) 585 459 2,955 -89
Earnings per share in EUR
basic 0.01 0.01 0.06 0.00
diluted 0.01 0.01 0.06 0.00
# # #
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#1433360]
--- End of Message ---
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,
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Freiverkehr in Niedersächsische Börse zu Hannover,
Prime Standard in Frankfurter Wertpapierbörse,
Regulierter Markt in Frankfurter Wertpapierbörse;
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ADVA AG Optical Networking via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 22.07.2010 - 00:38 Uhr
Sprache: Deutsch
News-ID 24256
Anzahl Zeichen: 0
contact information:
Town:
Martinsried/Munich
Kategorie:
Business News
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