Ad hoc: ADVA AG Optical Networking: ADVA OPTICAL NETWORKING REPORTS Q2 2009 FINANCIAL RESULTS WITH
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(Thomson Reuters ONE) - ADVA AG Optical Networking / Quarterly report / Ad hoc: ADVA OPTICAL NETWORKING REPORTS Q2 2009 FINANCIAL RESULTS WITHREVENUES EXCEEDING GUIDANCE Ad hoc announcement according to §15 WpHG processed and transmitted by Hugin. The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ Q2 2009 revenues at EUR 58.2 million Q2 2009 IFRS pro forma operating income of EUR 1.1 million (1.9% of revenues) Q3 2009 revenues expected to range between EUR 52 million and EUR 57 million with IFRS pro forma operating income between -2% and +3% of revenuesNorcross, Georgia, USA and Martinsried/Munich, Germany. July 30,2009. ADVA Optical Networking announced Q2 2009 financial results forthe quarter ended June 30, 2009, and prepared in accordance withInternational Financial Reporting Standards (IFRS).Q2 2009 IFRS FINANCIAL RESULTSRevenues in Q2 2009 at EUR 58.2 million were higher than guidance ofbetween EUR 51 million and EUR 56 million, up 10.4% vs. Q2 2008 atEUR 52.7 million and up 2.1% sequentially vs. EUR 56.9 millionreported in Q1 2009. IFRS pro forma operating income, excludingstock-based compensation and amortization & impairment of goodwill &acquisition-related intangible assets, amounted to EUR 1.1 million or1.9% of revenues in Q2 2009, at the upper end of guidance of between-3% and +2% of revenues. This compares to EUR -0.1 million or -0.1%of revenues in both Q2 2008 and Q1 2009. Year-on-year, the pro formaoperating income improvement is largely due to higher revenues andlower development expenses and tempered by a reduction in pro formagross margin.The IFRS operating income in Q2 2009 was EUR 0.2 million, after anoperating loss of EUR 2.6 million in Q2 2008. The key drivers forthis improvement are the above-mentioned increase of pro formaoperating income as well as reduced amortization of intangible assetsof EUR 0.6 million after EUR 2.0 million in Q2 2008.The IFRS net income in Q2 2009 was EUR 0.5 million, after a loss ofEUR 2.7 million in Q2 2008. Beyond the factors impacting theoperating result, Q2 2009 net foreign currency exchange gains ofEUR 0.1 million after losses of EUR 0.1 million in Q2 2008contributed to the improvement of net profit. Basic and diluted IFRSnet earnings per share were EUR 0.01 each in Q2 2009 after EUR -0.06each in Q2 2008.CONFERENCE CALL AND WEBCASTIn conjunction with the release of its Q2 2009 IFRS financial resultson July 30, 2009, ADVA Optical Networking will host a conference callfor analysts and investors at 3:00 p.m. CEDT/9:00 a.m. EDT.Participating in the call will be ADVA Optical Networking's chiefexecutive officer, Brian Protiva, and chief financial officer & chiefoperations officer, Jaswir Singh. Interested parties may dial in at+49 69 40359 611 or +1 866 306 3455, and listen live via webcast onADVA Optical Networking's website, located on the 'financial results'page in the investor relations section at www.advaoptical.com.CHANGE TO MANAGEMENT BOARDADVA Optical Networking cut the number of members of its ManagementBoard from five to four, reducing the complexity of the organization.At the end of Q2 2009, Ron Martin, Chief Marketing & Strategy Officerand president of our North American subsidiary left ADVA OpticalNetworking by mutual agreement. His areas of responsibility have beensplit between the remaining members of the Management Board.Q3 2009 OUTLOOKLooking forward, revenue visibility continues to be challenging dueto the effects of the recession on our customers, thus we remainconservative. ADVA Optical Networking expects Q3 2009 revenues torange between EUR 52 million and EUR 57 million, and we anticipatepro forma operating income of between -2% and +3% of revenues.Further, ADVA Optical Networking notes that it will continue toperform detailed quarterly reviews of the expected businessdevelopment in respect to all intangible assets, includingcapitalized research and development expenses. These reviews mayresult in non-cash impairment charges in Q3 2009 and beyond. The proforma operating income guidance provided above excludes any suchpotential impairment charges. ADVA Optical Networking will publishits Q3 2009 financial results on October 29, 2009.SIX-MONTH IFRS CONSOLIDATED INCOME STATEMENT(in thousands of EUR, Q2 Q2 6M 6Mexcept earnings per share) 2009 2008 2009 2008Revenues 58,155 52,679 115,096 106,707Pro forma cost of goods sold -34,108 -29,678 -66,486 -62,555Pro forma gross profit 24,047 23,001 48,610 44,152Pro forma selling and marketingexpenses -9,392 -8,460 -18,551 -16,438Pro formageneral and administrative expenses -5,825 -6,783 -11,727 -12,902Pro formaresearch and development expenses -10,004 -10,015 -20,864 -20,935Income from capitalization ofdevelopmentexpenses, net of amortization forcapitalizeddevelopment projects 1,790 2,958 2,967 5,440Restructuring expenses 0 -1,302 0 -2,251Other operating income (expenses),net 491 533 592 837Pro forma operating income 1,107 -68 1,027 -2,097Amortization ofintangible assets from acquisitions -617 -2,003 -1,249 -3,195Stock compensation expenses -282 -573 -578 -1,121Operating income (loss) 208 -2,644 -800 -6,413Interest income (expense), net -296 -247 -589 -413Other income (expense), net 98 -137 616 -1,458Income (loss) before tax 10 -3,028 -773 -8,284Income tax benefit (expense), net 449 338 684 1,217Net income (loss) 459 -2,690 -89 -7,067Earnings per share in EUR Basic 0.01 -0.06 0.00 -0.15 Diluted 0.01 -0.06 0.00 -0.15 # # #The economic projections and forward-looking statements contained inthis document relate to future facts. Such projections andforward-looking statements are subject to risks which cannot beforeseen and which are beyond the control of ADVA Optical Networking.ADVA Optical Networking is therefore not in a position to make anyrepresentation as to the accuracy of economic projections andforward-looking statements or their impact on the financial situationof ADVA Optical Networking or the market in the shares of ADVAOptical Networking.ADVA Optical Networking provides consolidated pro forma financialresults in this press release solely as supplemental financialinformation to help investors and the financial community makemeaningful comparisons of ADVA Optical Networking's operating resultsfrom one financial period to another. ADVA Optical Networkingbelieves that these pro forma consolidated financial results arehelpful because they exclude non-cash charges related to the stockoption programs and amortization and impairment of goodwill andacquisition-related intangible assets, which are not reflective ofthe company's operating results for the period presented. This proforma information is not prepared in accordance with IFRS and shouldnot be considered a substitute for historical information presentedin accordance with IFRS.PUBLISHED BY:ADVA AG Optical Networking, Martinsried/Munich and Meiningen, GermanyADVA Optical Networking North America, Inc., Norcross, Georgia, USAADVA Optical Networking (Shenzhen) Ltd., Shenzhen, Chinawww.advaoptical.comFOR PRESS:Christine Keckt +1 201 258 8293 (U.S.)t +44 1904 699 358 (Europe)t +86 755 8621 7400 (Asia)public-relations(at)advaoptical.comFOR INVESTORS:Wolfgang Guessgent +1 201 258 8302 (U.S.)t +49 89 89 0665 940 (Europe)t +86 755 8621 7400 (Asia)investor-relations(at)advaoptical.com --- End of Message ---ADVA AG Optical NetworkingCampus Martinsried, Fraunhoferstr. 9a Martinsried/Munich GermanyWKN: 510300; ISIN: DE0005103006 ; Index: CDAX, Prime All Share, TECH All Share, TecDAX;Listed: Prime Standard in Frankfurter Wertpapierbörse, Regulierter Markt in Bayerische Börse München, Regulierter Markt in Börse Berlin, Regulierter Markt in Börse Düsseldorf, Regulierter Markt in Börse Stuttgart, Regulierter Markt in Frankfurter Wertpapierbörse, Regulierter Markt in Hanseatische Wertpapierbörse zu Hamburg, Regulierter Markt in Niedersächsische Börse zu Hannover;
Datum: 30.07.2009 - 00:30 Uhr
Sprache: Deutsch
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