ADVA Optical Networking Posts Record Quarter of EUR 157.2 Million Revenues in Q2 2016
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ADVA Optical Networking SE /
ADVA Optical Networking Posts Record Quarter of EUR 157.2 Million Revenues in
Q2 2016
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ADVA Optical Networking Posts Record Quarter
of EUR 157.2 Million Revenues in Q2 2016
* Revenues of EUR 157.2 Million Drive 40.1% Year-on-Year Growth
* Pro Forma Operating Income: EUR 4.2 Million (2.7% of Revenues)
* Q3 2016 Outlook: Revenues EUR 150 - 160 Million; Pro Forma Operating Income
3% - 6% of Revenues
Munich, Germany. July 21, 2016. ADVA Optical Networking (ISIN: DE0005103006, WKN
510300) announced Q2 2016 financial results for the quarter ended on June 30,
2016 and prepared in accordance with International Financial Reporting Standards
(IFRS).
Q2 2016 IFRS Financial Results
Quarterly revenues climbed to a record high of EUR 157.2 million. The figure
marks an increase of 40.1% year-on-year (YoY) (Q2 2015: EUR 112.3 million) and
is above the guidance forecast that was announced earlier this year on April 21.
"Q2 has been a solid quarter for us. We're gaining market share and building
momentum," said Brian Protiva, CEO, ADVA Optical Networking. "Our focus and
innovation in the data center interconnect space is delivering results. In fact,
we're one of the few companies outperforming the market. We're aggressively
growing our footprint in this space with a number of key customers and we're
continuing to win strategic accounts."
Pro forma operating income in Q2 2016 stood at EUR 4.2 million or 2.7% of
revenues, which represents a EUR 3.5 million YoY decrease (Q2 2015: EUR 7.7
million) and is in line with the previously announced guidance. The operating
income came to EUR 3.1 million (Q2 2015: EUR 7.4 million). Cash and cash
equivalents were at EUR 82.5 million. Net liquidity reached EUR 20.0 million and
net working capital EUR 102.7 million.
The quarterly result includes the acquisition of Overture, which took place on
January 13, and consequently contains some of the one-off restructuring and
integration expenses related to the acquisition. The acquisition was a
strategically important step for ADVA Optical Networking and will strengthen the
company's product portfolio for cloud access solutions.
"The integration of Overture is progressing well and nearing completion,"
continued Brian Protiva. "We've fully integrated their hardware business into
our cloud access portfolio and significantly expanded our customer footprint.
What's more, with the launch of ADVA Ensemble, a new strategic division focused
on network functions virtualization, we leapfrogged the market by 12 months.
Innovation is more important than ever and is helping to grow our market share.
In Q2 alone, we won six awards, including Light Reading's prestigious Company of
the Year (Public) and a Global Telecom Business Innovation Award with Verizon
Partner Solutions. Innovation and operational excellence will continue to propel
us forward, leading to increasing market share and profitability."
Additional Key Data
(in thousands of EUR) Q2 Q2 Change Q1 Change
2016 2015 2016
-----------------------------------------------------------------------
Revenues 157,243 112,260 40.1% 121,962 28.9%
---------------------------------------------------------------------
Pro forma gross profit 42,967 38,668 11.1% 40,393 6.4%
in % of revenues 27.3% 34.4% -7.1pp 33.1% -5.8pp
---------------------------------------------------------------------
Pro forma operating income 4,213 7,671 -45.1% 1,950 116.1%
in % of revenues 2.7% 6.8% -4.1pp 1.6% 1.1pp
---------------------------------------------------------------------
Operating income 3,080 7,422 -58.5% 994 209.9%
---------------------------------------------------------------------
Net income 9,806 5,126 91.3% -5,163 289.9%
-----------------------------------------------------------------------
(in thousands of EUR) June 30, June 30, Change Mar. 31, Change
2016 2015 2016
---------------------------------------------------------------------
Cash and cash equivalents 82,521 78,819 4.7% 73,402 12.4%
Net liquidity 20,039 47,507 -57.8% 9,362 114.0%
*Potential differences due to rounding
Pro forma financial numbers exclude non-cash charges related to the stock
compensation programs and amortization and impairment of goodwill and
acquisition-related intangible assets.
Q3 2016 Outlook
In Q3 2016, ADVA Optical Networking expects revenues to range between EUR 150
million and EUR 160 million and anticipates a pro forma operating income of
between 3% and 6% of revenues. ADVA Optical Networking performs quarterly
reviews of the expected business development with respect to all intangible
assets, including capitalized development expenses. In case of adverse business
prospects, these reviews may result in non-cash impairment charges in Q3 2016
and beyond, which are excluded from the above guidance. The company will publish
its Q3 2016 financial results on October 27, 2016.
# # #
Conference Call Details
In conjunction with the release of its Q2 2016 financial results on July
21, 2016, 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 CEO, Brian Protiva, and CFO, Ulrich Dopfer. Interested
parties may dial in at +49 69 22 22 29 043 or +1 855 402 77 66, pin code
510 934 25#, 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.
The complete 2016 Six-Month Report (January - June) is available as a PDF on our
website: www.advaoptical.com via the links About Us - Investor Relations -
Financial Results.
# # #
Forward-Looking Statements
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.
Use of Pro Forma Financial Information
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.
About ADVA Optical Networking
At ADVA Optical Networking we're creating new opportunities for tomorrow's
networks, a new vision for a connected world. Our intelligent telecommunications
hardware, software and services have been deployed by several hundred service
providers and thousands of enterprises. Over the past twenty years, our
innovative connectivity solutions have helped to drive our customers' networks
forward, helped to drive their businesses to new levels of success. We forge
close working relationships with all our customers. As your trusted partner we
ensure that we're always ready to exceed your networking expectations. For more
information on our products and our team, please visit us at:
www.advaoptical.com.
Published By:
ADVA Optical Networking SE, Martinsried/Munich and Meiningen, Germany
www.advaoptical.com
For Press:
Gareth Spence
t +44 1904 699 358
public-relations(at)advaoptical.com
For Investors:
Stephan Rettenberger
t +49 89 890 665 854
investor-relations(at)advaoptical.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(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 Optical Networking SE via GlobeNewswire
[HUG#2029810]
Unternehmensinformation / Kurzprofil:
Datum: 21.07.2016 - 06:55 Uhr
Sprache: Deutsch
News-ID 484506
Anzahl Zeichen: 10569
contact information:
Town:
Martinsried/Munich
Kategorie:
Business News
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