Ad hoc:ADVA AG Optical Networking:Ad hoc: ADVA OPTICAL NETWORKING REPORTS AUDITED 2010 IFRS FINANCIAL RESULTS IN LINE WITH EXPECTATIONS
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ADVA AG Optical Networking /
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Ad hoc: ADVA OPTICAL NETWORKING REPORTS AUDITED 2010 IFRS FINANCIAL RESULTS IN
LINE WITH EXPECTATIONS
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Q4 2010 Revenues at EUR 79.4 Million,
IFRS Pro Forma Operating Income of EUR 4.3 Million (5.4% of Revenues)
FY 2010 Revenues at EUR 291.7 Million,
IFRS Pro Forma Operating Income of EUR 13.3 Million (4.6% of Revenues)
Q1 2011 Revenues Expected to Range
between EUR 70 Million and EUR 75 Million with
IFRS Pro Forma Operating Income between 0% and 4% of Revenues
Norcross, Georgia, USA and Martinsried/Munich, Germany. February 24, 2011. ADVA
Optical Networking announced Q4 and audited full-year 2010 financial results for
the period ended December 31, 2010, and prepared in accordance with
International Financial Reporting Standards (IFRS).
Q4 2010 IFRS Financial Results
Revenues in Q4 2010 totaled EUR 79.4 million after EUR 59.6 million in Q4 2009
and EUR 80.5 million in Q3 2010. This result is in line with guidance of between
EUR 76 million and EUR 81 million. IFRS pro forma operating income, excluding
stock-based compensation and amortization & impairment of goodwill &
acquisition-related intangible assets, amounted to EUR 4.3 million in Q4 2010 or
5.4% of revenues, also in line with guidance of between 2% and 6% of revenues.
This compares to Q4 2009 IFRS pro forma operating income of EUR 3.1 million or
5.2% of revenues, and to Q3 2010 IFRS pro forma operating income of EUR 4.4
million or 5.5% of revenues. To a large degree, the year-over-year improvement
of pro forma operating income is due to revenue growth.
The IFRS operating income in Q4 2010 was EUR 3.1 million, up from EUR 2.1
million in Q4 2009. The key driver for this development is the above-mentioned
increase in pro forma operating income.
The IFRS net income in Q4 2010 amounted to EUR 1.6 million after EUR 1.4 million
in Q4 2009. The positive development of operating income described above was
mostly compensated by higher tax expenses of EUR 1.9 million in Q4 2010 after
EUR 1.2 million in Q4 2009. Basic and diluted IFRS net earnings per share at
EUR 0.03 in Q4 2010 were unchanged from Q4 2009.
Full-Year 2010 IFRS Financial Results
Driven by increased enterprise, Ethernet access and carrier infrastructure
business, revenues rose to a record high of EUR 291.7 million in 2010, 25.3%
higher than the EUR 232.8 million reported in 2009. IFRS pro forma operating
income at EUR 13.3 million in 2010 or 4.6% of revenues was significantly higher
than the EUR 6.1 million or 2.6% of revenues in 2009. This improvement is
largely due to higher revenues.
The IFRS operating income at EUR 9.3 million in 2010 was also significantly up
vs. EUR 2.3 million in 2009. The major reason for this positive development is
the above-mentioned increase in pro forma operating income.
Finally, IFRS net income amounted to EUR 7.0 million in 2010 after EUR 1.3
million in 2009. Beyond the development of the operating income mentioned above,
the increase in the net result was positively affected by net foreign currency
exchange gains of EUR 3.1 million in 2010 after EUR 0.5 million in the previous
year. This was partially offset by higher income tax expenses of EUR 4.0 million
in 2010 after EUR 0.3 million in 2009. Basic and diluted IFRS net earnings per
share were EUR 0.15 in 2010, significantly up from EUR 0.03 in 2009.
Conference Call
In conjunction with the release of its full-year 2010 audited IFRS financial
results on February 24, 2011, 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 2011 Outlook
2011 is likely to be a year of continuing global recovery, although with
significant volatility. ADVA Optical Networking therefore remains cautious about
revenue development for the year. In Q1 2011, the Company expects revenues to
range between EUR 70 million and EUR 75 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 2011 and beyond. The pro forma operating income
guidance provided above excludes any such potential impairment charges. ADVA
Optical Networking will publish its Q1 2011 financial results on April 20, 2011.
IFRS Consolidated Income Statement
(in thousands of EUR, Q4 Q4 FY FY
except earnings per share) 2010 2009 2010 2009
Revenues 79,403 59,600 291,725 232,808
Pro forma cost of goods sold -45,656 -32,550 -170,501 -132,851
--------------------------------------------------------------------------------
Pro forma gross profit 33,747 27,050 121,224 99,957
Pro forma
selling and marketing expenses -12,304 -9,390 -42,947 -36,725
Pro forma
general and administrative expenses -5,932 -6,029 -23,277 -23,280
Pro forma
research and development expenses -12,565 -10,449 -49,391 -40,714
Income from capitalization of development
expenses, net of amortization for capitalized
development projects 681 991 3,918 5,214
Other operating income (expenses), net 667 931 3,761 1,650
--------------------------------------------------------------------------------
Pro forma operating income 4,294 3,104 13,288 6,102
Amortization of
intangible assets from acquisitions -638 -591 -2,141 -2,443
Stock compensation expenses -551 -428 -1,848 -1,378
--------------------------------------------------------------------------------
Operating income 3,105 2,085 9,299 2,281
Interest income (expense), net -447 -301 -1,439 -1,215
Other income (expense), net 828 842 3,130 543
--------------------------------------------------------------------------------
Income before tax 3,486 2,626 10,990 1,609
Income tax benefit (expense), net -1,863 -1,217 -3,983 -289
--------------------------------------------------------------------------------
Net income 1,623 1,409 7,007 1,320
Earnings per share in EUR
basic 0.03 0.03 0.15 0.03
diluted 0.03 0.03 0.15 0.03
# # #
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;
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Source: ADVA AG Optical Networking via Thomson Reuters ONE
[HUG#1491926]
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Datum: 24.02.2011 - 00:40 Uhr
Sprache: Deutsch
News-ID 51839
Anzahl Zeichen: 11707
contact information:
Town:
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