Ad hoc: ADVA AG Optical Networking: ADVA OPTICAL NETWORKING REPORTS Q3 2009 FINANCIAL RESULTS ABOVE
(Thomson Reuters ONE) - ADVA AG Optical Networking / Quarterly report / Ad hoc: ADVA OPTICAL NETWORKING REPORTS Q3 2009 FINANCIAL RESULTS ABOVEGUIDANCE Ad hoc announcement according to §15 WpHG processed and transmitted by Hugin. The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ Q3 2009 revenues at EUR 58.1 million Q3 2009 IFRS pro forma operating income of EUR 2.0 million (3.4% of revenues) Q4 2009 revenues expected to range between EUR 54 million and EUR 59 million with IFRS pro forma operating income between -1% and +4% of revenuesNorcross, Georgia, USA and Martinsried/Munich, Germany. October 29,2009. ADVA Optical Networking announced Q3 2009 financial results forthe quarter ended September 30, 2009, and prepared in accordance withInternational Financial Reporting Standards (IFRS).Q3 2009 IFRS FINANCIAL RESULTSRevenues in Q3 2009 at EUR 58.1 million were higher than guidance ofbetween EUR 52 million and EUR 57 million, up 7.4% vs. Q3 2008 atEUR 54.1 million, and sequentially flattish vs. EUR 58.2 millionreported in Q2 2009. IFRS pro forma operating income, excludingstock-based compensation and amortization & impairment of goodwill &acquisition-related intangible assets, amounted to EUR 2.0 million or3.4% of revenues in Q3 2009, slightly above guidance of between -2%and +3% of revenues. This compares to Q3 2008 IFRS pro formaoperating income of EUR 1.3 million or 2.4% of revenues, and to IFRSpro forma operating income of EUR 1.1 million or 1.9% of revenues inQ2 2009. Year-on-year, the pro forma operating income improvement islargely due to higher revenues and lower general & administrative anddevelopment expenses.The IFRS operating income in Q3 2009 was EUR 1.0 million, after anoperating loss of EUR 0.1 million in Q3 2008. The key drivers forthis improvement are the above-mentioned increase of pro formaoperating income as well as reduced stock compensation expense ofEUR 0.4 million after EUR 0.8 million in Q3 2008.The IFRS net income in Q3 2009 was nil, after positive EUR 0.4million in Q3 2008. Beyond the factors impacting the operatingresult, Q3 2009 net foreign currency exchange losses of EUR 0.9million after gains of EUR 0.5 million in Q3 2008 contributed to thedecrease in net profit. Basic and diluted IFRS net earnings per sharewere nil each in Q3 2009 after EUR 0.01 each in Q3 2008."Once again, we are very pleased with our Q3 2009 revenues ofEUR 58.1 million, which exceed guidance and demonstrate a sound 7.4%year-on-year growth, reflecting the strong long-term growth trend inour market and our ability to execute in challenging times. Our proforma gross margin increased from 41.3% in Q2 2009 to 41.8% inQ3 2009, related to the typical quarterly variability of our customerand product mix. In line with the strong revenue development, proforma operating income in Q3 2009 at EUR 2.0 million or 3.4% ofrevenues is above guidance of between -2% and +3% of revenues.Further, cash and cash equivalents were at EUR 48.0 million at theend of Q3 2009. The cash balance was adversely impacted by the earlyredemption of a EUR 3.0 million loan originally scheduled to berepaid in December 2009. Excluding this effect, cash and cashequivalents would have reached an all-time high of EUR 51.0 millionat quarter-end. This strong development is driven by further workingcapital improvements and also results in a net liquidity improvementto EUR 19.1 million, up EUR 1.6 million or 9% vs. the end of theprevious quarter and up a very strong EUR 13.7 million or 254% vs.the end of Q3 2008. This represents the fifth consecutive quarterlyall-time high and demonstrates our commitment to managing our cashflows and balance sheet," commented Jaswir Singh, chief financialofficer and chief operating officer of ADVA Optical Networking.CONFERENCE CALL AND WEBCASTIn conjunction with the release of its Q3 2009 IFRS financial resultson October 29, 2009, ADVA Optical Networking will host a conferencecall for analysts and investors at 3:00 p.m. CET/10:00 a.m. EDT.Participating in the call will be ADVA Optical Networking's chiefexecutive officer, Brian Protiva, and chief financial officer & chiefoperating 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.Q4 2009 OUTLOOKLooking ahead, amidst the differing opinions of business optimismabout a recovery and the caution around a double-dip economicrecession, revenue visibility continues to be weak. ADVA OpticalNetworking expects Q4 2009 revenues to range between EUR 54 millionand EUR 59 million, and we anticipate pro forma operating income ofbetween -1% and +4% of revenues. Further, ADVA Optical Networkingnotes that it will continue to perform detailed quarterly reviews ofthe expected business development in respect to all intangibleassets, including capitalized research and development expenses.These reviews may result in non-cash impairment charges in Q4 2009and beyond. The pro forma operating income guidance provided aboveexcludes any such potential impairment charges. ADVA OpticalNetworking will publish its Q4 and full-year 2009 financial resultson March 3, 2010."In the middle of one of the most turbulent macroeconomicenvironments in history, ADVA Optical Networking continues to do wellby executing on its strategy and meeting and exceeding its guidanceover several quarters. We continue to be a strong and trusted partnerto both carriers and enterprises. As ADVA Optical Networkingcapitalizes on new technologies, we remain committed to our customersby ensuring fast delivery of our products and solutions, therebydriving long-term growth and sustainability. We are leveraging ourleading innovations to quickly enhance networking performance in theglobally expanding enterprise and carrier segments. We do so throughthe continual development of a rich and diverse talent-pool," statedBrian Protiva, chief executive officer of ADVA Optical Networking.NINE-MONTH IFRS CONSOLIDATED INCOME STATEMENT(in thousands of EUR, Q3 Q3 9M 9Mexcept earnings per share) 2009 2008 2009 2008Revenues 58,112 54,116 173,208 160,823Pro forma cost of goods sold -33,815 -30,501 -100,301 -93,056Pro forma gross profit 24,297 23,615 72,907 67,767Pro forma selling and marketingexpenses -8,784 -8,492 -27,335 -24,930Pro formageneral and administrative expenses -5,524 -6,650 -17,251 -19,552Pro formaresearch and development expenses -9,401 -9,737 -30,265 -30,672Income from capitalization ofdevelopmentexpenses, net of amortization forcapitalizeddevelopment projects 1,256 2,063 4,223 7,503Restructuring expenses 0 0 0 -2,251Other operating income (expenses),net 127 511 719 1,348Pro forma operating income 1,971 1,310 2,998 -787Amortization ofintangible assets from acquisitions -603 -632 -1,852 -3,827Stock compensation expenses -372 -761 -950 -1,882Operating income (loss) 996 -83 196 -6,496Interest income (expense), net -325 -330 -914 -743Other income (expense), net -915 526 -299 -932Income (loss) before tax -244 113 -1,017 -8,171Income tax benefit (expense), net 244 256 928 1,473Net income (loss) 0 369 -89 -6,698Earnings per share in EUR Basic 0.00 0.01 0.00 -0.15 Diluted 0.00 0.01 0.00 -0.15 # # #ABOUT ADVA OPTICAL NETWORKINGADVA Optical Networking (FSE: ADV) is a global provider oftelecommunications equipment. With innovative Optical+Ethernettransport solutions, we build the foundation for high-speed,next-generation networks. Our FSP product family adds scalability andintelligence to our customers' networks while removing complexity andcost. With a flexible and fast-moving organization, we forge closepartnerships with our customers to meet growing demand for data,storage, voice and video services. Thanks to reliable performance formore than 15 years, we have become a trusted partner for more than200 carriers and 10,000 enterprises across the globe. For moreinformation, please visit us at www.advaoptical.com.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;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: 29.10.2009 - 00:31 Uhr
Sprache: Deutsch
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