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EXFO Consolidates Photonics, Life Science Operations
September 24, 2004 |Estimated reading time: Less than a minute
Canada — EXFO Electro-Optical Engineering Inc. is consolidating operations of its Photonics and Life Sciences Division.In ongoing efforts to improve its market focus, efficiency and cost structure, EXFO is transferring operations from Victor/Fishers, N.Y., to Toronto. Once fully implemented, the company expects to incur restructuring and other charges of US $2.7 million, of which US $1.7 million will be recorded in the fourth quarter of fiscal 2004 and the remainder in 2005.
EXFO estimates it will derive US$1.5 million in annual savings from its streamlined operations.Excluding restructuring and other charges, EXFO anticipates that earnings and sales will be at the high end of its announced guidance for the fourth quarter of 2004. The company had forecasted a GAAP net loss of US 3 cents to US 0 cents per share and sales between US $19 and US $22 million for the fourth quarter.EXFO will announce its fourth-quarter and year-end results after the close of markets on October 14, 2004.EXFO is the recognized test and measurement expert in the global telecommunications industry through the design and manufacture of advanced and innovative solutions, as well as best-in-class customer support. For more information, visit www.exfo.com.