EXFO Reports 11.4 Percent Sales Growth Quarter-over-Quarter


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Quebec City, Canada — EXFO Electro-Optical Engineering Inc. has reported sales growth of 11.4 percent and a 5.2 percent improvement in gross margin for the first quarter ended November 30, 2003.Sales reached US $16.0 million in the first quarter of fiscal 2004 compared to US $14.3 million in the fourth quarter of 2003 and US $17.7 million in the first quarter of 2003. The net book-to-bill ratio increased to 1.06 in the first quarter of fiscal 2004 from 0.98 in the previous quarter and 0.89 in the first quarter of 2003.Gross margin amounted to 51 percent of sales in the first quarter of fiscal 2004 compared to 45.8 percent (excluding inventory write-offs and a non-recurring gain) in the fourth quarter of 2003 and 54.7 percent in the first quarter of 2003. Net GAAP loss for the first quarter of fiscal 2004 totaled US $2 million, or US 3 cents per share, compared to a net loss of US $10.1 million, or US 16 cents per share, for the fourth quarter of 2003 and a net loss of US $2.2 million, or US 3 cents per share, for the first quarter of 2003. Net loss in the first quarter of fiscal 2004 included a non-recurring tax gain of US $1.4 million or US 2 cents per share.

EXFO is the recognized expert in the global telecommunications industry through the design and manufacture of advanced and innovative test and measurement solutions. For more information, visit www.exfo.com.

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