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EXFO Records Sales Growth for Second Consecutive Quarter
September 27, 2002 |Estimated reading time: 1 minute
Quebec City -- EXFO Electro-Optical Engineering Inc. has recorded sales growth for a second consecutive quarter following the release of fourth quarter and fiscal 2002 financial results.
Sales increased 5 percent to US $17.2 million in the fourth quarter ended August 31, 2002, from US $16.3 million in the third quarter. These latest sales figures, however, are still down from US $35.4 million in the fourth quarter of 2001. Overall for fiscal 2002, sales reached US $68.3 million compared to US$146.0 million in 2001.
EXFO's pro forma net loss for the fourth quarter of fiscal 2002 amounted to US $1.2 million, or US 2 cents per share, compared to a pro forma net loss of US $3.9 million, or US 6 cents per share, for the third quarter of 2002 and pro forma net earnings of US $3.2 million, or US 6 cents per share, for the fourth quarter of 2001. Net loss for the fourth quarter of fiscal 2002 improved to US $3 million, or US 5 cents per share, compared to a net loss of US $263.8 million, or US $4.29 per share, for the previous quarter and a net loss of US $14.2 million, or US 25 cents per share, for the fourth quarter of 2001.
Pro forma net loss for fiscal 2002 amounted to US $11.2 million, or US 19 cents per share, compared to pro forma net earnings of US $24.5 million, or US 46 cents per share, for 2001. Net loss for fiscal 2002 was US $308.5 million, or US $5.09 per share, compared to a net loss of US $15.3 million, or US 29 cents per share, for fiscal 2001. The net loss in fiscal 2002 is largely due to a US $222.2 million write-down of goodwill and a US $23.7 million write-down of intangible assets that are related to the three strategic acquisitions made during the last two years.
EXFO is a leading designer and manufacturer of fiber-optic test, measurement, monitoring and automation solutions for the global telecommunications industry. EXFO markets more than 90 product families to 2,000 customers in 70 countries around the world. For more information, visit www.exfo.com.