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EXFO Posts 12 Percent Sales Growth Quarter-Over-Quarter
July 2, 2002 |Estimated reading time: 1 minute
Quebec City, Canada -- EXFO Electro-Optical Engineering Inc. has posted a sequential sales growth of 12 percent following the release of financial results for the third quarter of fiscal 2002.EXFO reported sales of US $16.3 million for the third quarter ended May 31, 2002 compared to US $14.6 million for the previous quarter and a peak of US $45.8 million for the third quarter of 2001. Pro forma net loss for the third quarter of fiscal 2002 amounted to US $3.9 million, or US 6 cents per share, compared to pro forma net loss of US $4.1 million, or US 7 cents per share, for the second quarter of 2002 and pro forma net earnings of US $6.2 million, or US 11 cents per share, for the third quarter of 2001.EXFO's net loss for the third quarter of fiscal 2002 was US $263.8 million, or US$4.29 per share, compared to a net loss of US $22.7 million, or US 37 cents per share, for the previous quarter and a net loss of US$8.6 million, or US 15 cents per share, for the third quarter of 2001. The loss in the third quarter of 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. For more information, visit www.exfo.com.