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12.10.2017 22:10
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EXFO Reports Fourth Quarter and Fiscal 2017 Results
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PR Newswire
QUEBEC CITY, Oct. 12, 2017
Q4 2017
- Sales reach US$63.0 million, top of guidance range
- Bookings attain US$66.3 million, book-to-bill ratio of 1.05
- Adjusted EBITDA totals US$8.5 million, 13.6% of sales
Fiscal 2017
- Sales increase 4.6% to US$243.3 million
- Bookings improve 4.8% to US$251.8 million
- Adjusted EBITDA totals US$22.0 million, 9.1% of sales
QUEBEC CITY, Oct. 12, 2017 /PRNewswire/ - EXFO Inc. (NASDAQ: EXFO) (TSX: EXF), the network test, monitoring and analytics experts, announced today financial results for the fourth quarter and fiscal year ended August 31, 2017.
Sales in the fourth quarter of fiscal 2017 reached US$63.0 million compared to US$58.5 million in the third quarter of 2017 and US$62.9 million in the fourth quarter of 2016. Annual sales increased 4.6% to US$243.3 million in fiscal 2017 from US$232.6 million in 2016.
Bookings totaled US$66.3 million for a book-to-bill ratio of 1.05 in the fourth quarter of fiscal 2017 compared to US$63.7 million in the third quarter of 2017 and US$62.4 million in the fourth quarter of 2016. Overall for fiscal 2017, bookings increased 4.8% to US$251.8 million for a book-to-bill ratio of 1.03 from US$240.3 million in 2016.
Gross margin before depreciation and amortization* attained 61.9% of sales in the fourth quarter of fiscal 2017 compared to 58.0% in the third quarter of 2017 and 61.6% in the fourth quarter of 2016. Gross margin included restructuring charges of 0.2% of sales in the fourth quarter of 2017, 2.7% of sales in the third quarter of 2017 and nil in the fourth quarter of 2016. In fiscal 2017, gross margin reached 61.2% of sales compared to 62.6% in 2016. Gross margin included restructuring charges of 0.7% of sales in 2017 and nil in 2016.
In the fourth quarter of fiscal 2017, IFRS net earnings amounted to US$0.8 million, or US$0.02 per diluted share, compared to a net loss of US$4.3 million, or US$0.08 per share, in the third quarter of 2017 and net earnings of US$2.3 million, or US$0.04 per diluted share, in the fourth quarter of 2016. Net earnings in the fourth quarter of 2017 included net expenses totaling US$5.3 million: US$0.9 million in after-tax amortization of intangible assets, US$0.4 million in stock-based compensation costs, US$1.2 million in after-tax restructuring changes, US$0.4 million for the positive change in the fair value of the cash contingent consideration related to the Ontology Systems acquisition, US$0.3 million in after-tax acquisition-related costs, and a foreign exchange loss of US$2.9 million.
In fiscal 2017, IFRS net earnings totaled US$0.9 million, or US$0.02 per diluted share, compared to US$8.9 million, or US$0.16 per diluted share, in 2016. Net earnings in 2017 included net expenses totaling US$10.6 million: US$2.7 million in after-tax amortization of intangible assets, US$1.4 million in stock-based compensation costs, US$4.8 million in after-tax restructuring charges, US$0.4 million for the positive change in the fair value of the cash contingent consideration related to the Ontology Systems acquisition, US$1.1 million in after-tax acquisition-related costs, and a foreign exchange loss of US$1.0 million.
Adjusted EBITDA* totaled US$8.5 million, or 13.6% of sales, in the fourth quarter of fiscal 2017 compared to US$2.3 million, or 3.9% of sales, in the third quarter of 2017 and US$6.2 million, or 9.8% of sales, in the fourth quarter of 2016. In fiscal 2017, adjusted EBITDA totaled US$22.0 million compared to US$22.0 million in 2016.
On September 8, 2017, EXFO acquired a 33.1% stake in Astellia, a global leader in the performance analysis of mobile networks and subscriber experience. EXFO intends to purchase publicly traded Astellia's remaining equity through a public tender offer. On October 2, 2017, EXFO closed the acquisition of Yenista Optics, a supplier of high-end optical test equipment for the laboratory and manufacturing markets.
"I am very pleased with EXFO's financial results in the fourth quarter of 2017, highlighted by revenue at the top of our guidance range, even stronger bookings and our best adjusted EBITDA margin in recent memory," said EXFO's CEO Philippe Morin. "Overall in fiscal 2017, we delivered 5% revenue growth and healthy profitability amid a competitive environment. Equally important, we established a solid foundation for future growth with investments—both internally and through acquisitions—in key technology areas like fiber, the Cloud, network virtualization and 5G. These growth initiatives, combined with heightened sales efficiency and recent restructuring measures, should enhance profitability in 2018."
| Selected Financial Information (unaudited) | |||||||||||||||
| (In thousands of US dollars) | |||||||||||||||
| | |||||||||||||||
| | Q4 2017 | | Q3 2017 | | Q4 2016 | | FY 2017 | | FY 2016 | ||||||
| | | | | | | | | | | | | | | | |
| Physical-layer sales | $ | 40,802 | | $ | 41,007 | | $ | 39,777 | | $ | 161,864 | | $ | 151,910 | |
| Protocol-layer sales | | 22,122 | | | 17,678 | | | 23,445 | | | 81,905 | | | 83,324 | |
| Foreign exchange gains (losses) on forward exchange contracts | | 57 | | | (180) | | | (364) | | | (468) | | | (2,651) | |
| Total Sales | $ | 62,981 | | $ | 58,505 | | $ | 62,858 | | $ | 243,301 | | $ | 232,583 | |
| | | | | | | | | | | | | | | | |
| Physical-layer bookings | $ | 39,322 | | $ | 47,157 | | $ | 39,826 | | $ | 165,886 | | $ | 155,320 | |
| Protocol-layer bookings | | 26,943 | | | 16,691 | | | 22,969 | | | 86,348 | | | 87,631 | |
| Foreign exchange gains (losses) on forward exchange contracts | | 57 | | | (180) | | | (364) | | | (468) | | | (2,651) | |
| Total Bookings | $ | 66,322 | | $ | 63,668 | | $ | 62,431 | | $ | 251,766 | | $ | 240,300 | |
| Book-to-bill ratio (Bookings/Sales) | | 1.05 | | | 1.09 | | | 0.99 | | | 1.03 | | | 1.03 | |
| | | | | | | | | | | | | | | | |
| Gross margin before depreciation and amortization* | $ | 39,009 | | $ | 33,950 Werbung Mehr Nachrichten zur EXFO Aktie kostenlos abonnieren
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