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29.03.2017 22:10
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EXFO Reports Second-Quarter Results for Fiscal 2017
Eine Tageszeitung (Symbolbild).
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PR Newswire
QUEBEC CITY, March 29, 2017
- Sales increase 12.0% year-over-year to US$60.0 million
- Adjusted EBITDA reaches US$4.9 million, or 8.1% of sales
- Cash flows from operating activities total US$14.4 million
QUEBEC CITY, March 29, 2017 /PRNewswire/ - EXFO Inc. (NASDAQ: EXFO) (TSX: EXF), the global network test, data and analytics experts, reported today financial results for the second quarter ended February 28, 2017.
Sales reached US$60.0 million in the second quarter of fiscal 2017 compared to US$53.6 million in the second quarter of 2016 and US$61.8 million in the first quarter of 2017. At the halfway mark of fiscal 2017, sales increased 11.9% year-over-year to US$121.8 million.
Bookings attained US$55.9 million in the second quarter of fiscal 2017 compared to US$59.7 million in the same period last year and US$65.9 million in the first quarter of 2017. The company's book-to-bill ratio was 0.93 in the second quarter of 2017 and 1.00 at the half-way point of 2017, leading to year-over-year bookings growth of 3.0% after two quarters.
Gross margin before depreciation and amortization* amounted to 61.7% of sales in the second quarter of fiscal 2017 compared to 64.7% in the second quarter of 2016 and 63.1% in the first quarter of 2017. After six months into fiscal 2017, gross margin accounted for 62.4% of sales.
IFRS net earnings in the second quarter of fiscal 2017 totaled US$1.0 million, or US$0.02 per diluted share, compared US$4.0 million, or US$0.07 per diluted share, in the same period last year and US$3.3 million, or US$0.06 per diluted share, in the first quarter of 2017. IFRS net earnings in the second quarter of 2017 included US$0.6 million in after-tax amortization of intangible assets, US$0.4 million in stock-based compensation costs and a foreign exchange loss of US$0.3 million. IFRS net earnings totaled US$4.3 million in the first half of fiscal 2017 compared to US$5.7 million in the first half of 2016. IFRS net earnings in the first half of 2017 included a foreign exchange gain of US$0.2 million compared to a foreign exchange gain of US$1.4 million in the first half of 2016.
Adjusted EBITDA* totaled US$4.9 million, or 8.1% of sales, in the second quarter of fiscal 2017 compared to US$5.3 million, or 9.9% of sales, in the second quarter of 2016 and US$6.3 million, or 10.2% of sales, in the first quarter of 2017. At the halfway point of fiscal 2017, adjusted EBITDA totaled US$11.2 million, or 9.2% of sales, compared to US$10.6 million, or 9.7% of sales, in the first half of 2016.
EXFO generated US$14.4 million in cash flows from operating activities in the second quarter of fiscal 2017 and closed the quarter with a cash position of US$52.4 million and no debt.
Following the quarter-end, EXFO acquired Ontology Systems, a technology leader in real-time network topology discovery and service-chain mapping, for a consideration of US$7.6 million, net of cash, plus an earnout based on future sales.
"I am particularly pleased we delivered double-digit, year-over-year revenue growth for a third consecutive quarter, even though bookings were softer than anticipated due to delays in new calendar year budget approvals and deal pushouts," said Germain Lamonde, EXFO's Founder, Chairman and CEO. "We delivered strong sales growth in the optical and 100 Gbit/s transport markets, both in the field and lab, and continued strengthening our leadership position with major product launches in the 200 Gbit/s and 400 Gbit/s test segments at the recent Optical Fiber Conference. Earlier at Mobile World Congress, we announced the acquisition of Ontology Systems' automated network topology discovery technology and the introduction of accurate, one-way latency monitoring capabilities. Once combined with our 3D analytics platform, these technologies will significantly enhance our real-time monitoring of VoWiFi, OTT video and VoIP services over hybrid physical-virtual networks and strengthen our positioning in the strategic NFV/SDN, 5G and IoT markets."
| Selected Financial Information | | | | | | ||||
| (In thousands of US dollars) | | | | | | ||||
| | | | | | | ||||
| | Q2 2017 | | Q1 2017 | | Q2 2016 | ||||
| | | | | | | ||||
| Physical-layer sales | $ | 38,038 | | $ | 42,016 | | $ | 32,582 | |
| Protocol-layer sales | 22,097 | | 20,009 | | 21,990 | ||||
| Foreign exchange losses on forward exchange contracts | (105) | | (240) | | (975) | ||||
| Total sales | $ | 60,030 | | $ | 61,785 | | $ | 53,597 | |
| | | | | | | ||||
| Physical-layer bookings | $ | 34,031 | | $ | 44,090 | | $ | 34,874 | |
| Protocol-layer bookings | 21,992 | | 22,009 | | 25,804 | ||||
| Foreign exchange losses on forward exchange contracts | (105) | | (240) | | (975) | ||||
| Total bookings | $ | 55,918 | | $ | 65,859 | | $ | 59,703 | |
| Book-to-bill ratio (bookings/sales) | 0.93 | | 1.07 | | 1.11 | ||||
| Gross margin before depreciation and amortization* | $ | 37,041 | | $ | 38,972 | | $ | 34,693 | |
| | 61.7% | | 63.1% | | 64.7% | ||||
| | | | | | | ||||
| Other selected information: | | | | | | ||||
| | IFRS net earnings | $ | 1,008 | | $ | 3,303 | | $ | 3,963 |
| | Amortization of intangible assets | $ | 768 | | $ | 427 | | $ | 286 |
| | Stock-based compensation costs | $ | 353 | | $ | 258 | | $ | 314 |
| | Net income tax effect of the above items | $ | (162) Werbung Mehr Nachrichten zur EXFO Aktie kostenlos abonnieren
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