Product category:
Manufacturing communication infrastructure
News Release from: Adva Optical Networking
Edited by the Manufacturingtalk Editorial
Team on 10 November 2006
Strong revenue growth and profitability
Q3 2006 revenues up 58% on Q3 2005 to reach a new all-time high of EUR 53.1 million
Adva Optical Networking has announced Q3 2006 financial results for the quarter ended September 30, 2006, and prepared in accordance with International Financial Reporting Standards (IFRS) Adva Optical Networking today also published key financials as per US Generally Accepted Accounting Principles (US GAAP), the accounting framework applied in financial statements published prior to the release of the annual report 2005
This article was originally published on Manufacturingtalk on 9 Jan 2007 at 8.00am (UK)
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Including the operations of recently acquired Movaz Networks since July 12, 2006, in Q3 2006 revenues totaled EUR 53.1 million, up 58% when compared to EUR 33.7 million in Q3 2005 and up 29% when compared to EUR 41.2 million in Q2 2006, respectively.
IFRS pro forma operating income, excluding stock-based compensation and amortization and impairment of goodwill and acquisition-related intangible assets, was at EUR 0.9 million in Q3 2006 after EUR 5.6 million in Q3 2005, primarily driven by initially lower gross margin Movaz operations, variations in product and customer mix as well as expanded research and development expenses.
IFRS pro forma quarterly net profit was at EUR 0.4 million in Q3 2006 after EUR 4.0 million in Q3 2005, with diluted pro forma net earnings per share of EUR 0.01 in Q3 2006 after EUR 0.11 in Q3 2005.
In Q3 2006, Adva Optical Networking experienced an IFRS actual net loss of EUR 4.3 million due to the factors mentioned above as well as initially high amortization of intangible assets of EUR 4.0 million largely related to the Movaz acquisition.
This compared to an IFRS actual net profit of EUR 3.6 million in Q3 2005.
Diluted net earnings per share were EUR -0.10 in Q3 2006 and EUR 0.10 in Q3 2005.
Andreas Rutsch, Adva Optical Networking's chief financial officer, comments: "With Q3 2006, Adva Optical Networking concluded eleven consecutive quarters of growth in revenues since Q1 2004, reflecting the strong and sustainable underlying market growth and our excellence in steadily growing our business".
"IFRS pro forma operating income in Q3 2006 at EUR 0.9 million or 2% of revenues was at the upper end of our guidance".
"We expect a sustainable improvement of our IFRS pro forma operating income already in Q4 2006 due to higher revenues and improved gross margins".
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