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ADVA Optical Networking's Sales Grow 10 Percent
ADVA Optical Networking announced Q2 2009 financial results for the quarter ended June 30, 2009, and prepared in accordance with International Financial Reporting Standards (IFRS).
Q2 2009 IFRS FINANCIAL RESULTS
Revenues in Q2 2009 at EUR 58.2 million were higher than guidance of between EUR 51 million and EUR 56 million, up 10.4% vs. Q2 2008 at EUR 52.7 million and up 2.1% sequentially vs. EUR 56.9 million reported in Q1 2009. IFRS pro forma operating income, excluding stock-based compensation and amortization & impairment of goodwill & acquisition-related intangible assets, amounted to EUR 1.1 million or 1.9% of revenues in Q2 2009, at the upper end of guidance of between -3% and +2% of revenues. This compares to EUR -0.1 million or -0.1% of revenues in both Q2 2008 and Q1 2009. Year-on-year, the pro forma operating income improvement is largely due to higher revenues and lower development expenses and tempered by a reduction in pro forma gross margin.
The IFRS operating income in Q2 2009 was EUR 0.2 million, after an operating loss of EUR 2.6 million in Q2 2008. The key drivers for this improvement are the above-mentioned increase of pro forma operating income as well as reduced amortization of intangible assets of EUR 0.6 million after EUR 2.0 million in Q2 2008.
The IFRS net income in Q2 2009 was EUR 0.5 million, after a loss of EUR 2.7 million in Q2 2008. Beyond the factors impacting the operating result, Q2 2009 net foreign currency exchange gains of EUR 0.1 million after losses of EUR 0.1 million in Q2 2008 contributed to the improvement of net profit. Basic and diluted IFRS net earnings per share were EUR 0.01 each in Q2 2009 after EUR -0.06 each in Q2 2008.
“Once again, we are extremely pleased with our Q2 2009 revenues of EUR 58.2 million, which exceed guidance and are up for the fourth consecutive quarter, an impressive 10.4% year-on-year growth, reflecting the strong long-term growth trend in our market and our ability to execute in challenging times. Our pro forma gross margin decreased from 43.7% in Q2 2008 to 41.3% in Q2 2009, related to the typical quarterly variability of our customer and product mix. At EUR 1.1 million or 1.9% of revenues, pro forma operating income in Q2 2009 was still at the upper end of guidance between -3% and +2% of revenues. Excluding one-off reshaping costs in North America, our pro forma operating income would have been at EUR 1.4 million or 2.4% of revenues, exceeding guidance. Further working capital improvements again resulted in all-time-high values for cash & cash equivalents and net liquidity of EUR 50.4 million and EUR 17.5 million, respectively, at the end of Q2 2009, up EUR 2.6 million and EUR 3.3 million, respectively, vs. the end of the previous quarter,” commented Jaswir Singh, chief financial officer and chief operations officer of ADVA Optical Networking.
Q2 2009 IFRS FINANCIAL RESULTS
Revenues in Q2 2009 at EUR 58.2 million were higher than guidance of between EUR 51 million and EUR 56 million, up 10.4% vs. Q2 2008 at EUR 52.7 million and up 2.1% sequentially vs. EUR 56.9 million reported in Q1 2009. IFRS pro forma operating income, excluding stock-based compensation and amortization & impairment of goodwill & acquisition-related intangible assets, amounted to EUR 1.1 million or 1.9% of revenues in Q2 2009, at the upper end of guidance of between -3% and +2% of revenues. This compares to EUR -0.1 million or -0.1% of revenues in both Q2 2008 and Q1 2009. Year-on-year, the pro forma operating income improvement is largely due to higher revenues and lower development expenses and tempered by a reduction in pro forma gross margin.
The IFRS operating income in Q2 2009 was EUR 0.2 million, after an operating loss of EUR 2.6 million in Q2 2008. The key drivers for this improvement are the above-mentioned increase of pro forma operating income as well as reduced amortization of intangible assets of EUR 0.6 million after EUR 2.0 million in Q2 2008.
The IFRS net income in Q2 2009 was EUR 0.5 million, after a loss of EUR 2.7 million in Q2 2008. Beyond the factors impacting the operating result, Q2 2009 net foreign currency exchange gains of EUR 0.1 million after losses of EUR 0.1 million in Q2 2008 contributed to the improvement of net profit. Basic and diluted IFRS net earnings per share were EUR 0.01 each in Q2 2009 after EUR -0.06 each in Q2 2008.
“Once again, we are extremely pleased with our Q2 2009 revenues of EUR 58.2 million, which exceed guidance and are up for the fourth consecutive quarter, an impressive 10.4% year-on-year growth, reflecting the strong long-term growth trend in our market and our ability to execute in challenging times. Our pro forma gross margin decreased from 43.7% in Q2 2008 to 41.3% in Q2 2009, related to the typical quarterly variability of our customer and product mix. At EUR 1.1 million or 1.9% of revenues, pro forma operating income in Q2 2009 was still at the upper end of guidance between -3% and +2% of revenues. Excluding one-off reshaping costs in North America, our pro forma operating income would have been at EUR 1.4 million or 2.4% of revenues, exceeding guidance. Further working capital improvements again resulted in all-time-high values for cash & cash equivalents and net liquidity of EUR 50.4 million and EUR 17.5 million, respectively, at the end of Q2 2009, up EUR 2.6 million and EUR 3.3 million, respectively, vs. the end of the previous quarter,” commented Jaswir Singh, chief financial officer and chief operations officer of ADVA Optical Networking.
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