EXFO Announces Preliminary Results for Third Quarter of Fiscal 2009
June 01 2009 - 4:00PM
PR Newswire (US)
QUEBEC CITY, June 1 /PRNewswire-FirstCall/ -- EXFO Electro-Optical
Engineering Inc. (NASDAQ: EXFO; TSX: EXF) announced today
preliminary results for the third quarter ended May 31, 2009.
EXFO's third quarter was marked by a significant 16.4% decrease of
the US dollar versus the Canadian dollar, including 15.4% in April
and May. Guidance for the third quarter of fiscal 2009 had been
established on March 31, 2009, based on the relative stability of
the Canadian/US exchange rate. This major fluctuation will create a
pre-tax foreign exchange loss of approximately US$5 million, or
US$0.08 per diluted share, in the third quarter of 2009 and an
additional negative impact on operating expenses and cost of goods
sold. Consequently, EXFO expects to incur a GAAP net loss between
US$0.07 and US$0.06 per diluted share compared to forecasted GAAP
net earnings between US$0.01 and US$0.05 per diluted share. EXFO
also anticipates that revenues will finish between US$43 million
and US$44 million for the third quarter of 2009, slightly below the
forecasted range due to the global economic recession. All
financial numbers provided in this press release are preliminary
and subject to review. EXFO will announce its complete results for
the third quarter of fiscal 2009 after the close of markets on June
30, 2009. About EXFO EXFO is a leading provider of test and service
assurance solutions for network service providers and equipment
manufacturers in the global telecommunications industry. The
Telecom Division offers a wide range of innovative solutions
extending across the full technology lifecycle - from design to
technology deployment and onto service assurance - and covering all
layers on a network infrastructure to enable triple-play services
and next-generation, converged IP networking. The Life Sciences and
Industrial Division offers solutions in medical device and
opto-electronics assembly, fluorescence microscopy and other life
science sectors. For more information, visit http://www.exfo.com/.
Forward-Looking Statements This press release contains
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995, and we intend that such
forward-looking statements be subject to the safe harbors created
thereby. Forward-looking statements are statements other than
historical information or statements of current condition. Words
such as may, will, expect, believe, anticipate, intend, could,
estimate, continue, or the negative or comparable terminology are
intended to identify forward-looking statements. In addition, any
statements that refer to expectations, projections or other
characterizations of future events and circumstances are considered
forward-looking statements. They are not guarantees of future
performance and involve risks and uncertainties. Actual results may
differ materially from those in forward-looking statements due to
various factors including consolidation in the global
telecommunications test, measurement and service assurance
industry; capital spending levels in the telecommunications, life
sciences and high-precision assembly sectors; concentration of
sales; fluctuating exchange rates and our ability to execute in
these uncertain conditions; the effects of the additional actions
we have taken in response to such economic uncertainty (including
our ability to quickly adapt cost structures with anticipated
levels of business, ability to manage inventory levels with market
demand); market acceptance of our new products and other upcoming
products; limited visibility with regards to customer orders and
the timing of such orders; our ability to successfully integrate
our acquired and to-be-acquired businesses; our ability to
successfully expand international operations; the retention of key
technical and management personnel; and future economic,
competitive, financial and market conditions, including slow-down
or recession in the global economy. Assumptions relating to the
foregoing involve judgments and risks, all of which are difficult
or impossible to predict and many of which are beyond our control.
Other risk factors that may affect our future performance and
operations are detailed in our Annual Report, on Form 20-F, and our
other filings with the U.S. Securities and Exchange Commission and
Canadian securities commissions. We believe that the expectations
reflected in the forward-looking statements are reasonable based on
information currently available to us, but we cannot assure you
that the expectations will prove to have been correct. Accordingly,
you should not place undue reliance on these forward-looking
statements. These statements speak only as of the date of this
document. Unless required by law or applicable regulations, we
undertake no obligation to revise or update any of them to reflect
events or circumstances that occur after the date of this document.
DATASOURCE: EXFO ELECTRO-OPTICAL ENGINEERING INC. CONTACT: Vance
Oliver, Manager, Investor Relations, (418) 683-0913, Ext. 3733,
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