EXFO Announces Positive Preliminary Results for First Quarter of FY 2010
November 30 2009 - 6:00PM
PR Newswire (US)
- GAAP net earnings and sales to finish above guidance range -
Book-to-bill ratio above 1 QUEBEC CITY, Nov. 30
/PRNewswire-FirstCall/ -- EXFO Electro-Optical Engineering Inc.
(NASDAQ: EXFO; TSX: EXF) announced today preliminary results for
the first quarter ended November 30, 2009. Given a
stronger-than-anticipated US dollar versus Canadian dollar and
higher sales volume, EXFO's management now expects GAAP net
earnings to finish between US$0.00 and US$0.01 per diluted share
for the first quarter of fiscal 2010. The company had previously
forecasted a GAAP net loss between US$0.06 and US$0.02 per share,
partially based on an anticipated pre-tax, foreign exchange loss of
US$0.03 per share to account for the significant weakness of the US
dollar in days preceding the issuing of company guidance on October
13, 2009. EXFO also anticipates that revenues will fall between
US$45 and US$46 million for the first quarter of fiscal 2010,
slightly above the US$40 to US$45 million guidance range, due to
stronger bookings than expected. The company's book-to-bill ratio
is expected to be above 1 for the quarter. All financial numbers
provided in this press release are preliminary and subject to
review. EXFO will announce its complete results for the first
quarter of fiscal 2010 after the close of markets on January 12,
2010. About EXFO EXFO is a leading provider of test and service
assurance solutions for network operators and equipment
manufacturers in the global telecommunications industry. The
Telecom Division, which accounts for almost 90% of the company's
revenues, offers a wide range of innovative solutions to assess
optical networks, from the core to access, as well as
next-generation IP infrastructures and related triple-play
services. 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 the
effect of the worldwide recession and the timing of the expected
recovery on the telecom market for our customers and suppliers;
fluctuating exchange rates and our ability to execute in these
uncertain conditions; 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; 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 condition. 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 the 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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