EXFO Reports Record Sales and Bookings for Third Quarter of Fiscal 2010


    
    - Sales increase 44.9% year-over-year to US$63.2 million
    - Bookings improve 58.2% year-over-year to US$63.6 million, book-to-bill
      ratio of 1.01
    - Gross margin reaches 62.3%
    - EBITDA amounts to US$5.7 million or 9.1% of sales
    
</pre>
<p/>
<p><span class="xn-location">QUEBEC</span> CITY, <span class="xn-chron">June 29</span> /CNW Telbec/ - EXFO Inc. (NASDAQ:   EXFO; TSX: EXF) reported today record sales and bookings for its third quarter ended <span class="xn-chron">May 31, 2010</span>.</p>
<p>Sales increased 44.9% to US$63.2 million in the third quarter of fiscal 2010 from US$43.6 million in the third quarter of 2009 and 16.8% from US$54.1 million in the second quarter of 2010. NetHawk Oyj, which was acquired in mid-March, contributed US$6.0 million to EXFO's revenues in the third quarter of 2010. After three quarters into fiscal 2010, sales increased 19.4% to US$162.9 million from US$136.4 million for the same period in 2009.</p>
<p>Net bookings improved 58.2% to US$63.6 million in the third quarter of fiscal 2010 from US$40.2 million in the same period last year and 10.0% from US$57.8 million in the second quarter of 2010. The company's book-to-bill ratio was 1.01 in the third quarter of 2010 and 1.07 after three quarters into 2010.</p>
<p>Gross margin reached 62.3% of sales in the third quarter of fiscal 2010 compared to 62.3% in the third quarter of 2009 and 60.0% in the second quarter of 2010. After three quarters into fiscal 2010, gross margin attained 62.0% compared to 61.7% after three quarters into 2009.</p>
<p>GAAP net earnings in the third quarter of fiscal 2010 totaled US$0.2 million, or US$0.00 per diluted share, compared to a net loss of US$23.3 million, or US$0.39 per share, in the same period last year and net earnings of US$1.2 million, or US$0.02 per diluted share, in the second quarter of fiscal 2010. It should be noted that EXFO recorded a pre-tax foreign exchange loss of US$1.2 million in the third quarter of fiscal 2010 compared to a loss of US$4.7 million in the third quarter of 2009 and a loss of US$1.0 million in the second quarter of 2010. EXFO also incurred US$21.7 million in impairment of goodwill in the third quarter of 2009. GAAP net earnings in the third quarter of fiscal 2010 included US$2.4 million in amortization of intangible assets and US$0.4 million in stock-based compensation costs. The former item resulted in an income tax recovery of US$0.2 million.</p>
<p>After three quarters into fiscal 2010, GAAP net earnings amounted to US$1.7 million, or US$0.03 per diluted share, compared to a loss of US$15.4 million, or US$0.25 per share, for the same period in 2009. GAAP net earnings after three quarters into 2010 included US$5.3 million in amortization of intangible assets and US$1.3 million in stock-based compensation costs. The former item resulted in an income tax recovery of US$1.2 million.</p>
<p>"I'm quite pleased with our execution so far in fiscal 2010 as we continue to outperform our industry through robust organic sales growth, while initiating key transformations like the recent acquisition of wireless test leader NetHawk to benefit from exciting growth opportunities for years to come," said Germain Lamonde, EXFO's Chairman, President and CEO. "Within the wireline and wireless markets, our positioning and ability to make a real difference for our global customer base keeps improving, largely due to highly differentiated solutions and the significant synergies that exist between our various product lines. As our revenue mix gradually shifts towards higher-margin transport and datacom, service assurance and wireless test solutions, earnings leverage will improve which is aligned with our commitment to increase EBITDA (in dollars) faster than sales."</p>
<p/>
<pre>
    
    Unaudited Selected Financial Information
    (In thousands of US dollars)

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Segmented results:                   Q3 2010       Q3 2009       Q2 2010
                                    -----------------------------------------
      Sales:
      Telecom Division               $    55,930   $    39,047   $    47,951
      Life Sciences and Industrial
       Division                            7,280         4,589         6,159
                                    -----------------------------------------
      Total                          $    63,210   $    43,636   $    54,110
                                    -----------------------------------------
                                    -----------------------------------------

      Earnings (loss) from operations:
      Telecom Division               $     1,932   $   (21,990)  $     2,748
      Life Sciences and Industrial
       Division                            1,031           438         1,187
                                    -----------------------------------------
      Total                          $     2,963   $   (21,552)  $     3,935
                                    -----------------------------------------
                                    -----------------------------------------

      Other selected information:
      GAAP net earnings (loss)       $       169   $   (23,346)  $     1,154
      Selected items included in
       GAAP net earnings (loss):
      Amortization of intangible
       assets                        $     2,354   $     1,355   $     1,502
      Stock-based compensation costs $       426   $       383   $       469
      Impairment of goodwill         $         -   $    21,713   $         -
      Income tax effect of the above
       selected items                $      (208)  $    (2,273)  $      (484)
    -------------------------------------------------------------------------
    
</pre>
<p/>
<p>Operating Expenses</p>
<p/>
<p>Selling and administrative expenses totaled US$20.6 million, or 32.5% of sales, in the third quarter of fiscal 2010 compared to US$16.7 million, or 38.3% of sales, in the same period last year and US$16.9 million, or 31.3% of sales, in the second quarter of 2010.</p>
<p>Gross research and development expenses amounted to US$14.0 million, or 22.1% of sales, in the third quarter of fiscal 2010 compared to US$9.3 million, or 21.4% of sales, in the third quarter of 2009 and US$10.4 million, or 19.2% of sales, in the second quarter of 2010.</p>
<p>Net R&D expenses totaled US$11.9 million, or 18.8% of sales, in the third quarter of fiscal 2010 compared to US$7.8 million, or 17.8% of sales, in the same period last year and US$8.8 million, or 16.3% of sales, in the second quarter of 2010.</p>
<p/>
<p>Third-Quarter Highlights</p>
<p/>
<p>IP Fixed-Mobile Network Convergence and Broadband Deployments - EXFO closed the acquisition of NetHawk Oyj, a leading supplier of 2G, 3G and 4G/LTE protocol analyzers and simulators for the wireless industry, in the third quarter of fiscal 2010. This strategic acquisition transforms EXFO into a major force in the 3G and 4G/LTE wireless test market, and positions the company among the top-five suppliers in the global telecom test and service assurance industry with end-to-end assessment of the performance and reliability of converged, IP fixed and mobile networks.</p>
<p>In terms of new product introductions, EXFO released optical transport network (OTN) testing capabilities for its 40G and 100G Packet Blazer product line as well as software for characterizing the transport of Fibre Channel services over OTN.</p>
<p>Profitable Growth Path - EXFO reported EBITDA of US$5.7 million, or 9.1% of sales, in the third quarter of fiscal 2010 on revenue of US$63.2 million compared to negative EBITDA of <span class="xn-money">$2.0 million</span> in the third quarter of 2009 on revenue of US$43.6 million. It should be noted the company recorded a pre-tax foreign exchange loss of US$1.2 million in the third quarter of 2010 and US$4.7 million in the same period in 2009. Foreign exchange losses or gains are included in EBITDA. After three quarters into fiscal 2010, EXFO posted EBITDA of US$15.8 million, or 9.7% of sales, on revenue of US$162.9 million. See the section below entitled, "Non-GAAP Financial Measure," for a reconciliation of EBITDA with GAAP net earnings (loss).</p>
<p/>
<p>Business Outlook</p>
<p/>
<p>EXFO forecasted sales between US$61 million and US$66 million and GAAP net results between a loss of US$0.01 per share and earnings of US$0.03 per share for the fourth quarter of 2010. GAAP net results assume a pre-tax foreign exchange loss of US$0.01 per share and include US$0.04 per share in after-tax amortization of intangible assets and stock-based compensation costs.</p>
<p>Guidance was established by management based on existing backlog as of the date of this press release, seasonality, expected bookings for the remainder of the quarter and volatile exchange rates.</p>
<p/>
<p>Conference Call and Webcast</p>
<p/>
<p>EXFO will host a conference call today at <span class="xn-chron">5 p.m. (Eastern time</span>) to review its financial results for the third quarter of fiscal 2010. To listen to the conference call and participate in the question period via telephone, dial 1-416-981-9076. Germain Lamonde, Chairman, President and CEO, and <span class="xn-person">Pierre Plamondon</span>, CA, Vice-President of Finance and Chief Financial Officer, will participate in the call. An audio replay of the conference call will be available one hour after the event until <span class="xn-chron">7 p.m.</span> on <span class="xn-chron">July 6, 2010</span>. The replay number is 1-402-977-9141 and the reservation number is 21469623. The audio Webcast and replay of the conference call will also be available on EXFO's Website at <a href="http://www.EXFO.com">www.EXFO.com</a>, under the Investors section.</p>
<p/>
<p>About EXFO</p>
<p/>
<p>EXFO is a leading provider of next-generation test and service assurance solutions for wireless and wireline network operators and equipment manufacturers in the global telecommunications industry. The Telecom Division, which accounts for about 90% of the company's revenues, offers core-to-edge solutions that assess the performance and reliability of converged, IP fixed and mobile networks. Key technologies supported include 3G, 4G/LTE, IMS, Ethernet, OTN, xDSL, and various optical technologies accounting for an estimated 33% of the portable fiber-optic test market. The Life Sciences and Industrial Division provides solutions in medical device and opto-electronics assembly, fluorescence microscopy and other life science sectors. EXFO has a staff of approximately 1,600 people in 25 countries, supporting more than 2,000 customers worldwide. For more information, visit <a href="http://www.EXFO.com">www.EXFO.com</a>.</p>
<p/>
<p>Forward-Looking Statements</p>
<p/>
<p>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 our ability to successfully integrate our acquired and to-be-acquired businesses; fluctuating exchange rates; consolidation in the global telecommunications test, measurement and service assurance industry and increased competition among vendors; 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 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 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 press release. 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.</p>
<p/>
<p>Non-GAAP Financial Measure</p>
<p/>
<p>EXFO's provide a non-GAAP financial measure (EBITDA*) as supplemental information regarding its operational performance. The company uses this measure for the purposes of evaluating historical and prospective financial performance, as well as its performance relative to competitors. This measure also helps EXFO to plan and forecast future periods as well as to make operational and strategic decisions. EXFO believes that providing this information, in addition to GAAP measures, allows investors to see the company's results through the eyes of management, and to better understand historical and future financial performance.</p>
<p>The presentation of this additional information is not prepared in accordance with GAAP. Therefore, the information may not necessarily be comparable to that of other companies and should be considered as a supplement to, not a substitute for, the corresponding measures calculated in accordance with GAAP.</p>
<p/>
<p>The following table summarizes the reconciliation of EBITDA to GAAP net earnings (loss) in thousands of US dollars:</p>
<p/>
<pre>
    
                      Three months   Nine months  Three months   Nine months
                             ended         ended         ended         ended
                      May 31, 2010  May 31, 2010  May 31, 2009  May 31, 2009
                      ------------- ------------- ------------- -------------
    GAAP net earnings
     (loss) for the
     period            $       169   $     1,657   $   (23,346)  $   (15,404)

    Add (deduct):

    Amortization of
     property, plant
     and equipment           1,643         4,246         1,166         3,374
    Amortization of
     intangible assets       2,354         5,325         1,355         3,920
    Interest expense
     (income)                   59           177           (42)         (683)
    Income taxes
     (recovery)              1,524         4,435        (2,851)          198
    Impairment
     of goodwill                 -             -        21,713        21,713
                      ------------- ------------- ------------- -------------

    EBITDA for
     the period        $     5,749   $    15,840   $    (2,005)  $    13,118
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------

    EDITDA in percentage
     of sales                  9.1%          9.7%         (4.6)%         9.6%
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------

    * EBITDA is defined as net earnings (loss) before interest, income
        taxes, amortization of property, plant and equipment, amortization
        of intangible assets and impairment of goodwill.



                                  EXFO Inc.
                 Unaudited Interim Consolidated Balance Sheet

                         (in thousands of US dollars)

                                                         As at         As at
                                                        May 31,    August 31,
                                                          2010          2009
                                                  ------------- -------------

    Assets

    Current assets
    Cash                                           $    18,456   $    10,611
    Short-term investments                               6,762        59,105
    Accounts receivable
      Trade                                             47,357        22,946
      Other                                              6,267         2,752
    Income taxes and tax credits recoverable             4,201         2,353
    Inventories                                         41,742        30,863
    Prepaid expenses                                     3,304         2,043
    Future income taxes                                  6,670         5,538
                                                  ------------- -------------

                                                       134,759       136,211

    Tax credits recoverable                             31,382        26,762

    Forward exchange contracts                             559           428

    Property, plant and equipment                       23,119        19,100

    Intangible assets                                   28,788        16,859

    Goodwill                                            34,293        22,478

    Future income taxes                                 13,837        18,533
                                                  ------------- -------------

                                                   $   266,737   $   240,371
                                                  ------------- -------------
                                                  ------------- -------------
    Liabilities

    Current liabilities
    Accounts payable and accrued liabilities       $    30,653   $    21,650
    Current portion of long-term debt                      551             -
    Deferred revenue                                    10,482         6,481
                                                  ------------- -------------

                                                        41,686        28,131

    Future income taxes                                    446             -
    Deferred revenue                                     4,754         4,195
    Long-term debt                                       1,654             -
                                                  ------------- -------------

                                                        48,540        32,326
                                                  ------------- -------------

    Shareholders' equity

    Share capital                                      106,018       104,846
    Contributed surplus                                 18,159        17,758
    Retained earnings                                   45,566        43,909
    Accumulated other comprehensive income              48,454        41,532
                                                  ------------- -------------

                                                       218,197       208,045
                                                  ------------- -------------

                                                   $   266,737   $   240,371
                                                  ------------- -------------
                                                  ------------- -------------


                                  EXFO Inc.
            Unaudited Interim Consolidated Statements of Earnings

        (in thousands of US dollars, except share and per share data)

                      Three months   Nine months  Three months   Nine months
                             ended         ended         ended         ended
                      May 31, 2010  May 31, 2010  May 31, 2009  May 31, 2009
                      ------------- ------------- ------------- -------------

    Sales              $    63,210   $   162,880   $    43,636   $   136,371

    Cost of sales
     (1,2)                  23,832        61,903        16,441        52,274
                      ------------- ------------- ------------- -------------

    Gross margin            39,378       100,977        27,195        84,097
                      ------------- ------------- ------------- -------------

    Operating
     expenses
    Selling and
     adminis-
     trative(1)             20,562        52,842        16,732        49,623
    Net research
     and
     development(1)         11,856        28,938         7,781        22,327
    Amortization
     of property,
     plant and
     equipment               1,643         4,246         1,166         3,374
    Amortization
     of intangible
     assets                  2,354         5,325         1,355         3,920
    Impairment of
     goodwill                    -             -        21,713        21,713
                      ------------- ------------- ------------- -------------

    Total operating
     expenses               36,415        91,351        48,747       100,957
                      ------------- ------------- ------------- -------------

    Earnings (loss)
     from operations         2,963         9,626       (21,552)      (16,860)

    Interest income
     (expense), net            (59)         (177)           42           683
    Foreign exchange
     gain (loss)            (1,211)       (3,357)       (4,687)          971
                      ------------- ------------- ------------- -------------

    Earnings (loss)
     before income
     taxes                   1,693         6,092       (26,197)      (15,206)

    Income taxes
    Current                    326           177           (88)          148
    Future                   1,198         4,258        (2,763)           50
                      ------------- ------------- ------------- -------------

                             1,524         4,435        (2,851)          198
                      ------------- ------------- ------------- -------------

    Net earnings
     (loss) for the
     period            $       169   $     1,657   $   (23,346)  $   (15,404)
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------

    Basic and diluted
     net earnings
     (loss) per share  $      0.00   $      0.03   $     (0.39)  $     (0.25)

    Basic weighted
     average number of
     shares
     outstanding
     (000's)                59,532        59,448        59,613        62,609

    Diluted weighted
     average number
     of shares
     outstanding
     (000's)                60,894        60,516        59,613        62,609

    (1) Stock-based
        compensation
        costs
        included in:
        Cost of sales  $        20   $       104   $        37   $        97
        Selling and
         administra-
         tive                  269           839           238           637
        Net research
         and develop-
         ment                  137           370           108           296
                      ------------- ------------- ------------- -------------

                       $       426   $     1,313   $       383   $     1,030
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------

    (2) The cost of sales is exclusive of amortization, shown separately.


                                  EXFO Inc.
    Unaudited Interim Consolidated Statements of Comprehensive Income (Loss)
                 and Accumulated Other Comprehensive Income

                         (in thousands of US dollars)

    Comprehensive income
     (loss)

                      Three months   Nine months  Three months   Nine months
                             ended         ended         ended         ended
                      May 31, 2010  May 31, 2010  May 31, 2009  May 31, 2009
                      ------------- ------------- ------------- -------------

    Net earnings
     (loss) for the
     period            $       169   $     1,657   $   (23,346)  $   (15,404)
    Foreign currency
     translation
     adjustment             (2,656)        6,146        31,986        (9,593)
    Changes in
     unrealized
     losses on
     short-term
     investments                 -             -             -            22
    Unrealized gains
     (losses) on
     forward
     exchange
     contracts                 545         1,867         7,425        (1,238)
    Reclassification
     of realized
     gains (losses)
     on forward
     exchange
     contracts in net
     earnings (loss)          (436)         (741)        1,849         3,083
    Future income
     taxes effect of
     the above items           (34)         (350)       (2,875)         (572)
                      ------------- ------------- ------------- -------------

    Comprehensive
     income (loss)     $    (2,412)  $     8,579   $    15,039   $   (23,702)
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------


    Accumulated other comprehensive income
                                                       Nine months ended
                                                             May 31,
                                                  ---------------------------

                                                          2010          2009
                                                  ------------- -------------

    Foreign currency translation adjustment
      Cumulative effect of prior periods           $    40,458   $    51,129
      Current period                                     6,146        (9,593)
                                                  ------------- -------------

                                                        46,604        41,536
                                                  ------------- -------------

    Unrealized gains (losses) on forward
     exchange contracts
      Cumulative effect of prior periods                 1,076           (96)
      Current period, net of realized gains
       (losses) and future income taxes                    776         1,273
                                                  ------------- -------------

                                                         1,852         1,177
                                                  ------------- -------------
    Unrealized losses on short-term investments
      Cumulative effect of prior periods                    (2)          (24)
      Current period, net of future income taxes             -            22
                                                  ------------- -------------

                                                            (2)           (2)
                                                  ------------- -------------

    Accumulated other comprehensive income         $    48,454   $    42,711
                                                  ------------- -------------
                                                  ------------- -------------


                                  EXFO Inc.
       Unaudited Interim Consolidated Statements of Retained Earnings
                           and Contributed Surplus

                         (in thousands of US dollars)

    Retained earnings

                                                       Nine months ended
                                                             May 31,
                                                  ---------------------------

                                                          2010          2009
                                                  ------------- -------------

    Balance - Beginning of the period              $    43,909   $    60,494

    Add (deduct)
    Net earnings (loss) for the period                   1,657       (15,404)
                                                  ------------- -------------

    Balance - End of the period                    $    45,566   $    45,090
                                                  ------------- -------------
                                                  ------------- -------------

    Contributed surplus

                                                       Nine months ended
                                                             May 31,
                                                  ---------------------------

                                                          2010          2009
                                                  ------------- -------------

    Balance - Beginning of the period              $    17,758   $     5,226

    Add (deduct)
    Stock-based compensation costs                       1,293         1,012
    Reclassification of stock-based compensation
     costs to share capital upon exercise of
     stock awards                                         (895)         (460)
    Discount on redemption of share capital                  3        11,257
                                                  ------------- -------------

    Balance - End of the period                    $    18,159   $    17,035
                                                  ------------- -------------
                                                  ------------- -------------


                                  EXFO Inc.
           Unaudited Interim Consolidated Statements of Cash Flows

                         (in thousands of US dollars)

                      Three months   Nine months  Three months   Nine months
                             ended         ended         ended         ended
                      May 31, 2010  May 31, 2010  May 31, 2009  May 31, 2009
                      ------------- ------------- ------------- -------------

    Cash flows from
     operating
     activities
    Net earnings
     (loss) for the
     period            $       169   $     1,657   $   (23,346)  $   (15,404)
    Add (deduct)
     items not
     affecting cash
      Change in
       discount on
       short-term
       investments              16            25           (18)          573
      Stock-based
       compensation
       costs                   426         1,313           383         1,030
      Amortization           3,997         9,571         2,521         7,294
      Deferred
       revenue                (515)        2,408          (178)        3,245
      Write-down of
       capital
       assets                    -             -           237           237
      Impairment of
       goodwill                  -             -        21,713        21,713
      Future income
       taxes                 1,198         4,258        (2,763)           50
      Change in
       unrealized
       foreign
       exchange gain/
       loss                 (1,090)          (47)        2,516        (1,541)
                      ------------- ------------- ------------- -------------

                             4,201        19,185         1,065        17,197

    Change in non-cash
     operating items
      Accounts
       receivable           (9,028)      (18,257)        3,456           639
      Income taxes
       and tax
       credits              (1,644)       (5,015)       (1,845)       (2,189)
      Inventories           (3,984)       (7,097)          568           689
      Prepaid
       expenses                458          (157)         (104)         (338)
      Accounts payable
       and accrued
       liabilities          (1,723)        1,952        (1,301)         (539)
                      ------------- ------------- ------------- -------------

                           (11,720)       (9,389)        1,839        15,459
                      ------------- ------------- ------------- -------------
    Cash flows from
     investing
     activities
    Additions to
     short-term
     investments           (32,285)     (212,882)      (94,435)     (349,899)
    Proceeds from
     disposal and
     maturity of
     short-term
     investments            82,887       269,149        97,936       374,042
    Additions to
     capital
     assets                 (3,411)       (6,220)       (1,507)       (5,967)
    Business
     combinations,
     net of cash
     acquired              (32,696)      (32,696)       (2,414)       (2,414)
                      ------------- ------------- ------------- -------------

                            14,495        17,351          (420)       15,762
                      ------------- ------------- ------------- -------------
    Cash flows from
     financing
     activities
    Exercise of stock
     options                   167           294            10            41
    Redemption of
     share capital               -           (14)            -       (26,078)
                      ------------- ------------- ------------- -------------

                               167           280            10       (26,037)
                      ------------- ------------- ------------- -------------

    Effect of foreign
     exchange rate
     changes on cash          (365)         (397)          424           (15)
                      ------------- ------------- ------------- -------------

    Change in cash           2,577         7,845         1,853         5,169

    Cash - Beginning
     of period              15,879        10,611         9,230         5,914
                      ------------- ------------- ------------- -------------

    Cash - End of
     period            $    18,456   $    18,456   $    11,083   $    11,083
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------
    

For further information: For further information: Vance Oliver, Manager, Investor Relations, (418) 683-0913, Ext. 3733, vance.oliver@exfo.com

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