EXFO Announces Preliminary Results for Third Quarter of Fiscal 2009

    QUEBEC CITY, June 1 /CNW Telbec/ - 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 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

For further information:

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

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