• Resources
  • Blog
  • Journalists
  • Webcasts
  • Data Privacy
  • Français
  • my CNW 
    • Login
    • Register
  • Client Login 
    • Online Member Centre
    • Next Gen Communications Cloud
    • Cision Communications Cloud®
  • Sign Up
  • Send a Release
Cision Canada
  • News
  • Products
    • Overview
    • Cision Communications Cloud®
    • Monitoring
    • Distribution
    • Multimedia
    • Measurement & Analytics
    • IR
  • Contact
    • Become a Client
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • General Enquiries
    • Media

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
Advanced Search
    Advanced Search
  • News in Focus
      • Browse News Releases
      • All News Releases
      • All Public Company


      • News Releases Overview
      • Multimedia Gallery
      • All Multimedia
      • All Photos
      • All Videos


      • Multimedia Gallery Overview
      • Trending Topics
      • All Trending Topics


  • Business
      • Auto & Transportation
      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation


      • Auto & Transportation Overview
      • Business Technology
      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors


      • Business Technology Overview
      • Entertain­ment & Media
      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television


      • Entertain­ment & Media Overview
      • Financial Services & Investing
      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Stock Offering
      • Stock Split
      • Venture Capital


      • Financial Services & Investing Overview
      • General Business
      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News


      • General Business Overview
  • Science & Tech
      • Consumer Technology
      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications


      • Consumer Technology Overview
      • Energy & Natural Resources
      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities


      • Energy & Natural Resources Overview
      • Environ­ment
      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters


      • Environ­ment Overview
      • Heavy Industry & Manufacturing
      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco


      • Heavy Industry & Manufacturing Overview
      • Telecomm­unications
      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications


      • Telecomm­unications Overview
  • Lifestyle & Health
      • Consumer Products & Retail
      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys


      • Consumer Products & Retail Overview
      • Entertain­ment & Media
      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television


      • Entertain­ment & Media Overview
      • Health
      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine


      • Health Overview
      • Sports
      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories


      • Sports Overview
      • Travel
      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry


      • Travel Overview
  • Policy & Public Interest
      • Policy & Public Interest
      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Canadian Federal Government
      • Canadian Municipal Government
      • Canadian Provincial Government
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy


      • Policy & Public Interest Overview
  • People & Culture
      • People & Culture
      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women


      • People & Culture Overview
  • Overview
  • Cision Communications Cloud®
  • Monitoring
  • Distribution
  • Multimedia
  • Measurement & Analytics
  • IR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Cision Canada
  • Send a Release
  • FR
    • Phone

    • 877-269-7890 from 8 AM - 10 PM ET

    • ALL CONTACT INFO

      Contact Cision

      877-269-7890
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Business
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Policy & Public Interest
    • Policy & Public Interest
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • People & Culture
    • People & Culture
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Overview
  • Cision Communications Cloud®
  • Monitoring
  • Distribution
  • Multimedia
  • Measurement & Analytics
  • IR
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR

EXFO Reports First-Quarter Results for Fiscal 2015 Français


News provided by

EXFO inc.

Jan 07, 2015, 16:13 ET

Share this article

Share this article


  • Sales reach US$56.7 million, up year-over-year from US$56.0 million
  • Gross margin amounts to 62.6% of sales, up year-over-year from 62.2%
  • Adjusted EBITDA totals US$3.2 million, up year-over-year from US$2.3 million

QUEBEC CITY, Jan. 7, 2015 /CNW Telbec/ - EXFO Inc. (NASDAQ: EXFO;TSX: EXF) reported today financial results for the first quarter ended November 30, 2014.

Sales reached US$56.7 million in the first quarter of fiscal 2015 compared to US$56.0 million in the first quarter of 2014 and US$59.7 million in the fourth quarter of 2014.

Bookings attained US$54.2 million in the first quarter of fiscal 2015 compared to US$57.9 million in the same period last year and US$57.3 million in the fourth quarter of 2014. The company's book-to-bill ratio was 0.96 in the first quarter of 2015.

Gross margin before depreciation and amortization* amounted to 62.6% of sales in the first quarter of fiscal 2015 compared to 62.2% in the first quarter of 2014 and 63.0% in the fourth quarter of 2014.

IFRS net earnings in the first quarter of fiscal 2015 totaled US$1.5 million, or US$0.02 per diluted share, compared to a net loss of US$0.7 million, or US$0.01 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 fourth quarter of 2014. IFRS net earnings in the first quarter of 2015 included US$1.0 million in after-tax amortization of intangible assets, US$0.4 million in stock-based compensation costs and a foreign exchange gain of US$2.0 million.

Adjusted EBITDA** totaled US$3.2 million, or 5.6% of sales, in the first quarter of fiscal 2015 compared to US$2.3 million, or 4.1% of sales, in the first quarter of 2014 and US$5.8 million, or 9.6% of sales, in the fourth quarter of 2014.

"Although market demand remained muted, we recorded year-over-year increases in sales, gross margin and earnings in the first quarter of fiscal 2015," said Germain Lamonde, EXFO's Chairman, President and CEO. "The telecom industry continued morphing from hardware-centric to SDN and NFV architectures (virtualized networks) and from fixed to mobile networking, while industry consolidation is ongoing in the background. I expect these elements to gradually turn into positive drivers for EXFO as fiscal 2015 unfolds, given our strong solutions offering."

"At EXFO, we have progressed against our strategic agenda, evolving into a solutions supplier and strengthening our market position and pipeline, especially in the wireless sector and in end-to-end visibility and customer experience assurance solutions," Mr. Lamonde added. "Considering recent wins at tier-1 network operators, growing business opportunities for our productivity-enhancing, end-to-end solutions and tight internal cost controls, I am pleased with their impact on earnings growth in the first quarter and remain confident EXFO will significantly increase its profitability in fiscal 2015."

Selected Financial Information
(In thousands of US dollars)













    Q1 2015


    Q4 2014


    Q1 2014







Sales

$  56,724


$ 59,742


$ 56,003







Gross margin*

$ 35,487


$ 37,633


$ 34,818


62.6%


63.0%


62.2%







Other selected information:







IFRS net earnings (loss)

$ 1,481


$ 1,204


$ (747)


Amortization of intangible assets

$ 1,098


$ 1,117


$ 1,182


Stock-based compensation costs

$ 400


$ 424


$ 463


Net income tax effect of the above items

$ (58)


$ (62)


$ (67)


Foreign exchange gain (loss)

$ 1,975


$ (334)


$ 802


Adjusted EBITDA**

$ 3,197


$ 5,756


$ 2,292

Operating Expenses
Selling and administrative expenses totaled US$21.0 million, or 37.1% of sales in the first quarter of fiscal 2015 compared to US$21.7 million, or 38.8% of sales, in the same period last year and US$21.5 million, or 35.9% of sales, in the fourth quarter of 2014.

Gross research and development expenses amounted to US$13.3 million, or 23.5% of sales, in the first quarter of fiscal 2015 compared to US$13.3 million, or 23.8% of sales, in the first quarter of 2014 and US$12.5 million, or 20.8% of sales, in the fourth quarter of 2014.

Net R&D expenses totaled US$11.7 million, or 20.6% of sales, in the first quarter of fiscal 2015 compared to US$11.3 million, or 20.1% of sales, in the same period last year and US$10.8 million, or 18.2% of sales, in the fourth quarter of 2014.

First-Quarter Highlights

  • Sales. During the first quarter, EXFO booked a new system order with a tier-1 wireless operator for an initial deployment that should lead to significant revenue over time. EXFO's sales increased year-over-year in Europe, Middle East and Africa (EMEA) and to a lesser extent in Asia-Pacific in the first quarter of 2015 but decreased in the Americas. Geographical split was at 48% from the Americas, 32% from EMEA, and 20% from Asia-Pacific with top customer accounting for 4.1% of sales while the top three represented 11.1%.
  • Profitability. EXFO generated adjusted EBITDA of US$3.2 million, or 5.6% of sales, in the first quarter of 2015. The company also delivered US$1.9 million in cash flows from operating activities. EXFO had a cash position of US$57.6 million and no debt as at November 30, 2014.
  • Innovation.  EXFO launched three new products in the first quarter, including a new version of its TravelHawk Pro, a live 4G/LTE troubleshooting tool now capturing up to 30 Gbit/s of data for deep analysis; CPRI (common public radio interface) test capabilities for the FTB-700G and FTB-800 NetBlazer series that are  critical for fiber-to-the-antenna (FTTA) network deployments; and expanded testing functionalities for the Packet Blazer product family, allowing carrier labs and network equipment manufacturers to fully qualify and test 100G network elements.

Business Outlook
EXFO forecasts sales between US$52.0 million and US$57.0 million for the second quarter of fiscal 2015, while IFRS net results are expected to range between a net loss of US$0.03 per share and net earnings of US$0.01 per share. IFRS net loss/earnings include US$0.02 per share in after-tax amortization of intangible assets and stock-based compensation costs.

This guidance was established by management based on existing backlog as of the date of this press release, seasonality, expected bookings for the remaining of the quarter, as well as exchange rates as of the day of this press release.

Conference Call and Webcast
EXFO will host a conference call today at 5 p.m. (Eastern time) to review its financial results for the first quarter of fiscal 2015. To listen to the conference call and participate in the question period via telephone, dial 1-416-641-6700. Germain Lamonde, Chairman, President and CEO, and Pierre Plamondon, CPA, 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 11:59 p.m. on January 14, 2015. The replay number is 1-402-977-9141 and the reservation number is 21753961. The audio Webcast and replay of the conference call will also be available on EXFO's Website at www.EXFO.com, under the Investors section.

About EXFO
Listed on the NASDAQ and TSX stock exchanges, EXFO is a leading provider of next-generation test, service assurance and end-to-end quality of experience solutions for mobile and fixed network operators and equipment manufacturers in the global telecommunications industry. EXFO's intelligent solutions with contextually relevant analytics improve end-user quality of experience, enhance network performance and drive operational efficiencies throughout the network and service delivery lifecycle. Key technologies supported include 3G, 4G/LTE, VoLTE, IMS, video, Ethernet/IP, SNMP, OTN, FTTx, xDSL and various optical technologies accounting for more than 38% of the global portable fiber-optic test market. EXFO has a staff of approximately 1600 people in 25 countries, supporting more than 2000 customers worldwide. For more information, visit www.EXFO.com and follow us on the EXFO Blog, Twitter, LinkedIn, Facebook, Google+ and YouTube.

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, expect, believe, plan, anticipate, intend, could, estimate, continue, or similar expressions or the negative of such expressions are intended to identify forward-looking statements. In addition, any statement that refers 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, but not limited to, macroeconomic uncertainty as well as capital spending and network deployment levels in the telecommunications industry (including our ability to quickly adapt cost structures with anticipated levels of business and our ability to manage inventory levels with market demand); future economic, competitive, financial and market conditions; consolidation in the global telecommunications test and service assurance industry and increased competition among vendors; capacity to adapt our future product offering to future technological changes; limited visibility with regards to timing and nature of customer orders; longer sales cycles for complex systems involving customers' acceptances delaying revenue recognition; fluctuating exchange rates; concentration of sales; timely release and market acceptance of our new products and other upcoming products; our ability to successfully expand international operations; our ability to successfully integrate businesses that we acquire; and the retention of key technical and management personnel. 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 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.

NON-IFRS MEASURES

EXFO provides non-IFRS measures (gross margin before depreciation and amortization* and adjusted EBITDA**) as supplemental information regarding its operational performance. The company uses these measures for the purpose of evaluating historical and prospective financial performance, as well as its performance relative to competitors. These measures also help the company to plan and forecast for future periods as well as to make operational and strategic decisions. EXFO believes that providing this information, in addition to IFRS measures, allows investors to see the company's results through the eyes of management, and to better understand its historical and future financial performance.

The presentation of this additional information is not prepared in accordance with IFRS. 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 IFRS.

*

Gross margin before depreciation and amortization represents sales less cost of sales, excluding depreciation and amortization.

**

Adjusted EBITDA represents net earnings (loss) before interest, income taxes, depreciation and amortization, stock-based compensation costs and foreign exchange gain or loss.

The following table summarizes the reconciliation of adjusted EBITDA to IFRS net earnings (loss), in thousands of US dollars:

Adjusted EBITDA (unaudited)













   Q1 2015


   Q4 2014


     Q1 2014







IFRS net earnings (loss) for the period

$ 1,481


$ 1,204


$ (747)







Add (deduct):












Depreciation of property, plant and equipment

1,245


1,258


1,275

Amortization of intangible assets

1,098


1,117


1,182

Interest income

(217)


(30)


(27)

Income taxes

1,165


1,449


948

Stock-based compensation costs

400


424


463

Foreign exchange (gain) loss

(1,975)


334


(802)

Adjusted EBITDA for the period

$ 3,197


$ 5,756


$ 2,292







Adjusted EBITDA in percentage of sales

5.6%


9.6%


4.1%

EXFO Inc.
Condensed Unaudited Interim Consolidated Balance Sheets


(in thousands of US dollars)










As at

November 30,

2014


As at

August 31,

2014

Assets














Current assets







Cash


$

52,221


$

54,121

Short-term investments



5,389



5,726

Accounts receivable








Trade



48,074



46,031


Other



2,610



2,001

Income taxes and tax credits recoverable



4,363



3,796

Inventories



34,551



35,232

Prepaid expenses



2,502



2,281




149,710



149,188








Tax credits recoverable



38,982



41,745

Property, plant and equipment



40,007



42,780

Intangible assets



6,078



7,293

Goodwill



25,140



26,488

Deferred income taxes



10,273



9,816

Other assets



548



721










$

270,738


$

278,031

Liabilities














Current liabilities







Accounts payable and accrued liabilities


$

35,672


$

29,553

Provisions



508



532

Income taxes payable



727



840

Deferred revenue



7,728



8,990




44,635



39,915








Deferred revenue



2,952



3,319

Deferred income taxes



2,733



3,087

Other liabilities



711



340




51,031



46,661








Shareholders' equity







Share capital



111,015



111,491

Contributed surplus



16,540



16,503

Retained earnings



115,116



113,635

Accumulated other comprehensive loss



(22,964)



(10,259)











219,707



231,370










$

270,738


$

278,031

EXFO Inc.
Condensed Unaudited Interim Consolidated Statements of Earnings


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






Three months ended

November 30,



2014


2013








Sales


$

56,724


$

56,003








Cost of sales (1)



21,237



21,185

Selling and administrative



21,032



21,708

Net research and development



11,658



11,281

Depreciation of property, plant and equipment



1,245



1,275

Amortization of intangible assets



1,098



1,182

Interest income



(217)



(27)

Foreign exchange gain



(1,975)



(802)








Earnings before income taxes



2,646



201








Income taxes



1,165



948








Net earnings (loss) for the period


$

1,481


$

(747)








Basic and diluted net earnings (loss) per share


$

0.02


$

(0.01)








Basic weighted average number of shares outstanding (000's)



60,335



60,217








Diluted weighted average number of shares outstanding (000's)



60,980



60,217

(1)

The cost of sales is exclusive of depreciation and amortization, shown separately.


EXFO Inc.
Condensed Unaudited Interim Consolidated Statements of Comprehensive Loss




(in thousands of US dollars)






Three months ended

November 30,



 

2014


 

2013








Net earnings (loss) for the period


$

1,481


$

(747)

Other comprehensive income (loss), net of income taxes







Items that will not be reclassified subsequently to net earnings








Foreign currency translation adjustment



(11,735)



(1,948)

Items that may be reclassified subsequently to net earnings








Unrealized losses on forward exchange contracts



(1,505)



(240)


Reclassification of realized losses on forward exchange contracts in net loss



162



174


Deferred income tax effect of losses on forward exchange contracts



373



18

Other comprehensive loss



(12,705)



(1,996)








Comprehensive loss for the period


$

(11,224)


$

(2,743)

EXFO Inc.
Condensed Unaudited Interim Consolidated Statements of Changes in Shareholders' Equity


(in thousands of US dollars)






Three months ended November 30, 2013




Share

Capital



Contributed

Surplus



Retained

earnings



Accumulated

other

comprehensive

loss



Total

shareholders'

equity

















Balance as at September 1, 2013


$

109,837


$

17,186


$

112,852


$

(3,423)


$

236,452

Exercise of stock options



106



–



–



–



106

Reclassification of stock-based compensation costs



1,435



(1,435)



–



–



–

Stock-based compensation costs



–



417



–



–



417

Net loss for the period



–



–



(747)



–



(747)

Other comprehensive loss

















Foreign currency translation adjustment



–



–



–



(1,948)



(1,948)


Changes in unrealized losses on forward exchange contracts, net of deferred income taxes of $18



–



–



–



(48)



(48)

















Total comprehensive loss for the period



–



–



(747)



(1,996)



(2,743)

















Balance as at November 30, 2013


$

111,378


$

16,168


$

112,105


$

(5,419)


$

234,232



































Three months ended November 30, 2014




Share

Capital



Contributed

Surplus



Retained

earnings



Accumulated

other

comprehensive

loss



Total

shareholders'

equity

















Balance as at September 1, 2014


$

111,491


$

16,503


$

113,635


$

(10,259)


$

231,370

Redemption of share capital



(919)



66



–



–



(853)

Reclassification of stock-based compensation costs



443



(443)



–



–



–

Stock-based compensation costs



–



414



–



–



414

Net earnings for the period



–



–



1,481



–



1,481

Other comprehensive loss

















Foreign currency translation adjustment



–



–



–



(11,735)



(11,735)


Changes in unrealized losses on forward exchange contracts, net of deferred income taxes of $373



–



–



–



(970)



(970)

















Total comprehensive loss for the period



–



–



1,481



(12,705)



(11,224)

















Balance as at November 30, 2014


$

111,015


$

16,540


$

115,116


$

(22,964)


$

219,707

EXFO Inc.
Condensed Unaudited Interim Consolidated Statements of Cash Flows


(in thousands of US dollars)






Three months ended
November 30,




2014



2013








Cash flows from operating activities







Net earnings (loss) for the period


$

1,481


$

(747)

Add (deduct) items not affecting cash








Stock-based compensation costs



400



463


Depreciation and amortization



2,343



2,457


Deferred revenue



(1,027)



(1,752)


Deferred income taxes



(332)



625


Changes in foreign exchange gain/loss



(1,028)



(108)




1,837



938








Changes in non-cash operating items








Accounts receivable



(5,036)



(1,657)


Income taxes and tax credits



(212)



743


Inventories



(1,181)



(2,312)


Prepaid expenses



(336)



171


Other assets



1



6


Accounts payable, accrued liabilities and provisions



6,836



5,485


Other liabilities



(19)



(26)




1,890



3,348

Cash flows from investing activities







Additions to short-term investments



(13,691)



(9,781)

Proceeds from disposal and maturity of short-term investments



13,766



9,772

Additions to capital assets



(754)



(701)




(679)



(710)

Cash flows from financing activities







Exercise of stock options



–



106

Redemption of share capital



(853)



–




(853)



106








Effect of foreign exchange rate changes on cash



(2,258)



(365)








Change in cash



(1,900)



2,379

Cash – Beginning of the period



54,121



45,386

Cash – End of the period


$

52,221


$

47,765















Supplementary information







Income taxes paid


$

367


$

642

SOURCE EXFO inc.

For further information: Vance Oliver, Director, Investor Relations, (418) 683-0913, Ext. 23733, [email protected]

Modal title

Organization Profile

EXFO inc.

    Also from this source

  • EXFO Announces Election of Directors...

  • EXFO Renews Normal Course Issuer Bid...

  • EXFO reports first quarter results for fiscal 2021...

    Contact Cision

  • 877-269-7890
    from 8 AM - 10 PM ET

    • Become a Client
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • General Enquiries
    • Media
    • Worldwide Offices

    Products

  • Cision Communications Cloud®
  • Media Monitoring
  • Content Distribution
  • Multimedia Distribution
  • Measurement & Analytics
  • Investor Relations

    About

  • About Cision Canada
  • About Cision
  • Media Partners
  • Careers

    My Services

  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud®
  • my CNW

Contact Cision


Products


About


My Services
  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud
  • my CNW
877-269-7890
from 8 AM - 10 PM ET
  • Terms of Use
  • Information Security Policy
  • Site Map
  • Cookie Settings
  • Accessibility Statement
Copyright © 2021 CNW Group Ltd. All Rights Reserved. A Cision company.