EXFO Inc. reported its financial results for the third quarter ended May 31, 2016.

Sales reached USD 60.9 million in the third quarter of fiscal 2016 compared to USD 57.8 million in the third quarter of 2015 and USD 53.6 million in the second quarter of 2016. After three quarters into 2016, sales increased 2.6 percent year-over-year to USD 169.7 million.

Bookings attained USD 59.7 million in the third quarter of fiscal 2016 for a book-to-bill ratio of 0.98 compared to USD 59.2 million in the same period last year and USD 59.7 million in the second quarter of 2016. Bookings improved 5.8 percent year-over-year to USD 177.9 million after three quarters into 2016 for a book-to-bill ratio of 1.05 for this period.

Gross margin before depreciation and amortization* amounted to 60.8 percent of sales in the third quarter of fiscal 2016 compared to 61.4 percent in the third quarter of 2015 and 64.7 percent in the second quarter of 2016. After three quarters into 2016, gross margin reached 62.9 percent compared to 61.9 percent for the same period in 2015.

IFRS net earnings in the third quarter of fiscal 2016 totaled USD 0.9 million, or USD 0.02 per diluted share, compared USD 0.6 million, or USD 0.01 per diluted share, in the same period last year and USD 4.0 million, or USD 0.07 per diluted share, in the second quarter of 2016. IFRS net earnings in the third quarter of 2016 included USD 0.3 million in after-tax amortization of intangible assets, USD 0.4 million in stock-based compensation costs and a foreign exchange loss of USD 1.0 million.

After three quarters into 2016, IFRS net earnings totaled USD 6.6 million, or USD 0.12 per diluted share, compared to USD 3.0 million, or USD 0.05 per diluted share, in the same period in 2015. IFRS net earnings on a year-to-date basis included USD 0.8 million in after-tax amortization of intangible assets, USD 1.1 million in stock-based compensation costs and a foreign exchange gain of USD 0.5 million.

Adjusted EBITDA* totaled USD 5.3 million, or 8.7 percent of sales, in the third quarter of fiscal 2016 compared to USD 4.5 million, or 7.7 percent of sales, in the third quarter of 2015 and USD 5.3 million, or 9.9 percent of sales, in the second quarter of 2016. On a year-to-date basis, adjusted EBITDA totaled USD 15.9 million, or 9.3 percent of sales, compared to USD 8.8 million, or 5.3 percent of sales, for the same period in 2015.

EXFO's cash and short-term investments amounted to USD 46.3 million at the end of the third quarter of fiscal 2016 compared to USD 29.9 million at the end of the third quarter of 2015 and USD 44.4 million at the end of the second quarter of 2016.

"I am quite pleased with the progress of our financial results after the first three quarters of 2016, including the solid performances of both our Physical and Protocol-layer product groups," said Germain Lamonde, EXFO's Chairman, President and CEO. "During the third quarter, our instruments business delivered strong bookings and revenues, while we experienced delays in closing some systems-based deals which, in turn, limited our overall top and bottom-line results."

 

"After nine months into fiscal 2016, we have increased adjusted EBITDA by 80 percent year-over-year and generated more EBITDA than the entire reporting period in 2015," Mr. Lamonde added. – PRNews Wire


 

 

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