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ADVA Optical Networking Reports Audited 2013 IFRS Financial Results in Line with Guidance - ADVA Optical Networking announced Q4 and audited full-year 2013 financial results for the period ended December 31, 2013, and prepared in accordance with International Financial Reporting Standards (IFRS) - AdvaOptical.com
ADVA Optical Networking Reports Audited 2013 IFRS Financial Results in Line with Guidance

 

PRZOOM - /newswire/ - Munich, Germany, 2014/02/20 - ADVA Optical Networking announced Q4 and audited full-year 2013 financial results for the period ended December 31, 2013, and prepared in accordance with International Financial Reporting Standards (IFRS) - AdvaOptical.com. FSE: ADV

   
 
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• Q4 2013 revenues at EUR 76.2 million, IFRS pro forma operating income of EUR 2.3 million (3.0% of revenues);
• FY 2013 revenues at EUR 310.7 million, IFRS pro forma operating income of EUR 8.6 million (2.8% of revenues);
• Q1 2014 revenues expected to range between EUR 74 million and EUR 79 million with IFRS pro forma operating income between -2% and +2% of revenues.

Q4 2013 IFRS Financial Results
Revenues totaled EUR 76.2 million in Q4 2013, at the upper end of guidance between EUR 71 million and EUR 76 million. This is down 5.0% vs. Q4 2012 at EUR 80.3 million and down 3.6% vs. Q3 2013 at EUR 79.1 million. IFRS pro forma operating income amounted to EUR 2.3 million in Q4 2013 or 3.0% of revenues, also in line with guidance of between 1% and 5% of revenues. This compares to Q4 2012 IFRS pro forma operating income of EUR 4.8 million or 6.0% of revenues, and to Q3 2013 IFRS pro forma operating income of EUR 4.0 million or 5.0% of revenues. These developments are largely due to lower revenues in a weaker demand environment. IFRS pro forma operating income excludes stock-based compensation and amortization & impairment of goodwill & acquisition-related intangible assets.

The IFRS operating income in Q4 2013 was EUR 1.9 million, down from EUR 4.3 million in Q4 2012. This is due to the above-mentioned reasons for lower pro forma operating income which in part is offset by lower stock compensation expenses that amounted to EUR 0.2 million in Q4 2013 after EUR 0.4 million in Q4 2012.

The IFRS net income in Q4 2013 amounted to EUR 2.4 million after EUR 4.1 million in Q4 2012. Beyond the reduced operating income, net foreign currency exchange losses of EUR 0.5 million in Q4 2013 after losses of EUR 0.1 million in Q4 2012 contributed to this decrease. This effect was partially offset by a tax benefit of EUR 1.2 million in Q4 2013 after EUR 0.2 million in Q4 2012. Basic and diluted IFRS net earnings per share were EUR 0.05 each, down from EUR 0.09 and EUR 0.08, respectively, in Q4 2012.
Full-Year 2013 IFRS Financial Results

Revenues came in at EUR 310.7 million in 2013, down by 5.9% from EUR 330.1 million in 2012. This development is related to short-term market weakness driven by adverse macro-economic conditions and temporary shifts in carrier investment priorities. IFRS pro forma operating income amounted to EUR 8.6 million in 2013 or 2.8% of revenues, after EUR 21.8 million in 2012 or 6.6% of revenues. This development is largely due to lower revenues.

2013 IFRS operating income at EUR 7.0 million also decreased significantly from EUR 18.8 million in 2012. The main reason for this development is the above-mentioned decrease in pro forma operating income. The effect in part is offset by a reduction in amortization of intangible assets from acquisitions from EUR 1.6 million in 2012 to EUR 0.7 million in 2013, and lower stock compensation expense, which amounted to EUR 0.9 million in 2013 after EUR 1.3 million in 2012.

Finally, IFRS net income amounted to EUR 5.5 million in 2013, significantly down from EUR 16.7 million in 2012. Beyond the development of the operating income, net foreign currency exchange losses of EUR 1.5 million in 2013 compared to gains of EUR 0.8 million recorded in 2012 contributed to this decline. These effects were partially compensated by an income tax benefit of EUR 1.2 million in 2013 after income tax expenses of EUR 1.8 million in 2012. Basic and diluted IFRS net earnings per share were EUR 0.11 each in 2013, down from EUR 0.35 and EUR 0.34, respectively, in 2012.

“While the sequential decline of our quarterly revenues to EUR 76.2 million in Q4 2013 is a disappointment when measured against our expectations in early 2013, our revenues for the quarter are at the upper end of guidance. In addition, our pro forma gross margin remained stable at 39.3%, unchanged from Q3 2013. Prior to amortization of capitalized development expenses, pro forma gross margin increased from 45.2% in Q3 2013 to 45.9% in Q4 2013. We achieved pro forma operating income of 3.0% of revenues in Q4 2013, also in line with guidance, demonstrating our focus on managing operational costs. Further, cash and cash equivalents as well as net liquidity were at new quarter-end record highs of EUR 80.9 million and EUR 41.7 million respectively. Throughout the year, ADVA Optical Networking maintained financial strength, with an equity ratio in excess of 50% and high net liquidity levels in all quarters,” commented Jaswir Singh, chief financial officer & chief operating officer of ADVA Optical Networking.

Conference Call
In conjunction with the release of its full-year 2013 audited IFRS financial results on February 20, 2014, ADVA Optical Networking will host a conference call for analysts and investors at 3:00 pm. CET / 9:00 am. EST. Participating in the call will be ADVA Optical Networking's chief executive officer, Brian Protiva, and chief financial officer & chief operating officer, Jaswir Singh. Interested parties may dial in at +49 69 201744 210 or +1 877 423 0830, pin code 157 936#, and download the corresponding presentation from ADVA Optical Networking's website, advaoptical.com, located in the “About Us / Investor Relations” section on the “Financial Results” page under “Conference Calls”.

Q1 2014 Outlook
In Q1 2014, ADVA Optical Networking (advaoptical.com) expects revenues to range between EUR 74 million and EUR 79 million, and anticipates pro forma operating income of between -2% and +2% of revenues. As a matter of caution, ADVA Optical Networking notes that it will continue to perform quarterly reviews of the expected business development with respect to all intangible assets, including capitalized development expenses. In case of highly adverse business prospects, these reviews may result in non-cash impairment charges in Q1 2014 and beyond. The pro forma operating income guidance provided above excludes any such potential impairment charges. ADVA Optical Networking will publish its Q1 2014 financial results on April 24, 2014.

“Even with our negative revenue trend in 2013, we remained profitable in each quarter throughout the year. Looking forward, we are beginning to see the first signs of our recovery to growth in 2014 with one of our larger customers becoming active again and a number of new account wins. Furthermore, our American sales strategy seems to be bearing fruit as we are expanding our footprint. Massive LTE rollouts across the globe as well as enterprise investments targeting improved application performance, increased security and reduced costs will fuel further growth. Our relentless focus on innovation will continue to secure our strong competitive position as a global provider of intelligent telecommunications infrastructure solutions and help achieve top-line growth throughout 2014 and beyond. Over the past two decades, ADVA Optical Networking has built its reputation with innovative product and service offerings, and our strong R&D investments will continue. New product cycles and launching market-leading technology will be the catalyst for improved shareholder value, supporting our sustainable profitability commitment,” stated Brian Protiva, chief executive officer of ADVA Optical Networking.

 
 
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ADVA Optical Networking Reports Audited 2013 IFRS Financial Results in Line with Guidance

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ADVA Optical Networking |
Contact: Press Office - AdvaOptical.com 
+49(0)89 89 06 65 0 info[.]advaoptical.com
 
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