yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Bookings attain $64.3 million, book-to-bill ratio of 1.07
Adjusted EBITDA totals US$2.7 million
QUEBEC CITY, Jan. 9, 2013 /PRNewswire/ - EXFO Inc. (NASDAQ: EXFO; TSX:
EXF) reported today financial results for the first quarter ended
November 30, 2012.
Sales reached US$59.8 million in the first quarter of fiscal 2013
compared to US$66.4 million in the first quarter of 2012 and US$57.2
million in the fourth quarter of 2012.
Bookings attained US$64.3 million in the first quarter of fiscal 2013
compared to US$71.4 million in the same period last year and US$55.2
million in the fourth quarter of 2012. The company's book-to-bill ratio
was 1.07 in the first quarter of 2013.
Gross margin* amounted to 60.5% of sales in the first quarter of fiscal 2013 compared
to 64.8% in the first quarter of 2012 and 62.8% in the fourth quarter
IFRS net loss in the first quarter of fiscal 2013 totaled US$1.6
million, or US$0.03 per share, compared to net earnings of
US$2.9 million, or US$0.05 per diluted share, in the same period last
year and a net loss of US$3.7 million, or US$0.06 per share, in the
fourth quarter of 2012. IFRS net loss in the first quarter of 2013
included US$1.9 million in after-tax amortization of intangible assets,
a foreign exchange gain of US$0.8 million and US$0.4 million in
stock-based compensation costs.
Adjusted EBITDA** totaled US$2.7 million, or 4.5% of sales, in the first quarter of
fiscal 2013 compared to US$6.5 million, or 9.7% of sales, in the first
quarter of 2012 and US$4.5 million, or 8.0% of sales, in the fourth
quarter of 2012.
"Despite a challenging environment during the last several quarters, I
am increasingly optimistic about EXFO's opportunities for fiscal 2013
based on improving market conditions, recent investment plans announced
by network operators and our highest bookings level in the past year,"
said Germain Lamonde, EXFO's Chairman, President and CEO. "While both
Protocol and Physical-layer product groups delivered sequential
bookings growth of about 15% in the first quarter, I am particularly
excited about our Protocol solutions, especially in the areas of
4G/LTE, mobile backhaul and service assurance where we're gaining
traction with tier-1 wireless operators. Given these data points, our
history of market-share gains and recent restructuring initiative, we
plan to increase sales 6% to 10% in 2013 and significantly improve
Selected Financial Information (In thousands of US dollars)
Other selected information:
IFRS net earnings (loss)
Amortization of intangible assets
Stock-based compensation costs
Net income tax effect of the above items
Foreign exchange gain (loss)
Selling and administrative expenses totaled US$22.3 million, or 37.3% of
sales in the first quarter of fiscal 2013 compared to US$24.6 million,
or 37.1% of sales, in the same period last year and US$22.2 million, or
38.9% of sales, in the fourth quarter of 2012.
Gross research and development expenses amounted to US$13.9 million, or
23.2% of sales, in the first quarter of fiscal 2013 compared to US$14.8
million, or 22.3% of sales, in the first quarter of 2012 and
US$14.1 million, or 24.7% of sales, in the fourth quarter of 2012.
Net R&D expenses totaled US$11.6 million, or 19.4% of sales, in the
first quarter of fiscal 2013 compared to US$12.5 million, or 18.8% of
sales, in the same period last year and US$11.9 million, or 20.8% of
sales, in the fourth quarter of 2012.
EXFO's sales and bookings improved 4.7% and 16.4% sequentially in the
first quarter mainly due to increased traction of Physical-layer
products and less seasonality. It should be noted the company was
unable to recognize into revenue in the first quarter more than US$2.0
million in orders. EXFO's top customer accounted for 7.2% of sales in
the first quarter, while the top three represented 15.6%. Global sales
originated 56% from the Americas, 27% from Europe, Middle East and
Africa (EMEA), and 17% from Asia-Pacific.
Focusing on profitability, EXFO expects to benefit from US$8.0 million
in annual cost-savings from its almost completed restructuring plan.
The company has reported US$2.3 million in restructuring costs so far
with US$0.3 million left to incur in the second quarter of 2013. Based
on increased sales volume and a tight control on expenses, EXFO expects
to deliver a significant improvement in adjusted EBITDA in 2013.
On the innovation front, EXFO launched five new products, including the
next-generation BV-110 service assurance probe that enables network
operators to validate service-level agreements and end-user quality of
experience (QoE) at customer premises and cell sites. It fully
complements the recently launched BV-3100 hardware probe, which allows
operators to accelerate Ethernet deployments in wireless backhaul and
metro networks. The company also strengthened its FTB Ecosystem and
EXFO Connect initiative with the introduction of FTB Anywhere, a unique
cloud-based solution allowing an operator to share software licenses
among its fleet of FTB platforms to avoid costly delays in shipping
units across large geographies.
EXFO forecasts sales between US$62.0 million and US$67.0 million for the
second quarter of fiscal 2013, while IFRS net loss is expected to range
between US$0.04 and US$0.00 per share. Net loss includes US$0.04 per
share in after-tax amortization of intangible assets and stock-based
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 2013. To
listen to the conference call and participate in the question period
via telephone, dial 1-416-981-9005.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 7 p.m. on January 16, 2013.
The replay number is 1-402-977-9141 and the reservation number
is 21620458. 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.
Listed on the NASDAQ and TSX stock exchanges, EXFO is among the leading
providers of next-generation test and service assurance solutions for
wireline and wireless network operators and equipment manufacturers in
the global telecommunications industry. The company offers innovative
solutions for the development, installation, management and maintenance
of converged, IP fixed and mobile networks—from the core to the edge.
Key technologies supported include 3G, 4G/LTE, IMS, Ethernet, OTN,
FTTx, VDSL2, ADSL2+ and various optical technologies accounting for
more than 35% of the portable fiber-optic test market. EXFO has a staff
of approximately 1700 people in 25 countries, supporting more than 2000
telecom customers worldwide. For more information, visit www.EXFO.com.
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 macro-economic uncertainty and/or recession
(including our ability to quickly adapt cost structures with
anticipated levels of business and our ability to manage inventory
levels with market demand); capital spending and network deployment
levels in the telecommunications industry; future economic,
competitive, financial and market conditions; limited visibility with
regards to customer orders and the timing of such orders; fluctuating
exchange rates; consolidation in the global telecommunications test and
service assurance industry and increased competition among vendors;
concentration of sales; timely release and market acceptance of our new
products and other upcoming products; our ability to successfully
integrate our acquired and to-be-acquired businesses; our ability to
successfully expand international operations; 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 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 document.
EXFO provides non-IFRS measures (gross margin* and adjusted EBITDA**) as
supplemental information regarding its operational performance. The
company uses these measures for the purposes of evaluating
its historical and prospective financial performance, as well as its
performance relative to competitors. These measures also help the
company to plan and forecast 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 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 represents sales less cost of sales, excluding
depreciation and amortization.
** Adjusted EBITDA is defined as net earnings (loss) before interest,
income taxes, depreciation of property, plant and equipment,
amortization of intangible assets, restructuring charges, stock-based
compensation costs and foreign exchange gain (loss).
The following tables summarize the reconciliation of adjusted EBITDA to
IFRS net earnings (loss), in thousands of US dollars:
Test-driven development (TDD) has been around for a while now. Behavior-driven development (BDD), a comparably recent methodology, emerged from the practice of TDD and could reasonably be called a narrower application of TDD.
The TDD process allows a developer to use a failing unit t...
SYS-CON Events announced today that Catchpoint, a global leader in monitoring, and testing the performance of online applications, has been named "Silver Sponsor" of DevOps Summit New York, which will take place on June 7-9, 2016 at the Javits Center in New York City. Catchpoint radica...
Developers generally like to share their code, and many of them do so by open sourcing it on GitHub, a social code hosting and collaboration service. Many companies also use GitHub as a convenient place to host both private and public code repositories by creating GitHub organizations ...
It is no surprise that OpenStack has evolved into a widely adopted cloud management framework. As it hurtles on a trajectory of rapid growth, a new breed of demands are making themselves felt – demands that a mature platform of this nature and scope must satisfy. One such requirement i...
The combined notions of open source and the ‘community contribution’ model of collaborative software application development are, of course, not new.
The history of open source is actually traced back to early software exchanges between universities driven by academic principles of kn...