- Sales reach US$51.0
million, stable year-over-year
- Bookings attain US$54.7
million, book-to-bill ratio of 1.07
- Gross margin amounts to 61.7% of sales, up
year-over-year
- Adjusted EBITDA totals US$1.2
million, up year-over-year
QUEBEC CITY, March 24, 2015 /CNW Telbec/ - EXFO Inc. (NASDAQ:
EXFO; TSX: EXF) reported today financial results for the second
quarter ended February 28, 2015.
Sales reached US$51.0 million in
the second quarter of fiscal 2015 compared to US$51.2 million in the second quarter of 2014 and
US$56.7 million in the first quarter
of 2015.
Bookings attained US$54.7 million
in the second quarter of fiscal 2015 compared to US$58.7 million in the same period last year and
US$54.2 million in the first quarter
of 2015. The company's book-to-bill ratio was 1.07 in the second
quarter of 2015.
Gross margin before depreciation and amortization*
amounted to 61.7% of sales in the second quarter of fiscal 2015
compared to 60.8% in the second quarter of 2014 and 62.6% in
the first quarter of 2015.
IFRS net earnings in the second quarter of fiscal 2015 totaled
US$0.9 million, or US$0.02 per diluted share, compared to a net loss
of US$1.3 million, or
US$0.02 per share, in the same period
last year and net earnings of US$1.5 million, or US$0.02 per diluted share, in the first quarter
of 2015. IFRS net earnings in the second 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$3.0 million.
Adjusted EBITDA** totaled US$1.2 million, or 2.3% of sales, in the second
quarter of fiscal 2015 compared to -US$1.0 million, or -2.0% of sales, in the
second quarter of 2014 and US$3.2
million, or 5.6% of sales, in the first quarter of 2015.
"EXFO progressed along its strategic course towards becoming a
trusted, end-to-end solutions supplier with a significant bookings
increase in this segment during the first half of fiscal 2015,"
said Germain Lamonde, EXFO's
Chairman, President and CEO. "At Mobile World Congress, we
showcased several new, high-impact solutions, including our new
analytics platform that offers unmatched end-to-end visibility of
wireless network performance and service delivery; our subscriber
experience analytics solution providing real-time visibility and
prioritization of service-impacting issues; and our new test
process automation and compliance assurance solution. Judging by
the positive response we received for all our new products and
solutions, we are in a good position to accelerate revenue in the
second half of fiscal 2015."
"I am pleased we completed the first half of 2015 with adjusted
EBITDA improving from US$1.3 million
to US$4.4 million and gross
margin increasing by 60 basis points to 62.1%, despite stable
revenue year-over-year," Mr. Lamonde added. "Given our strong
funnel of large deals, recently introduced solutions and ongoing
cost-reduction initiatives, I am confident we will deliver marked
growth in adjusted EBITDA in fiscal 2015 and beyond."
Selected Financial
Information
(In thousands of US dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2015
|
|
Q1 2015
|
|
Q2 2014
|
|
|
|
|
|
|
|
|
|
|
Sales
|
$
|
50,990
|
|
$
|
56,724
|
|
$
|
51,179
|
|
|
|
|
|
|
|
|
|
|
Gross margin*
|
$
|
31,444
|
|
$
|
35,487
|
|
$
|
31,106
|
|
|
|
61.7%
|
|
|
62.6%
|
|
|
60.8%
|
|
|
|
|
|
|
|
|
|
|
Other selected information:
|
|
|
|
|
|
|
|
|
|
IFRS net earnings (loss)
|
$
|
931
|
|
$
|
1,481
|
|
$
|
(1,339)
|
|
Amortization of intangible assets
|
$
|
1,019
|
|
$
|
1,098
|
|
$
|
1,074
|
|
Stock-based compensation costs
|
$
|
388
|
|
$
|
400
|
|
$
|
402
|
|
Net income tax effect of the above
items
|
$
|
(53)
|
|
$
|
(58)
|
|
$
|
(64)
|
|
Foreign exchange gain
|
$
|
2,987
|
|
$
|
1,975
|
|
$
|
2,292
|
|
Adjusted EBITDA**
|
$
|
1,158
|
|
$
|
3,197
|
|
$
|
(1,002)
|
Operating Expenses
Selling and administrative
expenses totaled US$20.2 million, or
39.6% of sales in the second quarter of fiscal 2015 compared to
US$21.5 million, or 42.1% of sales,
in the same period last year and US$21.0
million, or 37.1% of sales, in the first quarter of
2015. In the first half of 2015, SG&A expenses totaled
US$41.2 million, or 38.2% of
sales.
Gross research and development expenses amounted to US$12.2 million, or 23.9% of sales, in the second
quarter of fiscal 2015 compared to US$13.0 million, or 25.5% of sales, in the second
quarter of 2014 and US$13.3 million,
or 23.5% of sales, in the first quarter of 2015. In the first
half of 2015, gross R&D expenses totaled US$25.5 million, or 23.7% of sales.
Net R&D expenses totaled US$10.5
million, or 20.6% of sales, in the second quarter of fiscal
2015 compared to US$11.0 million, or 21.4% of sales, in the
same period last year and US$11.7
million, or 20.6% of sales, in the first quarter of 2015. In
the first half of 2015, net R&D expenses totaled US$22.2 million, or 20.6% of sales.
Second-Quarter Highlights
- Sales. EXFO's revenues were stable year-over-year in the second
quarter of 2015 and in the first half of 2015 due to a negative US
currency impact and market weakness in Europe, Middle
East and Africa (EMEA).
Sales increased year-over-year in the Americas, but decreased in
EMEA. Geographical split was 53% from the Americas, 25% from EMEA
and 22% from Asia-Pacific in the
second quarter. EXFO's top customer accounted for 5.6% of sales,
while the top three represented 15.2% in the second quarter.
- Profitability. EXFO generated adjusted EBITDA of US$1.2 million, or 2.3% of sales, in the second
quarter of 2015. The company also delivered US$5.7 million in cash flows from operating
activities. Following the completion of a C$30.0 million (US$24.0
million) substantial issuer bid, EXFO had a cash position of
US$32.9 million and no debt at the
end of the quarter.
- Innovation. EXFO launched Xtract, an open analytics platform
that provides mobile operators with end-to-end network and service
visibility to accelerate and prioritize network optimization, and a
quality of experience benchmarking platform that works in tandem
with EXFO Mobile Agent, a software application converting
smartphones into real-time probes. These solutions leverage
technologies from the recent BysteSphere and Aito Technologies
acquisitions. The company also introduced common public radio
interface (CPRI) software testing options for the FTB-700G and
FTB-780 NetBlazer series to simplify fiber-to-the-antenna (FTTA)
and distributed antenna system (DAS) deployments; and released
iCERT, an added functionality on EXFO's OTDR (optical time domain
reflectometry) software, which automatically certifies cable
installations in data centers and enterprises. Altogether, the
company introduced seven new solutions or major enhancements in the
first half of the fiscal year.
Business Outlook
EXFO forecasts sales between
US$56.0 million and US$61.0 million
for the third quarter of fiscal 2015, while IFRS net results are
expected to range between a net loss of US$0.01 per share and net earnings of
US$0.03 per share. IFRS net
loss/earnings include US$0.01 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 second 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 March 31,
2015. The replay number is 1-402-977-9141 and the
reservation number is 21762798. 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.
|
The following table summarizes the reconciliation of adjusted
EBITDA to IFRS net earnings (loss), in thousands
of US dollars:
Adjusted EBITDA (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Q2 2015
|
|
Q1 2015
|
|
Q2
2014
|
|
|
|
|
|
|
|
|
|
IFRS net earnings (loss) for the
period
|
$
|
931
|
|
$
|
1,481
|
|
$
|
(1,339)
|
|
|
|
|
|
|
|
|
|
Add (deduct):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of property, plant and
equipment
|
|
1,256
|
|
|
1,245
|
|
|
1,243
|
Amortization of intangible assets
|
|
1,019
|
|
|
1,098
|
|
|
1,074
|
Interest income
|
|
(35)
|
|
|
(217)
|
|
|
(49)
|
Income taxes
|
|
586
|
|
|
1,165
|
|
|
(41)
|
Stock-based compensation costs
|
|
388
|
|
|
400
|
|
|
402
|
Foreign exchange gain
|
|
(2,987)
|
|
|
(1,975)
|
|
|
(2,292)
|
Adjusted EBITDA for the period
|
$
|
1,158
|
|
$
|
3,197
|
|
$
|
(1,002)
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA in percentage of
sales
|
|
2.3%
|
|
|
5.6%
|
|
|
(2.0)%
|
EXFO
Inc.
|
Condensed
Unaudited Interim Consolidated Balance Sheets
|
|
|
|
|
|
|
(in thousands of US
dollars)
|
|
|
|
|
|
|
|
|
As
at
February
28,
2015
|
|
As
at
August
31,
2014
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash
|
$
|
30,357
|
|
$
|
54,121
|
Short-term
investments
|
|
2,582
|
|
|
5,726
|
Accounts
receivable
|
|
|
|
|
|
|
Trade
|
|
41,308
|
|
|
46,031
|
|
Other
|
|
1,924
|
|
|
2,001
|
Income taxes and tax
credits recoverable
|
|
4,788
|
|
|
3,796
|
Inventories
|
|
32,238
|
|
|
35,232
|
Prepaid
expenses
|
|
2,435
|
|
|
2,281
|
|
|
|
115,632
|
|
|
149,188
|
|
|
|
|
|
|
|
Tax credits
recoverable
|
|
35,977
|
|
|
41,745
|
Property, plant
and equipment
|
|
37,083
|
|
|
42,780
|
Intangible
assets
|
|
4,776
|
|
|
7,293
|
Goodwill
|
|
23,003
|
|
|
26,488
|
Deferred income
tax assets
|
|
10,826
|
|
|
9,816
|
Other
assets
|
|
502
|
|
|
721
|
|
|
|
|
|
|
|
|
|
$
|
227,799
|
|
$
|
278,031
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
$
|
35,215
|
|
$
|
29,553
|
Provisions
|
|
427
|
|
|
532
|
Income taxes
payable
|
|
615
|
|
|
840
|
Deferred
revenue
|
|
8,359
|
|
|
8,990
|
|
|
|
44,616
|
|
|
39,915
|
|
|
|
|
|
|
|
Deferred
revenue
|
|
2,912
|
|
|
3,319
|
Deferred income
tax liabilities
|
|
2,503
|
|
|
3,087
|
Other
liabilities
|
|
1,308
|
|
|
340
|
|
|
|
51,339
|
|
|
46,661
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Share
capital
|
|
86,527
|
|
|
111,491
|
Contributed
surplus
|
|
17,153
|
|
|
16,503
|
Retained
earnings
|
|
116,047
|
|
|
113,635
|
Accumulated other
comprehensive loss
|
|
(43,267)
|
|
|
(10,259)
|
|
|
176,460
|
|
|
231,370
|
|
|
|
|
|
|
|
|
$
|
227,799
|
|
$
|
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
February
28,
2015
|
|
Six
months
ended
February
28,
2015
|
|
Three
months
ended
February
28,
2014
|
|
Six
months
ended
February
28,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
$
|
50,990
|
|
$
|
107,714
|
|
$
|
51,179
|
|
$
|
107,182
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
(1)
|
|
19,546
|
|
|
40,783
|
|
|
20,073
|
|
|
41,258
|
Selling and
administrative
|
|
20,168
|
|
|
41,200
|
|
|
21,537
|
|
|
43,245
|
Net research and
development
|
|
10,506
|
|
|
22,164
|
|
|
10,973
|
|
|
22,254
|
Depreciation of
property, plant and equipment
|
|
1,256
|
|
|
2,501
|
|
|
1,243
|
|
|
2,518
|
Amortization of
intangible assets
|
|
1,019
|
|
|
2,117
|
|
|
1,074
|
|
|
2,256
|
Interest
income
|
|
(35)
|
|
|
(252)
|
|
|
(49)
|
|
|
(76)
|
Foreign exchange
gain
|
|
(2,987)
|
|
|
(4,962)
|
|
|
(2,292)
|
|
|
(3,094)
|
Earnings (loss)
before income taxes
|
|
1,517
|
|
|
4,163
|
|
|
(1,380)
|
|
|
(1,179)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
586
|
|
|
1,751
|
|
|
(41)
|
|
|
907
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) for the period
|
$
|
931
|
|
$
|
2,412
|
|
$
|
(1,339)
|
|
$
|
(2,086)
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
net earnings (loss) per share
|
$
|
0.02
|
|
$
|
0.04
|
|
$
|
(0.02)
|
|
$
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted
average number of shares outstanding (000's)
|
|
59,216
|
|
|
59,775
|
|
|
60,414
|
|
|
60,316
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average number of shares outstanding (000's)
|
|
59,813
|
|
|
60,396
|
|
|
60,414
|
|
|
60,316
|
|
(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
February
28,
2015
|
|
Six
months
ended
February
28,
2015
|
|
Three
months
ended
February
28,
2014
|
|
Six
months
ended
February
28,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) for the period
|
$
|
931
|
|
$
|
2,412
|
|
$
|
(1,339)
|
|
$
|
(2,086)
|
Other comprehensive
income (loss), net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
Items that will not
be reclassified subsequently to net earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment Items that
may be reclassified subsequently to net earnings
|
|
(18,566)
|
|
|
(30,301)
|
|
|
(9,580)
|
|
|
(11,528)
|
|
Unrealized losses on
forward exchange contracts
|
|
(2,697)
|
|
|
(4,202)
|
|
|
(1,289)
|
|
|
(1,529)
|
|
Reclassification of
realized losses on forward exchange contracts
in net earnings (loss)
|
|
338
|
|
|
500
|
|
|
191
|
|
|
365
|
|
Deferred income tax
effect of losses on forward exchange contracts
|
|
622
|
|
|
995
|
|
|
294
|
|
|
312
|
Other comprehensive
loss
|
|
(20,303)
|
|
|
(33,008)
|
|
|
(10,384)
|
|
|
(12,380)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss
for the period
|
$
|
(19,372)
|
|
$
|
(30,596)
|
|
$
|
(11,723)
|
|
$
|
(14,466)
|
EXFO
Inc.
|
Condensed
Unaudited Interim Consolidated Statements of Changes in
Shareholders' Equity
|
|
|
|
(in thousands of US
dollars)
|
|
|
|
|
|
Six months ended
February 28, 2014
|
|
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
|
|
195
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
195
|
Redemption of share
capital
|
|
(831)
|
|
|
(106)
|
|
|
–
|
|
|
–
|
|
|
(937)
|
Reclassification of
stock-based compensation costs
|
|
2,136
|
|
|
(2,136)
|
|
|
–
|
|
|
–
|
|
|
–
|
Stock-based
compensation costs
|
|
–
|
|
|
843
|
|
|
–
|
|
|
–
|
|
|
843
|
Net loss for the
period
|
|
–
|
|
|
–
|
|
|
(2,086)
|
|
|
–
|
|
|
(2,086)
|
Other comprehensive
loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(11,528)
|
|
|
(11,528)
|
|
Changes in unrealized
losses on forward exchange contracts, net of deferred income taxes
of $312
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(852)
|
|
|
(852)
|
Total comprehensive
loss for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,466)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
February 28, 2014
|
$
|
111,337
|
|
$
|
15,787
|
|
$
|
110,766
|
|
$
|
(15,803)
|
|
$
|
222,087
|
|
|
|
Six months ended
February 28, 2015
|
|
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
|
|
(26,314)
|
|
|
1,211
|
|
|
–
|
|
|
–
|
|
|
(25,103)
|
Reclassification of
stock-based compensation costs
|
|
1,350
|
|
|
(1,350)
|
|
|
–
|
|
|
–
|
|
|
–
|
Stock-based
compensation costs
|
|
–
|
|
|
789
|
|
|
–
|
|
|
–
|
|
|
789
|
Net earnings for the
period
|
|
–
|
|
|
–
|
|
|
2,412
|
|
|
–
|
|
|
2,412
|
Other comprehensive
loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(30,301)
|
|
|
(30,301)
|
|
Changes in unrealized
losses on forward exchange contracts, net of deferred income taxes
of $995
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(2,707)
|
|
|
(2,707)
|
Total comprehensive
loss for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(30,596)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
February 28, 2015
|
$
|
86,527
|
|
$
|
17,153
|
|
$
|
116,047
|
|
$
|
(43,267)
|
|
$
|
176,460
|
EXFO
Inc.
|
Condensed
Unaudited Interim Consolidated Statements of Cash
Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands of US
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months
ended
February
28,
2015
|
|
|
Six
months
ended
February
28,
2015
|
|
|
Three
months
ended
February
28,
2014
|
|
|
Six
months
ended
February
28,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
for the period
|
$
|
931
|
|
$
|
2,412
|
|
$
|
(1,339)
|
|
$
|
(2,086)
|
Add (deduct) items
not affecting cash
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation costs
|
|
388
|
|
|
788
|
|
|
402
|
|
|
865
|
|
Depreciation and
amortization
|
|
2,275
|
|
|
4,618
|
|
|
2,317
|
|
|
4,774
|
|
Deferred
revenue
|
|
1,531
|
|
|
504
|
|
|
1,024
|
|
|
(728)
|
|
Deferred income
taxes
|
|
(11)
|
|
|
(343)
|
|
|
(324)
|
|
|
301
|
|
Changes in foreign
exchange gain/loss
|
|
(1,770)
|
|
|
(2,798)
|
|
|
(793)
|
|
|
(901)
|
|
|
3,344
|
|
|
5,181
|
|
|
1,287
|
|
|
2,225
|
Changes in non-cash
operating items
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
3,719
|
|
|
(1,317)
|
|
|
6,182
|
|
|
4,525
|
|
Income taxes and tax
credits
|
|
(1,211)
|
|
|
(1,423)
|
|
|
(1,686)
|
|
|
(943)
|
|
Inventories
|
|
(752)
|
|
|
(1,933)
|
|
|
(1,221)
|
|
|
(3,533)
|
|
Prepaid
expenses
|
|
(165)
|
|
|
(501)
|
|
|
(787)
|
|
|
(616)
|
|
Other
assets
|
|
(2)
|
|
|
(1)
|
|
|
(40)
|
|
|
(34)
|
|
Accounts payable,
accrued liabilities and provisions
|
|
824
|
|
|
7,660
|
|
|
(94)
|
|
|
5,391
|
|
Other
liabilities
|
|
(13)
|
|
|
(32)
|
|
|
(17)
|
|
|
(43)
|
|
|
5,744
|
|
|
7,634
|
|
|
3,624
|
|
|
6,972
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
|
|
Additions to
short-term investments
|
|
(5,818)
|
|
|
(19,509)
|
|
|
(4,790)
|
|
|
(14,571)
|
Proceeds from disposal
and maturity of short-term investments
|
|
8,300
|
|
|
22,066
|
|
|
4,790
|
|
|
14,562
|
Additions to capital
assets
|
|
(2,045)
|
|
|
(2,799)
|
|
|
(1,695)
|
|
|
(2,396)
|
|
|
437
|
|
|
(242)
|
|
|
(1,695)
|
|
|
(2,405)
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of
long-term debt
|
|
‒
|
|
|
‒
|
|
|
(307)
|
|
|
(307)
|
Exercise of stock
options
|
|
‒
|
|
|
‒
|
|
|
89
|
|
|
195
|
Redemption of share
capital
|
|
(24,250)
|
|
|
(25,103)
|
|
|
(937)
|
|
|
(937)
|
|
|
(24,250)
|
|
|
(25,103)
|
|
|
(1,155)
|
|
|
(1,049)
|
Effect of foreign
exchange rate changes on cash
|
|
(3,795)
|
|
|
(6,053)
|
|
|
(1,475)
|
|
|
(1,840)
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in
cash
|
|
(21,864)
|
|
|
(23,764)
|
|
|
(701)
|
|
|
1,678
|
Cash – Beginning
of the period
|
|
52,221
|
|
|
54,121
|
|
|
47,765
|
|
|
45,386
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash – End of the
period
|
$
|
30,357
|
|
$
|
30,357
|
|
$
|
47,064
|
|
$
|
47,064
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplementary
information
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
paid
|
$
|
457
|
|
$
|
824
|
|
$
|
229
|
|
$
|
871
|
Additions to capital
assets
|
$
|
2,048
|
|
$
|
2,938
|
|
$
|
1,196
|
|
$
|
2,680
|
SOURCE EXFO inc.