- Sales increase 11.9% year-over-year to US$61.8 million
- Bookings rise 12.6% year-over-year to US$65.9 million (book-to-bill ratio of
1.07)
- Gross margin reaches 63.1% of sales
- Adjusted EBITDA improves 19.6% year-over-year to
US$6.3 million (10.2% of
sales)
QUEBEC CITY, Jan. 10, 2017 /CNW Telbec/ - EXFO Inc. (NASDAQ:
EXFO; TSX: EXF) reported today financial results for the first
quarter ended November 30, 2016.
Sales reached US$61.8 million in
the first quarter of fiscal 2017 compared to US$55.2 million in the first quarter of 2016 and
US$62.9 million in the fourth quarter
of 2016.
Bookings attained US$65.9 million
in the first quarter of fiscal 2017 compared to US$58.5 million in the same period last year and
US$62.4 million in the fourth quarter
of 2016. The company's book-to-bill ratio was 1.07 in the first
quarter of 2017.
Gross margin before depreciation and amortization*
amounted to 63.1% of sales in the first quarter of fiscal 2017
compared to 63.5% in the first quarter of 2016 and 61.6% in
the fourth quarter of 2016.
IFRS net earnings in the first quarter of fiscal 2017 totaled
US$3.3 million, or US$0.06 per diluted share, compared US$1.8 million, or US$0.03 per diluted share, in the same period
last year and US$2.3 million, or
US$0.04 per diluted share, in the
fourth quarter of 2016. IFRS net earnings in the first quarter of
2017 included US$0.4 million in
after-tax amortization of intangible assets, US$0.3 million in stock-based compensation costs
and a foreign exchange gain of US$0.5
million.
Adjusted EBITDA* totaled US$6.3 million, or 10.2% of sales, in the first
quarter of fiscal 2017 compared to US$5.3 million, or 9.6% of sales, in the
first quarter of 2016 and US$6.2
million, or 9.8% of sales, in the fourth quarter of
2016.
EXFO closed the acquisition of Absolute Analysis' assets in late
October for US$5.0 million in cash
and US$3.5 million in stock. At the
end of the first quarter of fiscal 2017, EXFO had a cash position
of US$39.3 million and no debt.
"Fiscal 2017 has gotten off to a strong start with double-digit
increases in sales, bookings and adjusted EBITDA in the first
quarter, highlighting growing market traction of both of our
product groups," said Germain
Lamonde, EXFO's Chairman, President and CEO. "I am
particularly pleased with robust results from our optical and
high-speed transport businesses, where we are gaining market share
and taking advantage of the 100G investment cycle in long-haul
networks, Metro links and data centers. We also benefited from
calendar year-end purchases by some communications service
providers and early returns from our industry-only, all-in-one
optical RF analyzer for mobile network operators. We remain fully
confident about achieving our adjusted EBITDA goal of US$26 million in 2017."
Selected Financial
Information
|
(In thousands of
US dollars)
|
|
|
|
|
|
|
|
|
|
|
Q1
2017
|
|
Q4
2016
|
|
Q1
2016
|
|
|
|
|
|
|
|
|
|
Physical-layer
sales
|
$
|
42,016
|
|
$
|
39,777
|
|
$
|
37,477
|
Protocol-layer
sales
|
|
20,009
|
|
|
23,445
|
|
|
18,629
|
Foreign exchange
losses on forward exchange contracts
|
|
(240)
|
|
|
(364)
|
|
|
(874)
|
Total
sales
|
$
|
61,785
|
|
$
|
62,858
|
|
$
|
55,232
|
|
|
|
|
|
|
|
|
|
Physical-layer
bookings
|
$
|
44,090
|
|
$
|
39,826
|
|
$
|
38,878
|
Protocol-layer
bookings
|
|
22,009
|
|
|
22,969
|
|
|
20,469
|
Foreign exchange
losses on forward exchange contracts
|
|
(240)
|
|
|
(364)
|
|
|
(874)
|
Total
bookings
|
$
|
65,859
|
|
$
|
62,431
|
|
$
|
58,473
|
Book-to-bill ratio
(bookings/sales)
|
|
1.07
|
|
|
0.99
|
|
|
1.06
|
Gross margin before
depreciation and amortization*
|
$
|
38,972
|
|
$
|
38,713
|
|
$
|
35,095
|
|
|
63.1%
|
|
|
61.6%
|
|
|
63.5%
|
|
|
|
|
|
|
|
|
|
Other selected
information:
|
|
|
|
|
|
|
|
|
|
IFRS net
earnings
|
$
|
3,303
|
|
$
|
2,252
|
|
$
|
1,766
|
|
Amortization of
intangible assets
|
$
|
427
|
|
$
|
292
|
|
$
|
300
|
|
Stock-based
compensation costs
|
$
|
258
|
|
$
|
302
|
|
$
|
376
|
|
Net income tax effect
of the above items
|
$
|
(64)
|
|
$
|
(31)
|
|
$
|
(28)
|
|
Foreign exchange gain
(loss)
|
$
|
512
|
|
$
|
(293)
|
|
$
|
310
|
|
Adjusted
EBITDA*
|
$
|
6,321
|
|
$
|
6,172
|
|
$
|
5,286
|
|
Operating Expenses
Selling and administrative expenses
totaled US$21.6 million, or 35.0% of
sales in the first quarter of fiscal 2017 compared to US$20.3 million, or 36.7% of sales, in the same
period last year and US$21.6 million,
or 34.3% of sales, in the fourth quarter of 2016.
Net R&D expenses totaled US$11.3
million, or 18.3% of sales, in the first quarter of fiscal
2017 compared to US$9.9 million, or 18.0% of sales, in
the first quarter of 2016 and US$11.3
million, or 18.0% of sales, in the fourth quarter of
2016.
First-Quarter Highlights
- Sales and bookings. Sales and bookings increased 11.9% and
12.6% year-over-year, respectively, mainly due to strong market
demand in EXFO's three major selling regions and for optical and
high-speed solutions. The company also benefited from a large
wireless deal in Asia-Pacific in
the first quarter. From a segmented revenue standpoint, 56% of
sales originated from the Americas, 23% from EMEA and 21% from
Asia-Pacific, while Physical-layer
sales represented 68% of total sales and Protocol-layer sales 32%.
EXFO's top customer accounted for 13.8% of sales, while the top
three represented 23.3%. This represents an unusually high
concentration level for EXFO, but reflects greater success with
Tier-1 operators.
- Profitability. EXFO generated adjusted EBITDA of US$6.3 million, or 10.2% of sales, in the first
quarter of 2017 compared to US$5.3
million, or 9.6% of sales, in the first quarter of
2016.
- Innovation. EXFO acquired substantially all the assets of
Absolute Analysis in the first quarter to combine radio frequency
(RF) test software with its own optical and Ethernet technologies.
EXFO also introduced three other new solutions including a power
meter, variable attenuator and optical switch modules for its LTB-8
platform dedicated to the high-speed optical lab market, a segment
of increased focus. Finally, EXFO supplied OpenReach, British
Telecom's local network business, with an initial order of
MaxTesters to support its G.fast pilot project.
Business Outlook
EXFO forecasts sales between
US$58.0 million and US$63.0 million
for the second quarter of fiscal 2017, while IFRS net results are
expected to range between a loss of US$0.01 per share and earnings of US$0.03 per share. IFRS net results include
US$0.01 per share in after-tax
amortization of intangible assets and stock-based compensation
costs as well as an anticipated foreign exchange loss of
US$800,000 based on today's exchange
rates.
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 first-quarter results for fiscal 2017. To
listen to the conference call and participate in the question
period via telephone, dial 1-704-288-0432. Please take note
the following conference ID number will be required: 30629172.
Germain Lamonde, Chairman, President
and CEO, and Pierre Plamondon, CPA,
Vice-President of Finance and Chief Financial Officer, will
participate in the call. An audio replay of the conference call
will be available two hours after the event until 11:59 p.m. on January 17,
2017. The replay number is 1-855-859-2056 and the conference
ID number is 30629172. 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
EXFO provides communications service
providers (CSPs) with test automation and 3D analytics solutions to
ensure the smooth deployment, maintenance and management of
next-generation, physical, virtual, fixed and mobile networks. The
company has also forged strong relationships with network equipment
manufacturers (NEMs) to develop deep expertise that migrates from
the lab to the field and beyond. EXFO's key differentiation comes
from combining intelligent, automated and cloud-based test and
monitoring solutions with real-time analytics to deliver unmatched
end-to-end visibility and assurance—from a network, services and
end-user level. EXFO is no. 1 in portable optical testing and
boasts the largest active service assurance deployment worldwide.
For more information, visit www.EXFO.com and follow us on the EXFO
Blog.
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 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, in thousands
of US dollars:
Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
Q1
2017
|
|
Q4
2016
|
|
Q1
2016
|
|
|
|
|
|
|
|
|
|
IFRS net earnings for
the period
|
$
|
3,303
|
|
$
|
2,252
|
|
$
|
1,766
|
|
|
|
|
|
|
|
|
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of
property, plant and equipment
|
|
903
|
|
|
957
|
|
|
975
|
Amortization of
intangible assets
|
|
427
|
|
|
292
|
|
|
300
|
Interest (income)
expense
|
|
(20)
|
|
|
(112)
|
|
|
63
|
Income
taxes
|
|
1,962
|
|
|
2,188
|
|
|
2,116
|
Stock-based
compensation costs
|
|
258
|
|
|
302
|
|
|
376
|
Foreign exchange
gain
|
|
(512)
|
|
|
(293)
|
|
|
(310)
|
Adjusted EBITDA for
the period
|
$
|
6,321
|
|
$
|
6,172
|
|
$
|
5,286
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA in
percentage of sales
|
|
10.2%
|
|
|
9.8%
|
|
|
9.6%
|
EXFO
Inc.
Condensed
Unaudited Interim Consolidated Balance Sheets
(in thousands of US
dollars)
|
|
|
As
at
November
30,
2016
|
|
As
at
August
31,
2016
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash
|
$
|
35,061
|
|
$
|
43,208
|
Short-term
investments
|
|
4,281
|
|
|
4,087
|
Accounts
receivable
|
|
|
|
|
|
|
Trade
|
|
43,476
|
|
|
42,993
|
|
Other
|
|
3,321
|
|
|
2,474
|
Income taxes and tax
credits recoverable
|
|
4,047
|
|
|
4,208
|
Inventories
|
|
33,880
|
|
|
33,004
|
Prepaid
expenses
|
|
2,781
|
|
|
3,099
|
|
|
126,847
|
|
|
133,073
|
|
|
|
|
|
|
Tax credits
recoverable
|
|
33,800
|
|
|
34,594
|
Property, plant
and equipment
|
|
35,530
|
|
|
35,978
|
Intangible
assets
|
|
10,855
|
|
|
3,391
|
Goodwill
|
|
21,418
|
|
|
21,928
|
Deferred income
tax assets
|
|
7,901
|
|
|
8,240
|
Other
assets
|
|
372
|
|
|
589
|
|
|
|
|
|
|
|
$
|
236,723
|
|
$
|
237,793
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
$
|
34,779
|
|
$
|
37,174
|
Provisions
|
|
308
|
|
|
299
|
Income taxes
payable
|
|
567
|
|
|
971
|
Deferred
revenue
|
|
8,910
|
|
|
9,486
|
|
|
44,564
|
|
|
47,930
|
|
|
|
|
|
|
Deferred
revenue
|
|
5,681
|
|
|
5,530
|
Deferred income
tax liabilities
|
|
2,546
|
|
|
2,857
|
Other
liabilities
|
|
29
|
|
|
75
|
|
|
52,820
|
|
|
56,392
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Share
capital
|
|
89,352
|
|
|
85,516
|
Contributed
surplus
|
|
18,018
|
|
|
18,150
|
Retained
earnings
|
|
129,612
|
|
|
126,309
|
Accumulated other
comprehensive loss
|
|
(53,079)
|
|
|
(48,574)
|
|
|
|
|
|
|
|
|
183,903
|
|
|
181,401
|
|
|
|
|
|
|
|
$
|
236,723
|
|
$
|
237,793
|
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,
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
Sales
|
$
|
61,785
|
|
$
|
55,232
|
|
|
|
|
|
|
Cost of sales
(1)
|
|
22,813
|
|
|
20,137
|
Selling and
administrative
|
|
21,595
|
|
|
20,252
|
Net research and
development
|
|
11,314
|
|
|
9,933
|
Depreciation of
property, plant and equipment
|
|
903
|
|
|
975
|
Amortization of
intangible assets
|
|
427
|
|
|
300
|
Interest (income)
expense
|
|
(20)
|
|
|
63
|
Foreign exchange
gain
|
|
(512)
|
|
|
(310)
|
|
|
|
|
|
|
Earnings before
income taxes
|
|
5,265
|
|
|
3,882
|
|
|
|
|
|
|
Income
taxes
|
|
1,962
|
|
|
2,116
|
|
|
|
|
|
|
Net earnings for
the period
|
$
|
3,303
|
|
$
|
1,766
|
|
|
|
|
|
|
Basic and diluted
net earnings per share
|
$
|
0.06
|
|
$
|
0.03
|
|
|
|
|
|
|
Basic weighted
average number of shares outstanding (000's)
|
|
53,884
|
|
|
53,814
|
|
|
|
|
|
|
Diluted weighted
average number of shares outstanding (000's)
|
|
55,001
|
|
|
54,535
|
|
|
|
|
|
|
(1) The cost of sales
is exclusive of depreciation and amortization, shown
separately.
|
EXFO
Inc. Condensed Unaudited
nterim Consolidated Statements of Comprehensive Loss
(in thousands of US
dollars)
|
|
|
Three months ended November 30,
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
Net earnings for
the period
|
$
|
3,303
|
|
$
|
1,766
|
Other comprehensive
income (loss), net of income taxes
|
|
|
|
|
|
Items that will not
be reclassified subsequently to net earnings
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
(4,217)
|
|
|
(2,509)
|
Items that may be
reclassified subsequently to net earnings
|
|
|
|
|
|
|
Unrealized
gains/losses on forward exchange contracts
|
|
(561)
|
|
|
(270)
|
|
Reclassification of
realized gains/losses on forward exchange contracts
in net earnings
|
|
181
|
|
|
878
|
|
Deferred income tax
effect of gains/losses on forward exchange contracts
|
|
92
|
|
|
(148)
|
|
|
|
|
|
|
Other comprehensive
loss
|
|
(4,505)
|
|
|
(2,049)
|
|
|
|
|
|
|
Comprehensive loss
for the period
|
$
|
(1,202)
|
|
$
|
(283)
|
EXFO
Inc. Condensed Unaudited
Interim Consolidated Statements of Changes in Shareholders'
Equity
(in thousands of US
dollars)
|
|
|
Three months ended
November 30, 2015
|
|
Share capital
|
|
Contributed surplus
|
|
Retained earnings
|
|
Accumulated other comprehensive loss
|
|
Total shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
September 1, 2015
|
$
|
86,045
|
|
$
|
17,778
|
|
$
|
117,409
|
|
$
|
(52,005)
|
|
$
|
169,227
|
Redemption of share
capital
|
|
(1)
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(1)
|
Reclassification of
stock-based compensation costs
|
|
723
|
|
|
(723)
|
|
|
–
|
|
|
–
|
|
|
–
|
Stock-based
compensation costs
|
|
–
|
|
|
341
|
|
|
–
|
|
|
–
|
|
|
341
|
Net earnings for the
period
|
|
–
|
|
|
–
|
|
|
1,766
|
|
|
–
|
|
|
1,766
|
Other comprehensive
income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(2,509)
|
|
|
(2,509)
|
|
Changes in unrealized
losses on forward exchange contracts, net of deferred income taxes
of $148
|
|
–
|
|
|
–
|
|
|
–
|
|
|
460
|
|
|
460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
loss for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(283)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
November 30, 2015
|
$
|
86,767
|
|
$
|
17,396
|
|
$
|
119,175
|
|
$
|
(54,054)
|
|
$
|
169,284
|
|
|
|
|
|
|
|
Three months ended
November 30, 2016
|
|
Share capital
|
|
Contributed
surplus
|
|
Retained
earnings
|
|
Accumulated
other
comprehensive
loss
|
|
Total shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
September 1, 2016
|
$
|
85,516
|
|
$
|
18,150
|
|
$
|
126,309
|
|
$
|
(48,574)
|
|
$
|
181,401
|
Issuance of share
capital
|
|
3,490
|
|
|
–
|
|
|
–
|
|
|
-
|
|
|
3,490
|
Reclassification of
stock-based compensation costs
|
|
346
|
|
|
(346)
|
|
|
–
|
|
|
-
|
|
|
–
|
Stock-based
compensation costs
|
|
–
|
|
|
214
|
|
|
–
|
|
|
-
|
|
|
214
|
Net earnings for the
period
|
|
–
|
|
|
–
|
|
|
3,303
|
|
|
-
|
|
|
3,303
|
Other comprehensive
loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(4,217)
|
|
|
(4,217)
|
|
Changes in unrealized
gains/losses on forward exchange contracts, net of deferred income
taxes of $92
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(288)
|
|
|
(288)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
loss for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,202)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
November 30, 2016
|
$
|
89,352
|
|
$
|
18,018
|
|
$
|
129,612
|
|
$
|
(53,079)
|
|
$
|
183,903
|
EXFO
Inc.
Condensed Unaudited Interim
Consolidated Statements of Cash Flows
(in thousands of US
dollars)
|
|
|
|
|
Three months ended November 30,
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
Net earnings for the
period
|
$
|
3,303
|
|
$
|
1,766
|
Add (deduct) items
not affecting cash
|
|
|
|
|
|
|
Stock-based
compensation costs
|
|
258
|
|
|
376
|
|
Depreciation and
amortization
|
|
1,330
|
|
|
1,275
|
|
Deferred
revenue
|
|
(75)
|
|
|
1,511
|
|
Deferred income
taxes
|
|
147
|
|
|
573
|
|
Changes in foreign
exchange gain/loss
|
|
(538)
|
|
|
(344)
|
|
|
|
4,425
|
|
|
5,157
|
|
|
|
|
|
|
|
Changes in non-cash
operating items
|
|
|
|
|
|
|
Accounts
receivable
|
|
(2,558)
|
|
|
(2,024)
|
|
Income taxes and tax
credits
|
|
(344)
|
|
|
(278)
|
|
Inventories
|
|
(1,248)
|
|
|
(3,226)
|
|
Prepaid
expenses
|
|
258
|
|
|
54
|
|
Other
assets
|
|
13
|
|
|
193
|
|
Accounts payable,
accrued liabilities and provisions
|
|
(1,425)
|
|
|
3,375
|
|
Other
liabilities
|
|
–
|
|
|
(28)
|
|
|
|
(879)
|
|
|
3,223
|
Cash flows from
investing activities
|
|
|
|
|
|
Additions to
short-term investments
|
|
(296)
|
|
|
(21)
|
Additions to capital
assets
|
|
(1,237)
|
|
|
(1,309)
|
Business
combination
|
|
(5,000)
|
|
|
–
|
|
|
|
(6,533)
|
|
|
(1,330)
|
Cash flows from
financing activities
|
|
|
|
|
|
Bank loan
|
|
–
|
|
|
315
|
Redemption of share
capital
|
|
–
|
|
|
(1)
|
|
|
|
–
|
|
|
314
|
|
|
|
|
|
|
|
Effect of foreign
exchange rate changes on cash
|
|
(735)
|
|
|
(197)
|
|
|
|
|
|
|
|
Change in
cash
|
|
(8,147)
|
|
|
2,010
|
Cash – Beginning
of the period
|
|
43,208
|
|
|
25,864
|
Cash – End of the
period
|
$
|
35,061
|
|
$
|
27,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplementary
information
|
|
|
|
|
|
Income taxes
paid
|
$
|
958
|
|
$
|
608
|
EXFO-F
SOURCE EXFO inc.