ots Ad hoc-Service: ADVA AG <DE0005103006> ADVA Reports Strong Momentum in 3rd Quarter 2000 Sales
Martinsried/Munich (ots Ad hoc-Service) -
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ADVA Optical Networking (German Neuer Markt: ADV), a leading global provider of optical networking solutions, today announced continuing strong momentum in quarterly sales for the third quarter 2000, which ended September 30, 2000.
Sales for the third quarter 2000 reached a record 19.9 million Euro (17.6 million USD), an increase of 193% over the same period of the prior year (Q3 1999: 6.8 million Euro / 6.0 million USD). Pro forma operating income, excluding purchased in-process R&D, amortization of goodwill, and depreciation of purchased intangible assets relating to acquisitions, as well as non-cash charges related to the stock option programs, totaled 0.4 million Euro (0.3 million USD) during the third quarter 2000, compared to 0.2 million Euro (0.1 million USD) during the same period of the prior year. ADVA achieved a higher pro forma operating income despite ongoing significant investments in research and development to support long-term growth.
Pro forma net profit totaled -0.5 million Euro (-0.4 million USD)
in the third quarter 2000, compared to 0.2 million Euro (0.2 million
USD) during the same period of the prior year. Pro forma diluted
earnings per share totaled -0.01 Euro (-0.01 USD) in the third
quarter 2000, compared to 0.01 Euro (0.01 USD) during the same period
of the prior year. During the third quarter 2000, ADVA successfully
completed the acquisitions of First Fibre Ltd. ("First Fibre") and
the Siemens Norway Telecom R&D Team for a combined purchase price of
approximately 94 million Euro, and took significant one- time charges
as write-offs of purchased in-process R&D under U.S. GAAP. Actual net
profit for the third quarter 2000 therefore was -30.9 million Euro
(-27.3 million USD), compared to -0.4 million Euro (-0.3 million USD)
during the same period of the prior year. Diluted earnings per share
equaled -0.92 Euro (-0.81 USD) for the third quarter 2000, compared
to -0.01 Euro (-0.01 USD) during the same period of the prior year.Sales for the first nine months of 2000 reached 47.4 million Euro (41.8 million USD), an increase of 213% over the same period of the prior year (first nine months of 1999: 15.1 million Euro / 13.3 million USD). Pro forma operating income totaled 1.1 million Euro (1.0 million USD) during the first nine months of 2000, compared to 0.8 million Euro (0.7 million USD) during the same period of the prior year. Pro forma net profit totaled 1.1 million Euro (1.0 million USD) during the first nine months of 2000, compared to 0.1 million Euro (0.1 million USD) during the same period of the prior year. Actual net income for the first nine months of 2000 was -44.1 million Euro (-38.9 million USD) compared to -1.3 million Euro (-1.1 million USD) during the same period of the prior year. Diluted earnings per share equaled -1.32 Euro (-1.17 USD) for the first nine months of 2000, compared to -0.04 Euro (-0.04 USD) during the same period of the prior year.
Third quarter sales momentum The strong third quarter sales were the result of continued high demand for ADVA's Fiber Service Platform (FSP)-II product, further penetration of ADVA's Fortune 1,000 enterprise customer target group, growing sales to service provider customers and the addition of new sales channels.
FSP-II was the top-selling product during the first nine months of
2000. Sales in both the Europe/Middle East/Africa ("EMEA") region and
the Americas were strong during the first nine months of 2000,
reaching 49% and 48% of sales, respectively. Sales in the EMEA region
were particularly strong during the third quarter of 2000, reflecting
growing demand by service providers. Sales in Asia-Pacific totaled
3%. ADVA continues to heighten its geographic reach as part of its
sales strategy, establishing a presence in China, Mexico and Chile.
Net One Systems Co., Ltd. joined ADVA's growing global network of
value-added resellers.ADVA's complete financial statements and report for the first nine months of 2000, as well as the 1999 annual report, can be found on its website at www.advaoptical.com. Full-year 2000 financial results will be published on March 26, 2000.
About ADVA Optical Networking ADVA Optical Networking is a leading global provider of optical networking solutions to deploy, manage and deliver communication networks and high-speed services for the metropolitan area and enterprise markets. Visit www.advaoptical.com for more information about ADVA Optical Networking. ************************
The economic projections and forward-looking statements contained in this document relate to future facts. Such projections and forward-looking statements are subject to risks which cannot be foreseen and which are beyond the control of ADVA AG Optical Networking. ADVA AG Optical Networking is therefore not in a position to make any representation as to the accuracy of economic projections and forward-looking statements or their impact on the financial situation of ADVA AG Optical Networking or the market in the shares of ADVA AG Optical Networking.
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Published by: ADVA AG Optical Networking, Martinsried/Munich and Meiningen, Germany ADVA Optical Networking Inc., Ramsey/New Jersey, USA www.advaoptical.com
For Investors and Financial Press: For Trade Press:
Alexa M. Schmidt Elizabeth Sayer
Tel. +49/89/89 577 161 (Europe) Tel. +44/1904 699 328
(Europe)
Tel. +1/201/995 0080 (U.S.) Tel. +1/646/321 2646 (U.S.)
Email:investor-relations@advaoptical.com
Email:public-relations@advaoptical.comPro forma condensed consolidated financial results The pro forma income statement has been calculated to illustrate ADVA's operating performance prior to the effects of purchased in-process R&D, amortization of goodwill, depreciation of purchased intangible assets, and non-cash charges related to the Company's stock option programs. The following statements are prepared according to U.S. GAAP for the fiscal period ending September 30, and are unaudited.
(in thousands of Euro, except per-share amounts)
Q3 2000 Q3 1999 9M 2000 9M 1999
Sales 19,890 6,800 47,370 15,116
Operating income 361 163 1,148 770
Net profit -475 239 1,146 59
Diluted earnings
per share (EPS) -0.01 0.01 0.03 0The above pro forma amounts for the quarter and nine months ended September 30, 1999, exclude non-cash charges relating to the Company's stock option program. The above pro forma amounts for the quarter and nine months ended September 30, 2000, exclude write-off of purchased in-process R&D, goodwill amortization, depreciation of purchased intangible assets, and non-cash charges relating to the Company's stock option program.
Actual condensed consolidated financial results Actual condensed consolidated financial results includes purchased in-process R&D and amortization of goodwill and intangible assets resulting from acquisitions, as well as non-cash charges related to the Company's stock option program. The following statements are prepared according to U.S. GAAP for the fiscal period ending September 30, and are unaudited.
(in thousands of Euro, except per-share amounts)
Q3 2000 Q3 1999 9M 2000 9M 1999
Sales 19,890 6,800 47,370 15,116
Operating income* -29,744 -451 -44,712 -563
Net profit -30,908 -375 -44,106 -1,274
Diluted earnings
per share (EPS) -0.92 -0.01 -1.32 -0.04*Operating income is calculated as earnings before interest and taxes including purchased in-process R&D, amortization of goodwill, depreciation of purchased intangible assets, and non-cash charges related to the stock option program.
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