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Share Name | Share Symbol | Market | Type |
---|---|---|---|
EXFO Inc | NASDAQ:EXFO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.245 | 6.24 | 6.26 | 0 | 01:00:00 |
Form 20-F
þ
|
Form 40-F
o
|
Yes
o
|
No
þ
|
EXFO INC.
|
|
By:
/s/ Germain Lamonde
Name: Germain Lamonde
Title: President and Chief Executive Officer
|
|
§
|
Sales reach US$62.6 million
|
§
|
Gross margin amounts to 62.2% of sales
|
§
|
Adjusted EBITDA totals US$4.4 million
|
Q2 2013 | Q1 2013 | Q2 2012 | ||||||||||
Sales
|
$ | 62,576 | $ | 59,821 | $ | 66,917 | ||||||
Gross margin
*
|
$ | 38,912 | $ | 36,164 | $ | 43,301 | ||||||
62.2 | % | 60.5 | % | 64.7 | % | |||||||
Other selected information:
|
||||||||||||
IFRS net earnings (loss)
|
$ | 39 | $ | (1,638 | ) | $ | 954 | |||||
Amortization of intangible assets
|
$ | 1,922 | $ | 1,962 | $ | 1,974 | ||||||
Stock-based compensation costs
|
$ | 468 | $ | 448 | $ | 508 | ||||||
Restructuring charges
|
$ | 89 | $ | – | $ | – | ||||||
Change in fair value of cash contingent consideration
|
$ | – | $ | – | $ | (311 | ) | |||||
Net income tax effect of the above items
|
$ | (95 | ) | $ | (67 | ) | $ | (56 | ) | |||
Foreign exchange (gain) loss
|
$ | (1,700 | ) | $ | (756 | ) | $ | 1,471 | ||||
Adjusted EBITDA
**
|
$ | 4,435 | $ | 2,720 | $ | 7,826 |
●
|
Growth
.
Despite late budget releases by network operators, EXFO’s revenue level improved 4.6% sequentially in the second quarter mainly due to increased traction in the wireless sector. This marked the second consecutive quarter of revenue growth for EXFO amid difficult market conditions. The company posted double-digit sequential sales increases in the Asia-Pacific and Europe, Middle East and Africa (EMEA) regions, but a decrease in the Americas. EXFO’s top customer accounted for 5.9% of sales in the second quarter, while the top three represented 13.1%.
|
●
|
Profitability.
EXFO finished break-even (US$39,000) on an IFRS basis in the second quarter compared to a net loss of US$1.6 million in the previous quarter. The company also generated US$2.1 million in cash flows from operating activities. Based on increased sales volume and a tight control on expenses, EXFO expects to significantly improve profitability in the second half of the fiscal year.
|
●
|
Innovation.
EXFO launched six new products in the second quarter including amongst others the TravelHawk Pro, a 4G/LTE network troubleshooting tool that has been selected by three of world’s top five LTE operators; FTB-88100NGE Power Blazer, the first portable, multiservice test solution supporting transmission rates from 10M to 100G; and packet synchronization functionalities on the FTB1/FTB-800 NetBlazer series for wireless network deployments. Altogether, the company has released 11 new products since the beginning of the fiscal year.
|
*
|
Gross margin represents sales less cost of sales, excluding depreciation and amortization.
|
**
|
Adjusted EBITDA represents net earnings (loss) before interest, income taxes, depreciation of property, plant and equipment, amortization of intangible assets, restructuring charges, change in the fair value of the cash contingent consideration, stock-based compensation costs and foreign exchange gain or loss.
|
Three months
ended
February 28,
2013
|
Three months
ended
November 30,
2012
|
Three months
ended
February 29,
2012
|
||||||||||
IFRS net earnings (loss) for the period
|
$ | 39 | $ | (1,638 | ) | $ | 954 | |||||
Add (deduct):
|
||||||||||||
Depreciation of property, plant and equipment
|
1,504 | 1,605 | 1,546 | |||||||||
Amortization of intangible assets
|
1,922 | 1,962 | 1,974 | |||||||||
Interest (income) expenses
|
25 | (33 | ) | (54 | ) | |||||||
Income taxes
|
2,088 | 1,132 | 1,738 | |||||||||
Restructuring charges
|
89 | – | – | |||||||||
Change in fair value of cash contingent consideration
|
– | – | (311 | ) | ||||||||
Stock-based compensation costs
|
468 | 448 | 508 | |||||||||
Foreign exchange (gain) loss
|
(1,700 | ) | (756 | ) | 1,471 | |||||||
Adjusted EBITDA for the period
|
$ | 4,435 | $ | 2,720 | $ | 7,826 | ||||||
Adjusted EBITDA in percentage of sales
|
7.1 | % | 4.5 | % | 11.7 | % |
As at
February 28,
2013
|
As at
August 31,
2012
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash
|
$ | 51,425 | $ | 58,868 | ||||
Short-term investments
|
4,952 | 8,236 | ||||||
Accounts receivable
|
||||||||
Trade
|
42,715 | 37,643 | ||||||
Other
|
2,643 | 4,283 | ||||||
Income taxes and tax credits recoverable
|
8,375 | 9,024 | ||||||
Inventories
|
38,331 | 41,212 | ||||||
Prepaid expenses
|
3,685 | 3,800 | ||||||
152,126 | 163,066 | |||||||
Tax credits recoverable
|
40,368 | 38,397 | ||||||
Property, plant and equipment
|
46,593 | 49,848 | ||||||
Intangible assets
|
10,111 | 14,132 | ||||||
Goodwill
|
27,885 | 29,160 | ||||||
Deferred income taxes
|
11,266 | 12,080 | ||||||
$ | 288,349 | $ | 306,683 | |||||
Liabilities
|
||||||||
Current liabilities
|
||||||||
Accounts payable and accrued liabilities
|
$ | 29,420 | $ | 32,392 | ||||
Provisions
|
742 | 952 | ||||||
Income taxes payable
|
1,225 | 917 | ||||||
Current portion of long-term debt
|
584 | 565 | ||||||
Deferred revenue
|
9,069 | 10,583 | ||||||
41,040 | 45,409 | |||||||
Deferred revenue
|
4,481 | 4,997 | ||||||
Long-term debt
|
– | 282 | ||||||
Other liabilities
|
383 | 609 | ||||||
Deferred income taxes
|
2,628 | 2,105 | ||||||
48,532 | 53,402 | |||||||
Shareholders’ equity
|
||||||||
Share capital (note 4)
|
111,400 | 110,965 | ||||||
Contributed surplus
|
16,688 | 17,298 | ||||||
Retained earnings
|
109,912 | 111,511 | ||||||
Accumulated other comprehensive income
|
1,817 | 13,507 | ||||||
239,817 | 253,281 | |||||||
$ | 288,349 | $ | 306,683 |
Three months
ended
February 28,
2013
|
Six months
ended
February 28,
2013
|
Three months
ended
February 29,
2012
|
Six months
ended
February 29,
2012
|
|||||||||||||
Sales
|
$ | 62,576 | $ | 122,397 | $ | 66,917 | $ | 133,305 | ||||||||
Cost of sales
(1)
(note 5)
|
23,664 | 47,321 | 23,616 | 46,986 | ||||||||||||
Selling and administrative (note 5)
|
23,074 | 45,364 | 23,676 | 48,294 | ||||||||||||
Net research and development
(note 5)
|
11,960 | 23,562 | 12,307 | 24,790 | ||||||||||||
Depreciation of property, plant and equipment (note 5)
|
1,504 | 3,109 | 1,546 | 3,114 | ||||||||||||
Amortization of intangible assets (note 5)
|
1,922 | 3,884 | 1,974 | 3,895 | ||||||||||||
Change in fair value of cash contingent consideration
|
– | – | (311 | ) | (311 | ) | ||||||||||
Earnings (loss) from operations
|
452 | (843 | ) | 4,109 | 6,537 | |||||||||||
Interest income (expenses)
|
(25 | ) | 8 | 54 | (17 | ) | ||||||||||
Foreign exchange gain (loss)
|
1,700 | 2,456 | (1,471 | ) | 193 | |||||||||||
Earnings before income taxes
|
2,127 | 1,621 | 2,692 | 6,713 | ||||||||||||
Income taxes
(note 6)
|
2,088 | 3,220 | 1,738 | 2,872 | ||||||||||||
Net earnings (loss) for the period
|
$ | 39 | $ | (1,599 | ) | $ | 954 | $ | 3,841 | |||||||
Basic and diluted net earnings (loss) per share
|
$ | 0.00 | $ | (0.03 | ) | $ | 0.02 | $ | 0.06 | |||||||
Basic weighted average number of shares outstanding (000’s)
|
60,392 | 60,391 | 60,441 | 60,391 | ||||||||||||
Diluted weighted average number of shares outstanding (000’s)
(note 7)
|
61,175 | 61,195 | 61,606 | 61,685 |
Three months
ended
February 28,
2013
|
Six months
ended
February 28,
2013
|
Three months
ended
February 29,
2012
|
Six months
ended
February 29,
2012
|
|||||||||||||
Net earnings (loss) for the period
|
$ | 39 | $ | (1,599 | ) | $ | 954 | $ | 3,841 | |||||||
Other comprehensive income (loss), net of income taxes
|
||||||||||||||||
Items that will not be reclassified subsequently to net earnings
|
||||||||||||||||
Foreign currency translation adjustment
|
(9,184 | ) | (10,892 | ) | 6,200 | (5,627 | ) | |||||||||
Items that may be reclassified subsequently to net earnings
|
||||||||||||||||
Unrealized gains/losses on forward exchange contracts
|
(679 | ) | (762 | ) | 963 | 144 | ||||||||||
Reclassification of realized gains on forward exchange contracts in net earnings (loss)
|
(130 | ) | (329 | ) | (355 | ) | (980 | ) | ||||||||
Deferred income tax effect of gains/losses on forward exchange contracts
|
217 | 293 | (163 | ) | 232 | |||||||||||
Other comprehensive income (loss)
|
(9,776 | ) | (11,690 | ) | 6,645 | (6,231 | ) | |||||||||
Comprehensive income (loss) for the period
|
$ | (9,737 | ) | $ | (13,289 | ) | $ | 7,599 | $ | (2,390 | ) |
Six months ended February 29, 2012
|
||||||||||||||||||||
Share
capital
|
Contributed surplus
|
Retained earnings
|
Accumulated other comprehensive income
|
Total
shareholders’ equity
|
||||||||||||||||
Balance as at September 1, 2011
|
$ | 110,341 | $ | 18,017 | $ | 115,104 | $ | 21,049 | $ | 264,511 | ||||||||||
Exercise of stock options (note 4)
|
78 | – | – | – | 78 | |||||||||||||||
Redemption of share capital (note 4)
|
(404 | ) | (222 | ) | – | – | (626 | ) | ||||||||||||
Reclassification of stock-based compensation c
osts (note 4)
|
1,406 | (1,406 | ) | – | – | – | ||||||||||||||
Stock-based compensation costs
|
– | 956 | – | – | 956 | |||||||||||||||
Net earnings for the period
|
– | – | 3,841 | – | 3,841 | |||||||||||||||
Other comprehensive loss
|
||||||||||||||||||||
Foreign currency translation adjustment
|
– | – | – | (5,627 | ) | (5,627 | ) | |||||||||||||
Changes in unrealized gains on forward exchange contracts, net of deferred income taxes of $232
|
– | – | – | (604 | ) | (604 | ) | |||||||||||||
Total other comprehensive income (loss) for the period
|
– | – | 3,841 | (6,231 | ) | (2,390 | ) | |||||||||||||
Balance as at February 29, 2012
|
$ | 111,421 | $ | 17,345 | $ | 118,945 | $ | 14,818 | $ | 262,529 |
Six months ended February 28, 2013
|
||||||||||||||||||||
Share
capital
|
Contributed surplus
|
Retained earnings
|
Accumulated other comprehensive income
|
Total
shareholders’ equity
|
||||||||||||||||
Balance as at September 1, 2012
|
$ | 110,965 | $ | 17,298 | $ | 111,511 | $ | 13,507 | $ | 253,281 | ||||||||||
Exercise of stock options (note 4)
|
87 | – | – | – | 87 | |||||||||||||||
Redemption of share capital (note 4)
|
(913 | ) | (227 | ) | – | – | (1,140 | ) | ||||||||||||
Reclassification of stock-based compensation c
osts (note 4)
|
1,261 | (1,261 | ) | – | – | – | ||||||||||||||
Stock-based compensation costs
|
– | 878 | – | – | 878 | |||||||||||||||
Net loss for the period
|
– | – | (1,599 | ) | – | (1,599 | ) | |||||||||||||
Other comprehensive loss
|
||||||||||||||||||||
Foreign currency translation adjustment
|
– | – | – | (10,892 | ) | (10,892 | ) | |||||||||||||
Changes in unrealized gains/losses on forward exchange contracts, net of deferred income taxes of $293
|
– | – | – | (798 | ) | (798 | ) | |||||||||||||
Total other comprehensive loss for the period
|
– | – | (1,599 | ) | (11,690 | ) | (13,289 | ) | ||||||||||||
Balance as at February 28, 2013
|
$ | 111,400 | $ | 16,688 | $ | 109,912 | $ | 1,817 | $ | 239,817 |
Three months
ended
February 28,
2013
|
Six months
ended
February 28,
2013
|
Three months
ended
February 29,
2012
|
Six months
ended
February 29,
2012
|
|||||||||||||
Cash flows from operating activities
|
||||||||||||||||
Net earnings (loss) for the period
|
$ | 39 | $ | (1,599 | ) | $ | 954 | $ | 3,841 | |||||||
Add (deduct) items not affecting cash
|
||||||||||||||||
Change in discount on short-term investments
|
(3 | ) | (1 | ) | 12 | 43 | ||||||||||
Stock-based compensation costs
|
468 | 916 | 508 | 1,063 | ||||||||||||
Depreciation and amortization
|
3,426 | 6,993 | 3,520 | 7,009 | ||||||||||||
Change in fair value of cash contingent consideration
|
– | – | (311 | ) | (311 | ) | ||||||||||
Deferred revenue
|
111 | (1,420 | ) | 488 | (653 | ) | ||||||||||
Deferred income taxes
|
988 | 1,721 | 857 | 1,575 | ||||||||||||
Change in foreign exchange gain/loss
|
(775 | ) | (798 | ) | 175 | (1,039 | ) | |||||||||
4,254 | 5,812 | 6,203 | 11,528 | |||||||||||||
Change in non-cash operating items
|
||||||||||||||||
Accounts receivable
|
2,016 | (6,088 | ) | 5,504 | 2,607 | |||||||||||
Income taxes and tax credits
|
(1,313 | ) | (3,186 | ) | (1,430 | ) | (1,258 | ) | ||||||||
Inventories
|
1,213 | 1,053 | 7,050 | 7,643 | ||||||||||||
Prepaid expenses
|
(414 | ) | (55 | ) | (228 | ) | (213 | ) | ||||||||
Accounts payable, accrued liabilities and provisions
|
(3,687 | ) | (50 | ) | (3,432 | ) | (35 | ) | ||||||||
Other liabilities
|
(15 | ) | (210 | ) | (91 | ) | (152 | ) | ||||||||
2,054 | (2,724 | ) | 13,576 | 20,120 | ||||||||||||
Cash flows from investing activities
|
||||||||||||||||
Additions to short-term investments
|
(10,236 | ) | (34,769 | ) | (9,876 | ) | (67,798 | ) | ||||||||
Proceeds from disposal and maturity of short-term investments
|
13,283 | 37,810 | 16,987 | 107,766 | ||||||||||||
Additions to capital assets
|
(2,504 | ) | (4,493 | ) | (6,691 | ) | (11,177 | ) | ||||||||
543 | (1,452 | ) | 420 | 28,791 | ||||||||||||
Cash flows from financing activities
|
||||||||||||||||
Bank loan
|
– | – | – | (785 | ) | |||||||||||
Repayment of long-term debt
|
(293 | ) | (293 | ) | (296 | ) | (296 | ) | ||||||||
Exercise of stock options
|
36 | 87 | 78 | 78 | ||||||||||||
Redemption of share capital
|
(167 | ) | (1,140 | ) | (263 | ) | (626 | ) | ||||||||
(424 | ) | (1,346 | ) | (481 | ) | (1,629 | ) | |||||||||
Effect of foreign exchange rate changes on cash
|
(1,566 | ) | (1,921 | ) | 1,564 | 1,196 | ||||||||||
Change in cash
|
607 | (7,443 | ) | 15,079 | 48,478 | |||||||||||
Cash – Beginning of the period
|
50,818 | 58,868 | 56,170 | 22,771 | ||||||||||||
Cash – End of the period
|
$ | 51,425 | $ | 51,425 | $ | 71,249 | $ | 71,249 | ||||||||
Supplementary information
|
||||||||||||||||
Interest paid
|
$ | 17 | $ | 26 | $ | 31 | $ | 58 | ||||||||
Income taxes paid
|
$ | 552 | $ | 937 | $ | 255 | $ | 990 |
Expiry dates
|
Contractual
amounts
|
Weighted average contractual
forward rates
|
||||||
March 2013 to August 2013
|
$ | 11,400,000 | 1.0256 | |||||
September 2013 to August 2014
|
18,600,000 | 1.0243 | ||||||
September 2014 to February 2015
|
6,600,000 | 1.0401 | ||||||
Total
|
$ | 36,600,000 | 1.0275 |
Six months ended February 29, 2012
|
||||||||||||||||||||
Multiple voting shares
|
Subordinate voting shares
|
|||||||||||||||||||
Number
|
Amount
|
Number
|
Amount
|
Total
amount
|
||||||||||||||||
Balance as at September 1, 2011
|
31,643,000 | $ | 1 | 28,621,999 | $ | 110,340 | $ | 110,341 | ||||||||||||
Redemption of restricted share units
|
− | − | 184,167 | − | − | |||||||||||||||
Redemption of share capital
|
− | − | (63,146 | ) | (244 | ) | (244 | ) | ||||||||||||
Reclassification of stock-based compensation costs to share capital upon exercise of stock awards
|
– | – | – | 848 | 848 | |||||||||||||||
Balance as at November 30, 2011
|
31,643,000 | 1 | 28,743,020 | 110,944 | 110,945 | |||||||||||||||
Exercise of stock options
|
− | − | 25,250 | 78 | 78 | |||||||||||||||
Redemption of restricted share units
|
− | − | 127,632 | − | − | |||||||||||||||
Redemption of share capital
|
− | − | (41,651 | ) | (160 | ) | (160 | ) | ||||||||||||
Reclassification of stock-based compensation costs to share capital upon exercise of stock awards
|
– | – | – | 558 | 558 | |||||||||||||||
Balance as at February 29, 2012
|
31,643,000 | $ | 1 | 28,854,251 | $ | 111,420 | $ | 111,421 |
Six months ended February 28, 2013
|
||||||||||||||||||||
Multiple voting shares
|
Subordinate voting shares
|
|||||||||||||||||||
Number
|
Amount
|
Number
|
Amount
|
Total
Amount
|
||||||||||||||||
Balance as at September 1, 2012
|
31,643,000 | $ | 1 | 28,710,891 | $ | 110,964 | $ | 110,965 | ||||||||||||
Exercise of stock options
|
− | − | 23,275 | 51 | 51 | |||||||||||||||
Redemption of restricted share units
|
− | − | 127,949 | − | − | |||||||||||||||
Redemption of share capital
|
− | − | (205,123 | ) | (793 | ) | (793 | ) | ||||||||||||
Reclassification of stock-based compensation costs to share capital upon exercise of stock awards
|
− | − | − | 612 | 612 | |||||||||||||||
Balance as at November 30, 2012
|
31,643,000 | 1 | 28,656,992 | 110,834 | 110,835 | |||||||||||||||
Exercise of stock options
|
− | − | 7,400 | 36 | 36 | |||||||||||||||
Redemption of restricted share units
|
− | − | 141,725 | − | − | |||||||||||||||
Redemption of deferred share units
|
− | − | 37,054 | − | − | |||||||||||||||
Redemption of share capital
|
− | − | (31,210 | ) | (120 | ) | (120 | ) | ||||||||||||
Reclassification of stock-based compensation costs to share capital upon exercise of stock awards
|
– | – | – | 649 | 649 | |||||||||||||||
Balance as at February 28, 2013
|
31,643,000 | $ | 1 | 28,811,961 | $ | 111,399 | $ | 111,400 |
Three months
ended
February 28,
2013
|
Six months
ended
February 28,
2013
|
Three months
ended
February 29,
2012
|
Six months
ended
February 29,
2012
|
|||||||||||||
Gross research and development expenses
|
$ | 14,126 | $ | 28,024 | $ | 14,800 | $ | 29,613 | ||||||||
Research and development tax credits and grants
|
(2,166 | ) | (4,462 | ) | (2,493 | ) | (4,823 | ) | ||||||||
$ | 11,960 | $ | 23,562 | $ | 12,307 | $ | 24,790 |
Three months
ended
February 28,
2013
|
Six months
ended
February 28,
2013
|
Three months
ended
February 29,
2012
|
Six months
ended
February 29,
2012
|
|||||||||||||
Cost of sales
|
||||||||||||||||
Depreciation of property, plant and equipment
|
$ | 422 | $ | 867 | $ | 524 | $ | 1,052 | ||||||||
Amortization of intangible assets
|
1,257 | 2,531 | 1,266 | 2,550 | ||||||||||||
1,679 | 3,398 | 1,790 | 3,602 | |||||||||||||
Selling and administrative expenses
|
||||||||||||||||
Depreciation of property, plant and equipment
|
275 | 572 | 240 | 523 | ||||||||||||
Amortization of intangible assets
|
432 | 874 | 453 | 927 | ||||||||||||
707 | 1,446 | 693 | 1,450 | |||||||||||||
Net research and development expenses
|
||||||||||||||||
Depreciation of property, plant and equipment
|
807 | 1,670 | 782 | 1,539 | ||||||||||||
Amortization of intangible assets
|
233 | 479 | 255 | 418 | ||||||||||||
1,040 | 2,149 | 1,037 | 1,957 | |||||||||||||
$ | 3,426 | $ | 6,993 | $ | 3,520 | $ | 7,009 | |||||||||
Depreciation of property, plant and equipment
|
$ | 1,504 | $ | 3,109 | $ | 1,546 | $ | 3,114 | ||||||||
Amortization of intangible assets
|
1,922 | 3,884 | 1,974 | 3,895 | ||||||||||||
$ | 3,426 | $ | 6,993 | $ | 3,520 | $ | 7,009 |
Three months
ended
February 28,
2013
|
Six months
ended
February 28,
2013
|
Three months
ended
February 29,
2012
|
Six months
ended
February 29,
2012
|
|||||||||||||
Salaries and benefits
|
$ | 32,183 | $ | 63,230 | $ | 32,596 | $ | 65,590 | ||||||||
Stock-based compensation costs
|
468 | 916 | 508 | 1,063 | ||||||||||||
Total employee compensation for the period
|
$ | 32,651 | $ | 64,146 | $ | 33,104 | $ | 66,653 |
Three months
ended
February 28,
2013
|
Six months
ended
February 28,
2013
|
Three months
ended
February 29,
2012
|
Six months
ended
February 29,
2012
|
|||||||||||||
Cost of sales
|
$ | 57 | $ | 112 | $ | 60 | $ | 119 | ||||||||
Selling and administrative expenses
|
310 | 623 | 328 | 705 | ||||||||||||
Net research and development expenses
|
101 | 181 | 120 | 239 | ||||||||||||
$ | 468 | $ | 916 | $ | 508 | $ | 1,063 |
Three months
ended
February 28,
2013
|
Six months
ended
February 28,
2013
|
Three months
ended
February 29,
2012
|
Six months
ended
February 29,
2012
|
|||||||||||||
Income tax provision at combined Canadian federal and provincial statutory tax rate (27% in 2013 and 28% in 2012)
|
$ | 574 | $ | 437 | $ | 754 | $ | 1,880 | ||||||||
Increase (decrease) due to:
|
||||||||||||||||
Foreign income taxed at different rates
|
(97 | ) | (278 | ) | (42 | ) | 63 | |||||||||
Non-taxable (income)/loss
|
(372 | ) | (1,164 | ) | (224 | ) | 483 | |||||||||
Non-deductible expenses
|
222 | 423 | 217 | 682 | ||||||||||||
Foreign exchange effect of translation of foreign operations
|
(74 | ) | 284 | (55 | ) | (1,434 | ) | |||||||||
Recognition of previously unrecognized deferred income tax assets
|
‒
|
‒
|
‒
|
(557 | ) | |||||||||||
Unrecognized deferred income tax assets on temporary deductible differences and unused tax losses
|
1,062 | 2,694 | 1,122 | 1,661 | ||||||||||||
Other
|
773 | 824 | (34 | ) | 94 | |||||||||||
$ | 2,088 | $ | 3,220 | $ | 1,738 | $ | 2,872 |
Three months
ended
February 28,
2013
|
Six months
ended
February 28,
2013
|
Three months
ended
February 29,
2012
|
Six months
ended
February 29,
2012
|
|||||||||||||
Current
|
$ | 1,100 | $ | 1,499 | $ | 881 | $ | 1,297 | ||||||||
Deferred
|
988 | 1,721 | 857 | 1,575 | ||||||||||||
$ | 2,088 | $ | 3,220 | $ | 1,738 | $ | 2,872 |
Three months
ended
February 28,
2013
|
Six months
ended
February 28,
2013
|
Three months
ended
February 29,
2012
|
Six months
ended
February 29,
2012
|
|||||||||||||
Basic weighted average number of shares outstanding (000’s)
|
60,392 | 60,391 | 60,441 | 60,391 | ||||||||||||
Plus dilutive effect of (000’s):
|
||||||||||||||||
Stock options
|
33 | 32 | 167 | 165 | ||||||||||||
Restricted share units
|
641 | 651 | 881 | 1,016 | ||||||||||||
Deferred share units
|
109 | 121 | 117 | 113 | ||||||||||||
Diluted weighted average number of shares outstanding (000’s)
|
61,175 | 61,195 | 61,606 | 61,685 | ||||||||||||
Stock awards excluded from the calculation of diluted weighted average number of shares because their exercise price was greater than the average market price of the common shares (000’s)
|
84 | 102 | 18 | 96 |
COMPANY OVERVIEW AND RECENT DEVELOPMENTS
|
RESULTS OF OPERATIONS
|
Three months
ended
February 28,
2013
|
Three months
ended
February 29,
2012
|
Six months
ended
February 28,
2013
|
Six months
ended
February 29,
2012
|
|||||||||||||
Sales
|
$ | 62,576 | $ | 66,917 | $ | 122,397 | $ | 133,305 | ||||||||
Cost of sales
(1)
|
23,664 | 23,616 | 47,321 | 46,986 | ||||||||||||
Selling and administrative
|
23,074 | 23,676 | 45,364 | 48,294 | ||||||||||||
Net research and development
|
11,960 | 12,307 | 23,562 | 24,790 | ||||||||||||
Depreciation of property, plant and equipment
|
1,504 | 1,546 | 3,109 | 3,114 | ||||||||||||
Amortization of intangible assets
|
1,922 | 1,974 | 3,884 | 3,895 | ||||||||||||
Change in the fair value of cash contingent consideration
|
− | (311 | ) | − | (311 | ) | ||||||||||
Earnings (loss) from operations
|
452 | 4,109 | (843 | ) | 6,537 | |||||||||||
Interest income (expenses)
|
(25 | ) | 54 | 8 | (17 | ) | ||||||||||
Foreign exchange gain (loss)
|
1,700 | (1,471 | ) | 2,456 | 193 | |||||||||||
Earnings before income taxes
|
2,127 | 2,692 | 1,621 | 6,713 | ||||||||||||
Income taxes
|
2,088 | 1,738 | 3,220 | 2,872 | ||||||||||||
Net earnings (loss) for the period
|
$ | 39 | $ | 954 | $ | (1,599 | ) | $ | 3,841 | |||||||
Basic and diluted net earnings (loss) per share
|
$ | 0.00 | $ | 0.02 | $ | (0.03 | ) | $ | 0.06 | |||||||
Other selected information:
|
||||||||||||||||
Gross margin
(2)
|
$ | 38,912 | $ | 43,301 | $ | 75,076 | $ | 86,319 | ||||||||
Research and development:
|
||||||||||||||||
Gross research and development
(3)
|
$ | 14,126 | $ | 14,800 | $ | 28,024 | $ | 29,613 | ||||||||
Net research and development
(3)
|
$ | 11,960 | $ | 12,307 | $ | 23,562 | $ | 24,790 | ||||||||
Adjusted EBITDA
(2)
|
$ | 4,435 | $ | 7,826 | $ | 7,155 | $ | 14,298 |
(1)
|
The cost of sales is exclusive of depreciation and amortization, shown separately.
|
(2)
|
Refer to page 30 for non-IFRS measures.
|
(3)
|
Includes $89 in restructuring charges for the three months and six months ended February 28, 2013 (nil in fiscal 2012).
|
Three months
ended
February 28,
2013
|
Three months
ended
February 29,
2012
|
Six months
ended
February 28,
2013
|
Six months
ended
February 29,
2012
|
|||||||||||||
Sales
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Cost of sales
(1)
|
37.8 | 35.3 | 38.7 | 35.2 | ||||||||||||
Selling and administrative
|
36.9 | 35.4 | 37.1 | 36.3 | ||||||||||||
Net research and development
|
19.1 | 18.4 | 19.2 | 18.6 | ||||||||||||
Depreciation of property, plant and equipment
|
2.4 | 2.3 | 2.5 | 2.3 | ||||||||||||
Amortization of intangible assets
|
3.1 | 3.0 | 3.2 | 2.9 | ||||||||||||
Change in fair value of cash contingent consideration
|
− | (0.5 | ) | − | (0.2 | ) | ||||||||||
Earnings (loss) from operations
|
0.7 | 6.1 | (0.7 | ) | 4.9 | |||||||||||
Interest income (expenses)
|
− | 0.1 | − | − | ||||||||||||
Foreign exchange gain (loss)
|
2.7 | (2.2 | ) | 2.0 | 0.1 | |||||||||||
Earnings before income taxes
|
3.4 | 4.0 | 1.3 | 5.0 | ||||||||||||
Income taxes
|
3.3 | 2.6 | 2.6 | 2.1 | ||||||||||||
Net earnings (loss) for the period
|
0.1 | % | 1.4 | % | (1.3 | )% | 2.9 | % | ||||||||
Other selected information:
|
||||||||||||||||
Gross margin
(2)
|
62.2 | % | 64.7 | % | 61.3 | % | 64.8 | % | ||||||||
Research and development:
|
||||||||||||||||
Gross research and development
(3)
|
22.6 | % | 22.1 | % | 22.9 | % | 22.2 | % | ||||||||
Net research and development
(3)
|
19.1 | % | 18.4 | % | 19.2 | % | 18.6 | % | ||||||||
Adjusted EBITDA
(2)
|
7.1 | % | 11.7 | % | 5.8 | % | 10.7 | % |
(1)
|
The cost of sales is exclusive of depreciation and amortization, shown separately.
|
(2)
|
Refer to page 30 for non-IFRS measures.
|
(3)
|
Includes 0.1% of sales in restructuring charges for the three months and six months ended February 28, 2013 (nil in fiscal 2012).
|
SALES AND BOOKINGS
|
GROSS MARGIN (non-IFRS measure – refer to page 30 of this document)
|
SELLING AND ADMINISTRATIVE EXPENSES
|
RESEARCH AND DEVELOPMENT EXPENSES
|
FOREIGN EXCHANGE GAIN (LOSS)
|
INCOME TAXES
|
LIQUIDITY AND CAPITAL RESOURCES
|
FORWARD EXCHANGE CONTRACTS
|
Expiry dates
|
Contractual
amounts
|
Weighted average contractual
forward rates
|
||||||
March 2013 to August 2013
|
$ | 11,400,000 | 1.0256 | |||||
September 2013 to August 2014
|
18,600,000 | 1.0243 | ||||||
September 2014 to February 2015
|
6,600,000 | 1.0401 | ||||||
Total
|
$ | 36,600,000 | 1.0275 |
SHARE CAPITAL
|
OFF-BALANCE SHEET ARRANGEMENTS
|
SPECIAL PURPOSES ENTITIES
|
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
|
NEW IFRS PRONOUNCEMENTS AND AMENDMENTS
|
RISK FACTORS
|
NON-IFRS MEASURES
|
*
|
Gross margin represents sales less cost of sales, excluding depreciation and amortization.
|
**
|
Adjusted EBITDA represents net earnings (loss) before interest, income taxes, depreciation of property, plant and equipment, amortization of intangible assets, restructuring charges, change in the fair value of the cash contingent consideration, stock-based compensation costs and foreign exchange gain or loss.
|
Three months
ended
February 28,
2013
|
Three months
ended
February 29,
2012
|
Six months
ended
February 28,
2013
|
Six months
ended
February 29,
2012
|
|||||||||||||
IFRS net earnings (loss) for the period
|
$ | 39 | $ | 954 | $ | (1,599 | ) | $ | 3,841 | |||||||
Add (deduct):
|
||||||||||||||||
Depreciation of property, plant and equipment
|
1,504 | 1,546 | 3,109 | 3,114 | ||||||||||||
Amortization of intangible assets
|
1,922 | 1,974 | 3,884 | 3,895 | ||||||||||||
Interest (income) expenses
|
25 | (54 | ) | (8 | ) | 17 | ||||||||||
Income taxes
|
2,088 | 1,738 | 3,220 | 2,872 | ||||||||||||
Restructuring charges
|
89 | − | 89 | − | ||||||||||||
Change in fair value of cash contingent consideration
|
− | (311 | ) | − | (311 | ) | ||||||||||
Stock-based compensation costs
|
468 | 508 | 916 | 1,063 | ||||||||||||
Foreign exchange (gain) loss
|
(1,700 | ) | 1,471 | (2,456 | ) | (193 | ) | |||||||||
Adjusted EBITDA for the period
|
$ | 4,435 | $ | 7,826 | $ | 7,155 | $ | 14,298 | ||||||||
Adjusted EBITDA in percentage of sales
|
7.1 | % | 11.7 | % | 5.8 | % | 10.7 | % |
QUARTERLY SUMMARY FINANCIAL INFORMATION (unaudited)
|
Quarters ended
|
||||||||||||||||
February 28,
2013
|
November 30,
2012
|
August 31,
2012
|
May 31,
2012
|
|||||||||||||
Sales
|
$ | 62,576 | $ | 59,821 | $ | 57,156 | $ | 59,505 | ||||||||
Cost of sales
(1)
|
$ | 23,664 | $ | 23,657 | $ | 21,257 | $ | 23,549 | ||||||||
Earnings (loss) from operations
|
$ | 452 | $ | (1,295 | ) | $ | (1,678 | ) | $ | (4,355 | ) | |||||
Net earnings (loss)
|
$ | 39 | $ | (1,638 | ) | $ | (3,714 | ) | $ | (3,720 | ) | |||||
Basic and diluted net earnings (loss) per share
|
$ | 0.00 | $ | (0.03 | ) | $ | (0.06 | ) | $ | (0.06 | ) |
Quarters ended
|
||||||||||||||||
February 29,
2012
|
November 30,
2011
|
August 31,
2011
|
May 31,
2011
|
|||||||||||||
Sales
|
$ | 66,917 | $ | 66,388 | $ | 64,414 | $ | 67,630 | ||||||||
Cost of sales
(1)
|
$ | 23,616 | $ | 23,370 | $ | 23,447 | $ | 24,243 | ||||||||
Earnings from operations
|
$ | 4,109 | $ | 2,428 | $ | 5,878 | $ | 3,489 | ||||||||
Net earnings
|
$ | 954 | $ | 2,887 | $ | 4,597 | $ | 1,757 | ||||||||
Basic and diluted net earnings
|
$ | 0.02 | $ | 0.05 | $ | 0.08 | $ | 0.03 |
1 Year EXFO Chart |
1 Month EXFO Chart |
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