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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$58.9 million
|
§
|
Bookings attain US$61.8 million (book-to-bill ratio of 1.05)
|
§
|
Adjusted EBITDA totals US$3.1 million
|
Q3 2013 | Q2 2013 | Q3 2012 | ||||||||||
Sales
|
$ | 58,865 | $ | 62,576 | $ | 59,505 | ||||||
Gross margin
*
|
$ | 36,291 | $ | 38,912 | $ | 35,956 | ||||||
61.7 | % | 62.2 | % | 60.4 | % | |||||||
Other selected information:
|
||||||||||||
IFRS net earnings (loss)
|
$ | (862 | ) | $ | 39 | $ | (3,720 | ) | ||||
Amortization of intangible assets
|
$ | 1,586 | $ | 1,922 | $ | 1,993 | ||||||
Stock-based compensation costs
|
$ | 415 | $ | 468 | $ | 370 | ||||||
Restructuring charges
|
$ | – | $ | 89 | $ | – | ||||||
Net income tax effect of the above items
|
$ | (68 | ) | $ | (95 | ) | $ | (60 | ) | |||
Foreign exchange gain
|
$ | (314 | ) | $ | (1,700 | ) | $ | (1,090 | ) | |||
Adjusted EBITDA
**
|
$ | 3,131 | $ | 4,435 | $ | (472 | ) |
·
|
Growth
.
EXFO’s bookings improved 7.4% year-over-year and 15.8% quarter-over-quarter to US$61.8 million in the third quarter. Bookings strengthened particularly in the United States in the last month of the quarter. EXFO’s top customer accounted for 6.6% of sales in the third quarter, while the top three represented 15.7%. Bookings progressed particularly in EXFO’s wireless and high-speed optical product lines.
|
·
|
Profitability.
EXFO delivered adjusted EBITDA of US$3.1 million in the third quarter of 2013 compared to -US$0.5 million in the same period last year. The company also generated US$1.3 million in cash flows from operating activities. EXFO continues to maintain a tight control on expenses, while core technologies related to the Brix Networks acquisition became fully amortized in April.
|
·
|
Innovation.
Altogether, EXFO has released 13 new products or major enhancements since the beginning of the fiscal year, including significant features in its Protocol product line in which innovation is largely driven by ongoing software releases. New product introductions garnered strong traction in the market, especially with tier-1 wireless operators.
|
*
|
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, stock-based compensation costs and foreign exchange gain.
|
Q3 2013 | Q2 2013 | Q3 2012 | ||||||||||
IFRS net earnings (loss) for the period
|
$ | (862 | ) | $ | 39 | $ | (3,720 | ) | ||||
Add (deduct):
|
||||||||||||
Depreciation of property, plant and equipment
|
1,473 | 1,504 | 1,520 | |||||||||
Amortization of intangible assets
|
1,586 | 1,922 | 1,993 | |||||||||
Interest (income) expense
|
(68 | ) | 25 | (85 | ) | |||||||
Income taxes
|
901 | 2,088 | 540 | |||||||||
Restructuring charges
|
− | 89 | − | |||||||||
Stock-based compensation costs
|
415 | 468 | 370 | |||||||||
Foreign exchange gain
|
(314 | ) | (1,700 | ) | (1,090 | ) | ||||||
Adjusted EBITDA for the period
|
$ | 3,131 | $ | 4,435 | $ | (472 | ) | |||||
Adjusted EBITDA in percentage of sales
|
5.3 | % | 7.1 | % | (0.8 | )% |
As at
May 31,
2013
|
As at
August 31,
2012
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash
|
$ | 49,858 | $ | 58,868 | ||||
Short-term investments
|
4,939 | 8,236 | ||||||
Accounts receivable
|
||||||||
Trade
|
46,794 | 37,643 | ||||||
Other
|
2,802 | 4,283 | ||||||
Income taxes and tax credits recoverable
|
5,915 | 9,024 | ||||||
Inventories
|
38,399 | 41,212 | ||||||
Prepaid expenses
|
4,465 | 3,800 | ||||||
153,172 | 163,066 | |||||||
Tax credits recoverable
|
41,894 | 38,397 | ||||||
Property, plant and equipment
|
45,775 | 49,848 | ||||||
Intangible assets
|
8,664 | 14,132 | ||||||
Goodwill
|
27,740 | 29,160 | ||||||
Deferred income taxes
|
10,867 | 12,080 | ||||||
$ | 288,112 | $ | 306,683 | |||||
Liabilities
|
||||||||
Current liabilities
|
||||||||
Accounts payable and accrued liabilities
|
$ | 30,255 | $ | 32,392 | ||||
Provisions
|
902 | 952 | ||||||
Income taxes payable
|
1,502 | 917 | ||||||
Current portion of long-term debt
|
580 | 565 | ||||||
Deferred revenue
|
10,869 | 10,583 | ||||||
44,108 | 45,409 | |||||||
Deferred revenue
|
4,245 | 4,997 | ||||||
Long-term debt
|
‒
|
282 | ||||||
Other liabilities
|
357 | 609 | ||||||
Deferred income taxes
|
2,452 | 2,105 | ||||||
51,162 | 53,402 | |||||||
Shareholders’ equity
|
||||||||
Share capital (note 4)
|
110,510 | 110,965 | ||||||
Contributed surplus
|
16,872 | 17,298 | ||||||
Retained earnings
|
109,050 | 111,511 | ||||||
Accumulated other comprehensive income
|
518 | 13,507 | ||||||
236,950 | 253,281 | |||||||
$ | 288,112 | $ | 306,683 |
Three months
ended
May 31, 2013
|
Nine months
ended
May 31, 2013
|
Three months
ended
May 31, 2012
|
Nine months
ended
May 31, 2012
|
|||||||||||||
Sales
|
$ | 58,865 | $ | 181,262 | $ | 59,505 | $ | 192,810 | ||||||||
Cost of sales
(1)
(note 5)
|
22,574 | 69,895 | 23,549 | 70,535 | ||||||||||||
Selling and administrative (note 5)
|
22,002 | 67,366 | 23,625 | 71,919 | ||||||||||||
Net research and development
(note 5)
|
11,573 | 35,135 | 13,173 | 37,963 | ||||||||||||
Depreciation of property, plant and equipment (note 5)
|
1,473 | 4,582 | 1,520 | 4,634 | ||||||||||||
Amortization of intangible assets (note 5)
|
1,586 | 5,470 | 1,993 | 5,888 | ||||||||||||
Changes in fair value of cash contingent consideration
|
‒
|
‒
|
‒
|
(311 | ) | |||||||||||
Earnings (loss) from operations
|
(343 | ) | (1,186 | ) | (4,355 | ) | 2,182 | |||||||||
Interest income
|
68 | 76 | 85 | 68 | ||||||||||||
Foreign exchange gain
|
314 | 2,770 | 1,090 | 1,283 | ||||||||||||
Earnings (loss) before income taxes
|
39 | 1,660 | (3,180 | ) | 3,533 | |||||||||||
Income taxes
(note 6)
|
901 | 4,121 | 540 | 3,412 | ||||||||||||
Net earnings (loss) for the period
|
$ | (862 | ) | $ | (2,461 | ) | $ | (3,720 | ) | $ | 121 | |||||
Basic and diluted net earnings (loss) per share
|
$ | (0.01 | ) | $ | (0.04 | ) | $ | (0.06 | ) | $ | 0.00 | |||||
Basic weighted average number of shares outstanding (000’s)
|
60,377 | 60,386 | 60,537 | 60,440 | ||||||||||||
Diluted weighted average number of shares outstanding (000’s)
(note 7)
|
60,377 | 60,386 | 60,537 | 61,694 |
Three months
ended
May 31, 2013
|
Nine months
ended
May 31, 2013
|
Three months
ended
May 31, 2012
|
Nine months
ended
May 31, 2012
|
|||||||||||||
Net earnings (loss) for the period
|
$ | (862 | ) | $ | (2,461 | ) | $ | (3,720 | ) | $ | 121 | |||||
Other comprehensive income (loss), net of income taxes
|
||||||||||||||||
Items that will not be reclassified subsequently to net earnings
|
||||||||||||||||
Foreign currency translation adjustment
|
(1,252 | ) | (12,144 | ) | (12,307 | ) | (17,934 | ) | ||||||||
Items that may be reclassified subsequently to net earnings
|
||||||||||||||||
Unrealized gains/losses on forward exchange contracts
|
(112 | ) | (874 | ) | (1,066 | ) | (922 | ) | ||||||||
Reclassification of realized gains/losses on forward exchange contracts in net earnings (loss)
|
48 | (281 | ) | (285 | ) | (1,265 | ) | |||||||||
Deferred income tax effect of gains/losses on forward exchange contracts
|
17 | 310 | 362 | 594 | ||||||||||||
Other comprehensive loss
|
(1,299 | ) | (12,989 | ) | (13,296 | ) | (19,527 | ) | ||||||||
Comprehensive loss for the period
|
$ | (2,161 | ) | $ | (15,450 | ) | $ | (17,016 | ) | $ | (19,406 | ) |
Nine months ended May 31, 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)
|
118 | – | – | – | 118 | |||||||||||||||
Redemption of share capital (note 4)
|
(404 | ) | (222 | ) | – | – | (626 | ) | ||||||||||||
Reclassification of stock-based compensation
costs (note 4)
|
1,835 | (1,835 | ) | – | – | – | ||||||||||||||
Stock-based compensation costs
|
– | 1,362 | – | – | 1,362 | |||||||||||||||
Net earnings for the period
|
– | – | 121 | – | 121 | |||||||||||||||
Other comprehensive loss
|
||||||||||||||||||||
Foreign currency translation adjustment
|
– | – | – | (17,934 | ) | (17,934 | ) | |||||||||||||
Changes in unrealized gains on forward exchange contracts, net of deferred income taxes of $594
|
– | – | – | (1,593 | ) | (1,593 | ) | |||||||||||||
Total comprehensive income (loss) for the period
|
– | – | 121 | (19,527 | ) | (19,406 | ) | |||||||||||||
Balance as at May 31, 2012
|
$ | 111,890 | $ | 17,322 | $ | 115,225 | $ | 1,522 | $ | 245,959 |
Nine months ended
May 31
, 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)
|
(1,892 | ) | (409 | ) | – | – | (2,301 | ) | ||||||||||||
Reclassification of stock-based compensation
costs (note 4)
|
1,350 | (1,350 | ) | – | – | – | ||||||||||||||
Stock-based compensation costs
|
– | 1,333 | – | – | 1,333 | |||||||||||||||
Net loss for the period
|
– | – | (2,461 | ) | – | (2,461 | ) | |||||||||||||
Other comprehensive loss
|
||||||||||||||||||||
Foreign currency translation adjustment
|
– | – | – | (12,144 | ) | (12,144 | ) | |||||||||||||
Changes in unrealized gains/losses on forward exchange contracts, net of deferred income taxes of $310
|
– | – | – | (845 | ) | (845 | ) | |||||||||||||
Total comprehensive loss for the period
|
– | – | (2,461 | ) | (12,989 | ) | (15,450 | ) | ||||||||||||
Balance as at May 31, 2013
|
$ | 110,510 | $ | 16,872 | $ | 109,050 | $ | 518 | $ | 236,950 |
Three months
ended
May 31, 2013
|
Nine months
ended
May 31, 2013
|
Three months
ended
May 31, 2012
|
Nine months
ended
May 31, 2012
|
|||||||||||||
Cash flows from operating activities
|
||||||||||||||||
Net earnings (loss) for the period
|
$ | (862 | ) | $ | (2,461 | ) | $ | (3,720 | ) | $ | 121 | |||||
Add (deduct) items not affecting cash
|
||||||||||||||||
Change in discount on short-term investments
|
1 | – | – | 43 | ||||||||||||
Stock-based compensation costs
|
415 | 1,331 | 370 | 1,433 | ||||||||||||
Depreciation and amortization
|
3,059 | 10,052 | 3,513 | 10,522 | ||||||||||||
Changes in fair value of cash contingent consideration
|
– | – | – | (311 | ) | |||||||||||
Deferred revenue
|
1,661 | 241 | 2,629 | 1,976 | ||||||||||||
Deferred income taxes
|
263 | 1,984 | 445 | 2,020 | ||||||||||||
Change in foreign exchange gain/loss
|
(78 | ) | (876 | ) | (1,091 | ) | (2,130 | ) | ||||||||
4,459 | 10,271 | 2,146 | 13,674 | |||||||||||||
Change in non-cash operating items
|
||||||||||||||||
Accounts receivable
|
(4,569 | ) | (10,657 | ) | (2,339 | ) | 268 | |||||||||
Income taxes and tax credits
|
985 | (2,201 | ) | (2,308 | ) | (3,566 | ) | |||||||||
Inventories
|
(262 | ) | 791 | 1,930 | 9,573 | |||||||||||
Prepaid expenses
|
(804 | ) | (859 | ) | (238 | ) | (451 | ) | ||||||||
Accounts payable, accrued liabilities and provisions
|
1,553 | 1,503 | 3,478 | 3,443 | ||||||||||||
Other liabilities
|
(25 | ) | (235 | ) | 163 | 11 | ||||||||||
1,337 | (1,387 | ) | 2,832 | 22,952 | ||||||||||||
Cash flows from investing activities
|
||||||||||||||||
Additions to short-term investments
|
(9,934 | ) | (44,703 | ) | (24,170 | ) | (91,968 | ) | ||||||||
Proceeds from disposal and maturity of short-term investments
|
9,921 | 47,731 | 21,135 | 128,901 | ||||||||||||
Additions to capital assets
|
(1,459 | ) | (5,952 | ) | (6,826 | ) | (18,003 | ) | ||||||||
(1,472 | ) | (2,924 | ) | (9,861 | ) | 18,930 | ||||||||||
Cash flows from financing activities
|
||||||||||||||||
Bank loan
|
– | – | 3 | (782 | ) | |||||||||||
Repayment of long-term debt
|
– | (293 | ) | – | (296 | ) | ||||||||||
Exercise of stock options
|
– | 87 | 40 | 118 | ||||||||||||
Redemption of share capital
|
(1,161 | ) | (2,301 | ) | – | (626 | ) | |||||||||
(1,161 | ) | (2,507 | ) | 43 | (1,586 | ) | ||||||||||
Effect of foreign exchange rate changes on cash
|
(271 | ) | (2,192 | ) | (2,354 | ) | (1,158 | ) | ||||||||
Change in cash
|
(1,567 | ) | (9,010 | ) | (9,340 | ) | 39,138 | |||||||||
Cash – Beginning of the period
|
51,425 | 58,868 | 71,249 | 22,771 | ||||||||||||
Cash – End of the period
|
$ | 49,858 | $ | 49,858 | $ | 61,909 | $ | 61,909 | ||||||||
Supplementary information
|
||||||||||||||||
Interest paid
|
$ | 2 | $ | 28 | $ | 3 | $ | 61 | ||||||||
Income taxes paid
|
$ | 118 | $ | 1,055 | $ | 367 | $ | 1,357 |
Expiry dates
|
Contractual
amounts
|
Weighted average contractual
forward rates
|
|||||||
June 2013 to August 2013
|
$ | 5,700 | 1.0317 | ||||||
September 2013 to August 2014
|
18,600 | 1.0243 | |||||||
September 2014 to February 2015
|
6,600 | 1.0401 | |||||||
Total
|
$ | 30,900 | 1.0290 |
Nine months ended May 31, 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 | |||||||||||||||
Exercise of stock options
|
− | − | 9,500 | 40 | 40 | |||||||||||||||
Redemption of restricted share units
|
− | − | 70,052 | − | − | |||||||||||||||
Reclassification of stock-based compensation costs to share capital upon exercise of stock awards
|
– | – | – | 429 | 429 | |||||||||||||||
Balance as at May 31, 2012
|
31,643,000 | $ | 1 | 28,933,803 | $ | 111,889 | $ | 111,890 |
Nine months ended May 31 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 | |||||||||||||||
Redemption of restricted share units
|
− | − | 16,752 | − | − | |||||||||||||||
Redemption of share capital
|
− | − | (252,974 | ) | (979 | ) | (979 | ) | ||||||||||||
Reclassification of stock-based compensation costs to share capital upon exercise of stock awards
|
– | – | – | 89 | 89 | |||||||||||||||
Balance as at May 31, 2013
|
31,643,000 | $ | 1 | 28,575,739 | $ | 110,509 | $ | 110,510 |
Three months
ended
May 31, 2013
|
Nine months
ended
May 31, 2013
|
Three months
ended
May 31, 2012
|
Nine months
ended
May 31, 2012
|
|||||||||||||
Gross research and development expenses
|
$ | 13,782 | $ | 41,806 | $ | 15,575 | $ | 45,188 | ||||||||
Research and development tax credits and grants
|
(2,209 | ) | (6,671 | ) | (2,402 | ) | (7,225 | ) | ||||||||
$ | 11,573 | $ | 35,135 | $ | 13,173 | $ | 37,963 |
Three months
ended
May 31, 2013
|
Nine months
ended
May 31, 2013
|
Three months
ended
May 31, 2012
|
Nine months
ended
May 31, 2012
|
|||||||||||||
Cost of sales
|
||||||||||||||||
Depreciation of property, plant and equipment
|
$ | 398 | $ | 1,265 | $ | 482 | $ | 1,534 | ||||||||
Amortization of intangible assets
|
938 | 3,469 | 1,278 | 3,828 | ||||||||||||
1,336 | 4,734 | 1,760 | 5,362 | |||||||||||||
Selling and administrative expenses
|
||||||||||||||||
Depreciation of property, plant and equipment
|
272 | 844 | 251 | 774 | ||||||||||||
Amortization of intangible assets
|
417 | 1,291 | 450 | 1,377 | ||||||||||||
689 | 2,135 | 701 | 2,151 | |||||||||||||
Net research and development expenses
|
||||||||||||||||
Depreciation of property, plant and equipment
|
803 | 2,473 | 787 | 2,326 | ||||||||||||
Amortization of intangible assets
|
231 | 710 | 265 | 683 | ||||||||||||
1,034 | 3,183 | 1,052 | 3,009 | |||||||||||||
$ | 3,059 | $ | 10,052 | $ | 3,513 | $ | 10,522 | |||||||||
Depreciation of property, plant and equipment
|
$ | 1,473 | $ | 4,582 | $ | 1,520 | $ | 4,634 | ||||||||
Amortization of intangible assets
|
1,586 | 5,470 | 1,993 | 5,888 | ||||||||||||
$ | 3,059 | $ | 10,052 | $ | 3,513 | $ | 10,522 |
Three months
ended
May 31, 2013
|
Nine months
ended
May 31, 2013
|
Three months
ended
May 31, 2012
|
Nine months
ended
May 31, 2012
|
|||||||||||||
Salaries and benefits
|
$ | 30,732 | $ | 93,962 | $ | 32,504 | $ | 98,094 | ||||||||
Stock-based compensation costs
|
415 | 1,331 | 370 | 1,433 | ||||||||||||
Total employee compensation for the period
|
$ | 31,147 | $ | 95,293 | $ | 32,874 | $ | 99,527 |
Three months
ended
May 31, 2013
|
Nine months
ended
May 31, 2013
|
Three months
ended
May 31, 2012
|
Nine months
ended
May 31, 2012
|
|||||||||||||
Cost of sales
|
$ | 58 | $ | 170 | $ | 64 | $ | 183 | ||||||||
Selling and administrative expenses
|
252 | 875 | 183 | 888 | ||||||||||||
Net research and development expenses
|
105 | 286 | 123 | 362 | ||||||||||||
$ | 415 | $ | 1,331 | $ | 370 | $ | 1,433 |
Three months
ended
May 31, 2013
|
Nine months
ended
May 31, 2013
|
Three months
ended
May 31, 2012
|
Nine months
ended
May 31, 2012
|
|||||||||||||
Income tax provision at combined Canadian federal and provincial statutory tax rate (27% in 2013 and 28% in 2012)
|
$ | 11 | $ | 448 | $ | (891 | ) | $ | 989 | |||||||
Increase (decrease) due to:
|
||||||||||||||||
Foreign income taxed at different rates
|
(45 | ) | (323 | ) | 12 | 75 | ||||||||||
Non-taxable (income)/loss
|
(227 | ) | (1,391 | ) | 746 | 1,229 | ||||||||||
Non-deductible expenses
|
184 | 607 | 158 | 840 | ||||||||||||
Foreign exchange effect of translation of foreign operations
|
(223 | ) | 61 | (1,246 | ) | (2,680 | ) | |||||||||
Recognition of previously unrecognized deferred income tax assets
|
─
|
─
|
─
|
(557 | ) | |||||||||||
Utilization of previously unrecognized deferred income tax assets
|
─
|
─
|
19 | (7 | ) | |||||||||||
Unrecognized deferred income tax assets on temporary deductible differences and unused tax losses
|
1,226 | 3,920 | 1,618 | 3,305 | ||||||||||||
Other
|
(25 | ) | 799 | 124 | 218 | |||||||||||
$ | 901 | $ | 4,121 | $ | 540 | $ | 3,412 |
Three months
ended
May 31, 2013
|
Nine months
ended
May 31, 2013
|
Three months
ended
May 31, 2012
|
Nine months
ended
May 31, 2012
|
|||||||||||||
Current
|
$ | 638 | $ | 2,137 | $ | 95 | $ | 1,392 | ||||||||
Deferred
|
263 | 1,984 | 445 | 2,020 | ||||||||||||
$ | 901 | $ | 4,121 | $ | 540 | $ | 3,412 |
Three months
ended
May 31, 2013
|
Nine months
ended
May 31, 2013
|
Three months
ended
May 31, 2012
|
Nine months
ended
May 31, 2012
|
|||||||||||||
Basic weighted average number of shares outstanding (000’s)
|
60,377 | 60,386 | 60,537 | 60,440 | ||||||||||||
Plus dilutive effect of (000’s):
|
||||||||||||||||
Stock options
|
20 | 28 | 169 | 166 | ||||||||||||
Restricted share units
|
619 | 640 | 887 | 972 | ||||||||||||
Deferred share units
|
107 | 116 | 122 | 116 | ||||||||||||
Diluted weighted average number of shares outstanding (000’s)
|
61,123 | 61,170 | 61,715 | 61,694 | ||||||||||||
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)
|
9 | 71 |
‒
|
64 |
COMPANY OVERVIEW AND RECENT DEVELOPMENTS
|
RESULTS OF OPERATIONS
|
Three months
ended
May 31, 2013
|
Three months
ended
May 31, 2012
|
Nine months
ended
May 31, 2013
|
Nine months
ended
May 31, 2012
|
|||||||||||||
Sales
|
$ | 58,865 | $ | 59,505 | $ | 181,262 | $ | 192,810 | ||||||||
Cost of sales
(1)
|
22,574 | 23,549 | 69,895 | 70,535 | ||||||||||||
Selling and administrative
|
22,002 | 23,625 | 67,366 | 71,919 | ||||||||||||
Net research and development
|
11,573 | 13,173 | 35,135 | 37,963 | ||||||||||||
Depreciation of property, plant and equipment
|
1,473 | 1,520 | 4,582 | 4,634 | ||||||||||||
Amortization of intangible assets
|
1,586 | 1,993 | 5,470 | 5,888 | ||||||||||||
Changes in the fair value of cash contingent consideration
|
–
|
─
|
–
|
(311 | ) | |||||||||||
Earnings (loss) from operations
|
(343 | ) | (4,355 | ) | (1,186 | ) | 2,182 | |||||||||
Interest income
|
68 | 85 | 76 | 68 | ||||||||||||
Foreign exchange gain
|
314 | 1,090 | 2,770 | 1,283 | ||||||||||||
Earnings (loss) before income taxes
|
39 | (3,180 | ) | 1,660 | 3,533 | |||||||||||
Income taxes
|
901 | 540 | 4,121 | 3,412 | ||||||||||||
Net earnings (loss) for the period
|
$ | (862 | ) | $ | (3,720 | ) | $ | (2,461 | ) | $ | 121 | |||||
Basic and diluted net earnings (loss) per share
|
$ | (0.01 | ) | $ | (0.06 | ) | $ | (0.04 | ) | $ | 0.00 | |||||
Other selected information:
|
||||||||||||||||
Gross margin
(2)
|
$ | 36,291 | $ | 35,956 | $ | 111,367 | $ | 122,275 | ||||||||
Research and development:
|
||||||||||||||||
Gross research and development
(3)
|
$ | 13,782 | $ | 15,575 | $ | 41,806 | $ | 45,188 | ||||||||
Net research and development
(3)
|
$ | 11,573 | $ | 13,173 | $ | 35,135 | $ | 37,963 | ||||||||
Adjusted EBITDA
(2)
|
$ | 3,131 | $ | (472 | ) | $ | 10,286 | $ | 13,826 |
(1)
|
The cost of sales is exclusive of depreciation and amortization, shown separately.
|
(2)
|
Refer to page 31 for non-IFRS measures.
|
(3)
|
Includes $89 in restructuring charges for the nine months ended May 31, 2013 (nil for all other periods).
|
Three months
ended
May 31, 2013
|
Three months
ended
May 31, 2012
|
Nine months
ended
May 31, 2013
|
Nine months
ended
May 31, 2012
|
|||||||||||||
Sales
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Cost of sales
(1)
|
38.3 | 39.6 | 38.6 | 36.6 | ||||||||||||
Selling and administrative
|
37.4 | 39.7 | 37.2 | 37.3 | ||||||||||||
Net research and development
|
19.7 | 22.1 | 19.4 | 19.7 | ||||||||||||
Depreciation of property, plant and equipment
|
2.5 | 2.6 | 2.5 | 2.4 | ||||||||||||
Amortization of intangible assets
|
2.7 | 3.3 | 3.0 | 3.1 | ||||||||||||
Changes in fair value of cash contingent consideration
|
– |
─
|
– | (0.2 | ) | |||||||||||
Earnings (loss) from operations
|
(0.6 | ) | (7.3 | ) | (0.7 | ) | 1.1 | |||||||||
Interest income
|
0.1 | 0.1 | 0.1 |
─
|
||||||||||||
Foreign exchange gain
|
0.5 | 1.8 | 1.5 | 0.7 | ||||||||||||
Earnings (loss) before income taxes
|
− | (5.4 | ) | 0.9 | 1.8 | |||||||||||
Income taxes
|
1.5 | 0.9 | 2.3 | 1.7 | ||||||||||||
Net earnings (loss) for the period
|
(1.5 | )% | (6.3 | )% | (1.4 | )% | 0.1 | % | ||||||||
Other selected information:
|
||||||||||||||||
Gross margin
(2)
|
61.7 | % | 60.4 | % | 61.4 | % | 63.4 | % | ||||||||
Research and development:
|
||||||||||||||||
Gross research and development
|
23.4 | % | 26.2 | % | 23.1 | % | 23.4 | % | ||||||||
Net research and development
|
19.7 | % | 22.1 | % | 19.4 | % | 19.7 | % | ||||||||
Adjusted EBITDA
(2)
|
5.3 | % | (0.8 | )% | 5.7 | % | 7.2 | % |
(1)
|
The cost of sales is exclusive of depreciation and amortization, shown separately.
|
(2)
|
Refer to page 31 for non-IFRS measures.
|
SALES AND BOOKINGS
|
GROSS MARGIN (non-IFRS measure – refer to page 31 of this document)
|
SELLING AND ADMINISTRATIVE EXPENSES
|
RESEARCH AND DEVELOPMENT EXPENSES
|
AMORTIZATION OF INTANGIBLE ASSETS
|
FOREIGN EXCHANGE GAIN
|
INCOME TAXES
|
LIQUIDITY AND CAPITAL RESOURCES
|
FORWARD EXCHANGE CONTRACTS
|
Expiry dates
|
Contractual
amounts
|
Weighted average
contractual
forward rates
|
||||||
June 2013 to August 2013
|
$ | 5,700,000 | 1.0317 | |||||
September 2013 to August 2014
|
18,600,000 | 1.0243 | ||||||
September 2014 to February 2015
|
6,600,000 | 1.0401 | ||||||
Total
|
$ | 30,900,000 | 1.0290 |
SHARE CAPITAL
|
OFF-BALANCE SHEET ARRANGEMENTS
|
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, changes in the fair value of the cash contingent consideration, stock-based compensation costs and foreign exchange gain.
|
Three months
ended
May 31, 2013
|
Three months
ended
May 31, 2012
|
Nine months
ended
May 31, 2013
|
Nine months
ended
May 31, 2012
|
|||||||||||||
IFRS net earnings (loss) for the period
|
$ | (862 | ) | $ | (3,720 | ) | $ | (2,461 | ) | $ | 121 | |||||
Add (deduct):
|
||||||||||||||||
Depreciation of property, plant and equipment
|
1,473 | 1,520 | 4,582 | 4,634 | ||||||||||||
Amortization of intangible assets
|
1,586 | 1,993 | 5,470 | 5,888 | ||||||||||||
Interest income
|
(68 | ) | (85 | ) | (76 | ) | (68 | ) | ||||||||
Income taxes
|
901 | 540 | 4,121 | 3,412 | ||||||||||||
Restructuring charges
|
– |
─
|
89 |
─
|
||||||||||||
Changes in fair value of cash contingent consideration
|
– |
─
|
– | (311 | ) | |||||||||||
Stock-based compensation costs
|
415 | 370 | 1,331 | 1,433 | ||||||||||||
Foreign exchange gain
|
(314 | ) | (1,090 | ) | (2,770 | ) | (1,283 | ) | ||||||||
Adjusted EBITDA for the period
|
$ | 3,131 | $ | (472 | ) | $ | 10,286 | $ | 13,826 | |||||||
Adjusted EBITDA in percentage of sales
|
5.3 | % | (0.8 | )% | 5.7 | % | 7.2 | % |
QUARTERLY SUMMARY FINANCIAL INFORMATION (unaudited)
|
Quarters ended
|
||||||||||||||||
May 31,
2013
|
February 28,
2013
|
November 30,
2012
|
August 31,
2012
|
|||||||||||||
Sales
|
$ | 58,865 | $ | 62,576 | $ | 59,821 | $ | 57,156 | ||||||||
Cost of sales
(1)
|
$ | 22,574 | $ | 23,664 | $ | 23,657 | $ | 21,257 | ||||||||
Earnings (loss) from operations
|
$ | (343 | ) | $ | 452 | $ | (1,295 | ) | $ | (1,678 | ) | |||||
Net earnings (loss)
|
$ | (862 | ) | $ | 39 | $ | (1,638 | ) | $ | (3,714 | ) | |||||
Basic and diluted net earnings (loss) per share
|
$ | (0.01 | ) | $ | 0.00 | $ | (0.03 | ) | $ | (0.06 | ) |
Quarters ended
|
||||||||||||||||
May 31,
2012
|
February 29,
2012
|
November 30,
2011
|
August 31,
2011
|
|||||||||||||
Sales
|
$ | 59,505 | $ | 66,917 | $ | 66,388 | $ | 64,414 | ||||||||
Cost of sales
(1)
|
$ | 23,549 | $ | 23,616 | $ | 23,370 | $ | 23,447 | ||||||||
Earnings (loss) from operations
|
$ | (4,355 | ) | $ | 4,109 | $ | 2,428 | $ | 5,878 | |||||||
Net earnings (loss)
|
$ | (3,720 | ) | $ | 954 | $ | 2,887 | $ | 4,597 | |||||||
Basic and diluted net earnings (loss) per share
|
$ | (0.06 | ) | $ | 0.02 | $ | 0.05 | $ | 0.08 |
1 Year EXFO Chart |
1 Month EXFO Chart |
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