Complete quarterly results will be reported on
June
28th
QUEBEC CITY, June 1, 2012
/PRNewswire/ - EXFO Inc. (NASDAQ: EXFO) (TSX: EXF) announced today
preliminary financial results for the third quarter ended
May 31, 2012.
Revenue for the third quarter of fiscal 2012 is
expected to be around US$60.0 million
compared to EXFO's previous guidance of US$68.0 million to US$73.0 million.
Given the lower-than-anticipated revenue level
for the third quarter of 2012, EXFO's gross margin will be
negatively affected and IFRS net earnings will end below the
company's initial outlook of US$0.01 to
US$0.05 per diluted share.
EXFO will report its complete results for the
third quarter of fiscal 2012 after the close of markets on
June 28, 2012. All financial numbers
provided in this news release are preliminary and subject to
review.
"Challenging macro-economic conditions, coupled
with the tightening of capital spending among network operators
during the first half of calendar 2012, have rendered EXFO's
end-markets very difficult for the short term," explained
Germain Lamonde, EXFO's Chairman,
President and CEO. "Europe turned
out to be more impacted than expected, the anticipated pick-up of
spending in the Americas did not materialize — especially with
Tier-I operators — while spending in China has been sluggish. We believe this is
not a company-specific issue, but rather a short-term industry
spending pattern, since the requirement for wireline and wireless
operators to invest in their networks in order to attract growing
data revenue remains intact. We see a growing funnel of serious
opportunities, but unfortunately they are being delayed and are
taking longer to close."
Following the release of its quarterly results
on June 28, 2012, EXFO will host a
conference call at 5 p.m. Eastern
time to review its performance. To listen to the conference
call and participate in the question period via telephone on
June 28, 2012 at 5 p.m. (Eastern time), dial (416) 641-6684.
Mr. Lamonde and Pierre Plamondon, CA, EXFO's Vice-President of
Finance and Chief Financial Officer, will participate in the call.
An audio replay will be available one hour after the end of the
conference call until 7 p.m. (Eastern
time) on July 5, 2012. The
replay number is (402) 977-9141 and the reservation number is
21592376. The live audio Webcast and replay of the conference call
will also be available on EXFO's website at
www.EXFO.com/investors.
About EXFO
Listed on the NASDAQ and TSX stock exchanges, EXFO is among the
leading providers of next-generation test and service assurance
solutions for wireless and wireline network operators and equipment
manufacturers in the global telecommunications industry. The
company offers innovative solutions for the development,
installation, management and maintenance of converged, IP fixed and
mobile networks — from the core to the edge. Key technologies
supported include 3G, 4G/LTE, IMS, Ethernet, OTN, FTTx, VDSL2,
ADSL2+ and various optical technologies (accounting for an
estimated 35% of the portable fiber-optic test market). EXFO has a
staff of approximately 1800 people in 25 countries, supporting more
than 2000 telecom customers worldwide. For more information, visit
www.EXFO.com.
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, will, expect,
believe, anticipate, intend, could, estimate, continue,
or the negative or comparable terminology are intended to
identify forward-looking statements. In addition,
any statements that refer 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 our forward-looking
statements due to various factors including economic uncertainty
(including our ability to quickly adapt cost structures with
anticipated levels of business, ability to manage
inventory levels with market demand); future economic, competitive,
financial and market conditions; capital spending levels in the
telecommunications industry; limited visibility with regards
to customer orders and the timing of such orders; fluctuating
exchange rates; our ability to successfully integrate our acquired
and to-be-acquired businesses; consolidation in the global
telecommunications test and service assurance industry and
increased competition among vendors; concentration of sales; market
acceptance of our new products and other upcoming products;
our ability to successfully expand international operations;
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
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 you 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 press
release. 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.
SOURCE EXFO INC.