ADVA Optical Networking SE

ots Ad hoc-Service: ADVA AG ADVA Optical Networking Reports Record Second Quarter 2000 Sales

The sender is solely responsible for the contents of this announcement. ----------------------------------------------------- Martinsried/Munich (ots Ad hoc-Service) - ADVA Optical Networking (German Neuer Markt: ADV), a leading global provider of optical networking solutions, today announced record quarterly sales for the second quarter 2000, which ended June 30, 2000. Sales for the second quarter 2000 reached 17.2 million Euro, an increase of 267% over the same period of the prior year (Q2 1999: 4.7 million Euro). Pro forma operating income, excluding purchased in-process R&D, amortization of goodwill, and depreciation of purchased intangible assets relating to the acquisitions of Storage Area Networks Ltd. ("SAN") and Cellware Broadband GmbH ("Cellware"), as well as non-cash charges related to the stock option programs, totaled 0.2 million Euro during the second quarter 2000, compared to 0.6 million Euro during the same period of the prior year. This reflects ADVA's continued significant investments in research and development to support long-term growth. Pro forma net income totaled 1.3 million Euro in the second quarter 2000, compared to -0.1 million Euro during the same period of the prior year, due to interest income, currency gains and deferred tax credits. Pro forma diluted earnings per share totaled 0.04 Euro in the second quarter 2000, compared to 0 Euro during the same period of the prior year. During the second quarter 2000, ADVA completed the acquisitions of SAN and Cellware for a combined purchase price of approximately 105 million Euro, and took significant one-time charges of 4.6 million Euro as write-offs of purchased in-process R&D under U.S. GAAP. In addition, ADVA expensed amortization of goodwill and depreciation of purchased intangible assets relating to the acquisitions in an amount of 8.6 million Euro, and non-cash charges relating to its employee stock option program in an amount of 2.4 million Euro. Actual net income for the second quarter 2000 therefore was -13.6 million Euro, compared to -0.9 million Euro during the same period of the prior year. Diluted earnings per share equaled -0.42 Euro for the second quarter 2000, compared to -0.03 Euro during the same period of the prior year. Sales for the first six months of 2000 reached 27.5 million Euro, an increase of 231% over the same period of the prior year (first six months 1999: 8.3 million Euro). Pro forma operating income totaled 0.8 million Euro during the first six months of 2000, compared to 0.6 million Euro during the same period of the prior year. Pro forma net income totaled 1.6 million Euro during the first six months of 2000, compared to -0.2 million Euro during the same period of the prior year. Actual net income for the first six months of 2000 was -13.2 million Euro compared to -0.9 million Euro during the same period of the prior year. Diluted earnings per share equaled -0.41 Euro for the first six months of 2000, compared to -0.03 Euro during the same period of the prior year. The earnings per share and number of shares used in the per-share calculation for all periods presented reflect the capital increases in relation to the acquisitions of SAN and Cellware, the capital increase from reserves against issuance of new shares (effective 1:5 stock split) entered into the Commercial Register on June 29, 2000, and the total stock options outstanding as of June 30, 2000. Restatement of 1999 financial statements ADVA intends to restate its consolidated 1999 financial statements in accordance with U.S. GAAP. These financial statements are currently under review by the Company's auditors. ADVA anticipates that the sum of these adjustments will decrease net profit by approximately -3.0 million Euro to -0.8 million Euro for the fiscal year 1999. 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. 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. Published by: ADVA AG Optical Networking, Martinsried/Munich and Meiningen, Germany www.advaoptical.com For Investors and Financial Press: For Trade Press: Alexa M. Schmidt Elizabeth Sayer Tel. +49/89/89 577 161 Tel. +44/1904 699 328 Email: investor-relations@advaoptical.com Email: esayer@advaoptical.com Pro 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 June 30, and are unaudited. (in thousands of Euro, except per-share amounts) Q2 2000 Q2 1999 1H 2000 1H 1999 Sales 17,183 4,687 27,480 8,316 Operating income (EBIT) 233 627 787 607 Net profit 1,258 -142 1,620 -180 Diluted earnings per share (EPS) 0.04 0 0.05 -0.01 The above pro forma amounts for the quarter and half-year ended June 30, 1999, have been adjusted to eliminate the 0.7 million Euro of non-cash charges relating to the Company's stock option program. The above pro forma amounts for the quarter and half-year ended June 30, 2000, have been adjusted to eliminate the 4.6 million Euro write-off of purchased in-process R&D, 8.6 million Euro amortization of goodwill and depreciation of purchased intangible assets, and 2.4 million Euro of 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 June 30, and are unaudited. (in thousands of Euro, except per-share amounts) Q2 2000 Q2 1999 1H 2000 1H 1999 Sales 17,183 4,687 27,480 8,316 Operating income (EBIT)* -15,523 -93 -14,969 -113 Net profit -13,561 -862 -13,199 -900 Diluted earnings per share (EPS) -0.42 -0.03 -0.41 -0.03 Total assets 146,785 33,527 146,785 33,527 Total shareholders' equity 126,756 30,301 126,756 30,301 *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. Operating income excluding purchased in-process R&D, amortization of goodwill, depreciation of purchased intangible assets and non-cash charges related to the stock option program is 0.6 million Euro for the half-year ended June 30, 1999, and 0.8 million Euro for the half-year ended June 30, 2000. End ----------------------------------------------------- Internet: http://recherche.newsaktuell.de Original-Content von: ADVA Optical Networking SE, übermittelt durch news aktuell

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