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ots Ad hoc-Service: ADVA AG <DE0005103006> ADVA Optical Networking Reports Record Second Quarter 2000 Sales

Martinsried/Munich (ots Ad hoc-Service) -

The sender is solely responsible for the contents of this
announcement.
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
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