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ADVA Optical Networking Reports 184% Growth in First Quarter Sales
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Martinsried/Munich, Germany; Ramsey, New Jersey (ots Ad
ADVA Optical Networking (German Neuer Markt: ADV), a leading global provider of optical networking solutions, today announced a record quarterly sales performance for the first quarter 2000 (ended March 31, 2000).
Sales for the first quarter 2000 reached 10.3 million Euro ($9.9 million USD), an increase of 184% over the same period of the prior year (Q1 1999: 3.6 million Euro / $3.5 million USD). Operating income according to U.S. GAAP totaled 554 thousand Euro ($530 thousand USD), compared to -20 thousand Euro ($-19 thousand USD) during the same period of the prior year. Net income according to U.S. GAAP totaled 362 thousand Euro ($347 thousand USD), compared to -38 thousand Euro ($-36 thousand USD) during the same period of the prior year. Earnings per share on a diluted basis were 0.07 Euro ($0.07 USD) for the first quarter 2000 compared with -0.01 Euro ($-0.01 USD) for the first quarter 1999.
The record sales result was primarily due to strong demand for ADVA's Fiber Service Platform (FSP)-II product, further penetration of the North American market, growing sales to telecommunication carrier customers and the establishment of new sales channels. To date, ADVA has sold more than 10,000 channels worldwide to a customer base of 14 telecommunication carriers and more than 200 enterprise customers. The overall strong performance and growth in operating income and net profit was primarily due to the Company's tight management of gross margins, and strategic investments in the areas of SG&A and R&D. ADVA continued to build its worldwide team, increasing the number of employees from 132 in December 1999 to 237 as of May 1, 2000 (including the employees from the Storage Area Networks Ltd. and Cellware Broadband GmbH acquisitions).
Highlights of the first quarter included the launch of the third member of the FSP family, FSP 3000, in February. Specifically targeted for the central offices (COs) of telecommunication carriers, the FSP 3000 is a compact, quick-to-deploy and scalable Dense Wavelength Division Multiplexing (DWDM) solution enabling carriers to lease high-speed data and Synchronous Optical Network (SONET) services. ADVA anticipates that the FSP 3000 will be available in the latter half of 2000, and compliant with both Network Equipment Building Standard (NEBS) and European Telecommunications Standards Institute (ETSI) standards.
ADVA also announced the signing of an Original Equipment Manufacturer (OEM) agreement with Cisco Systems Inc. Cisco will market the FSP-II product as the Metro 1500 Series Metropolitan Area Network (MAN) Dense-Wavelength Division Multiplexing (DWDM) platform on a non-exclusive worldwide basis to its large enterprise customer base.
The acquisitions of Storage Area Networks Ltd. and Cellware Broadband GmbH were announced during the first quarter and both completed on April 14, 2000; 157,725 new non-bearer shares were issued in conjunction with these acquisitions. The financial results of these acquisitions will be consolidated with retroactive effect as of January 1, 2000, and be included in ADVA's external reporting starting with the second quarter results, to be released on August 8, 2000. ADVA also announced a strategic investment in OptXCon Inc., a U.S.-based optical networking start-up. OptXCon Inc. plans to develop an optical cross-connect solution for metropolitan area networks and enterprise networks.
Consolidated financial highlights Fiscal period ending March 31, U.S. GAAP unaudited (in thousands, except EPS and employees)
Q1 2000 Q1 1999
Sales 10,297 3,628
Operating income/loss (EBIT) 554 -20
Profit before tax (EBT) 635 -38
Net profit/loss 362 -38
Diluted earnings per share (EPS) 0.07 -0.01
Number of employees 151 83
Total assets 43,662 35,478
Total shareholders' equity 33,769 30,364
ADVA's complete financial statements and quarterly report for the first quarter 2000, as well as the 1999 annual report, can be found on its website at www.advaoptical.com.
Published by: ADVA AG Optical Networking, Martinsried/Munich and Meiningen, Germany
ADVA Optical Networking Inc., Ramsey, New Jersey, USA www.advaoptical.com
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