Martinsried/Munich, Germany; Mahwah/New Jersey, USA. July 31, 2003. ADVA Optical Networking (FSE: ADV), a leading global provider of optical networking solutions, today announced second quarter and six-month 2003 reviewed financial results for the period ended June 30, 2003, and prepared in accordance with U.S. General Accepted Accounting Principles (U.S. GAAP).
SECOND QUARTER 2003 FINANCIAL RESULTS
Revenues in the second quarter 2003 totalled EUR 22.7 million, a sequential increase of 6.7% compared to revenues of EUR 21.3 million in the first quarter 2003, and a year-over-year increase of 1.9% compared to revenues of EUR 22.3 million in the second quarter 2002. Excluding amortization of intangible assets and non-cash charges related to the stock option programs, pro forma operating income increased to EUR 2.2 million in the second quarter 2003, compared to EUR 0.2 million in the second quarter 2002. Pro forma net income from continuing operations increased to EUR 2.0 million in the second quarter 2003, compared to a pro forma net loss from continuing operations of EUR 0.2 million in the second quarter 2002.
Actual net income increased to EUR 0.6 million in the second quarter 2003, compared to an actual net loss of EUR 3.7 million in the second quarter 2002. Actual basic net earnings per share totalled EUR 0.02 in the second quarter 2003 and EUR -0.11 in the second quarter 2002.
SIX-MONTH 2003 FINANCIAL RESULTS
Revenues during the first six months of 2003 totalled EUR 44.0 million compared to revenues of EUR 43.8 million during the first six months of 2002. Excluding amortization of intangible assets and non-cash charges related to the stock option programs, pro forma operating income increased to EUR 4.4 million during the first six months of 2003, compared to EUR 0.3 million in the first six months of 2002. Pro forma net income from continuing operations increased to EUR 3.8 million during the first six months of 2003, compared to a pro forma net loss from continuing operations of EUR 0.3 million during the first six months of 2002.
Actual net income increased to EUR 1.2 million during the first six months of 2003, compared to an actual net loss of EUR 5.2 million during the first six months of 2002. Actual basic net earnings per share totalled EUR 0.04 during the first six months of 2003 and EUR -0.16 during the first six months of 2002.
CONFERENCE CALL AND WEBCAST
ADVA will host a conference call for investors at 3:00 p.m. CET / 9:00 a.m. EST today, July 31, 2003. Participating in the call will be ADVA's Chief Executive Officer, Brian L. Protiva, and Chief Financial Officer, Andreas G. Rutsch. To listen to the Webcast, interested investors are encouraged to log onto the broadcast at least 15 minutes prior to the call, located on the con calls and presentations page in the investor relations section of ADVA's website at www.advaoptical.com. The call will be archived as an audio file and the conference call presentation will also be available in the investor relations section of ADVA's website.
ADVA's six-month 2003 report can be found on its website.
THIRD QUARTER OUTLOOK AND EARNINGS RELEASE DATE
ADVA expects to generate stable to slightly growing revenues from its core business of storage- and Ethernet-over-optical solutions in the third quarter 2003.
ADVA will announce financial results for the third quarter and first nine months of 2003 for the period ending September 30, 2003, on Thursday, October 30, 2003. In conjunction with the release of its third quarter and nine-month 2003 financial results, ADVA will host a conference call for investors at 3:00 p.m. CET / 9:00 a.m. EST on the same day.
