Adva Scales Back Sales Forecast
"Although we are seeing increasing demand for our solutions from service providers, ADVA is now expecting slower growth rates in customer spending for 2001 due to continued economic uncertainty and capital constraints particularly for our enterprise customers. We now expect to generate sales of between EUR 110 to 120 million," said Andreas G. Rutsch, ADVA's Chief Financial Officer. "We will continue to invest in our service provider sales and service team, but confirm earlier guidance for pro forma EBIT levels of breakeven. We will achieve breakeven by immediately stepping up further cost-saving initiatives."
Rescheduled announcement of 2000 earnings results
ADVA also rescheduled announcement of its 2000 earnings results, due to a delay in completing the final audited statements. In particular, the Company's four acquisitions and current six foreign subsidiaries extended the time frame required to reach completion. These results will be published on April 28, 2001.
Annual Shareholder Meeting
ADVA has rescheduled its annual shareholders' meeting for June 13, 2001, which will be held at the Sachsischer Hof in Meiningen, Germany.