Enablence Reports Q1
OTTAWA -- Enablence Technologies Inc. ("Enablence Technologies" or the "Company") (TSX VENTURE:ENA - News), a leading supplier of fiber-to-the-home (FTTH) equipment for triple-play residential and business services and optical components and subsystems for access, metro and long haul markets, today announced financial results for its first quarter ended July 31, 2008.
Sales for the first quarter of fiscal year 2009 were $7.6 million compared to the $2.4 million generated during the fourth quarter of fiscal year 2008 and $301,000 during the first quarter of fiscal year 2008. Enablence's total assets increased to $120 million at July 31, 2008 from $108 million at April 30, 2008. The Company's cash position was $38 million on July 31, 2008 as contrasted with $47 million on April 30, 2008. The net loss for the first quarter of fiscal 2009 was $6.8 million, of which $2.3 million consisted of non-cash charges. These charges were largely due to amortization as a result of an increased asset base, generating a loss per share of $0.04. The loss for the fourth quarter of fiscal year 2008 was $5.2 million, of which $1.2 million was non-cash charges. The loss for the first quarter of fiscal 2008 was $2.4 million of which $1.1 million consisted of non-cash charges.
The Company achieved a number of non-financial milestones during its first quarter:
- acquired Wave7 Optics, Inc., a global provider of Fiber to the Home ("FTTH") systems that deliver voice, video and data services;
- acquired the assets of DuPont Photonics and concurrently received a $5.1 million cash investment from DuPont;
- integrated its PLC based transceiver into the ONT produced by its FTTx Networks subsidiary, with delivery to customer and deployment scheduled for the second quarter of the fiscal year;
- successfully demonstrated operational Fiber-to-the-Home system using exclusively Enablence produced Transceivers, ONTs and OLT.
"Enablence is pleased to report more than three times increase in sales this quarter, which is a demonstration of the successful progress in the growth of the company and its product lines," announced Arvind Chhatbar, the Chief Executive Officer of Enablence Technologies Inc. "Our sales for the quarter represents the confidence our customers have shown in the ability of our full range of products to meet their needs. Our goal is to continue to meet the needs of our customers with superior products while generating improved gross margins and reducing our R&D expenses that have led to new products and streamlining our operations" explained Mr. Chhatbar.
Enablence Technologies Inc. (Toronto: ENA)