Exfo Claims Record Q2

ANAHEIM, Calif. -- EXFO Electro-Optical Engineering Inc. (NASDAQ: EXFO, TSE: EXF) announced today record sales and operating results for the second quarter of fiscal 2001. It marked the fourth consecutive quarter that EXFO has reported record financial results since becoming a public company. Sales increased 108% to US$36.3 million in the second quarter from US$17.4 million for the same period in fiscal 2000, and 27% sequentially from US$28.5 million in the first quarter of 2001. Net earnings, excluding amortization of intangible assets and goodwill related to acquisitions, increased 205% to US$7.5 million, or $0.14 per share, for the second quarter from US$2.5 million, or $0.06 per share, for the same period in fiscal 2000. Compared to the first quarter of fiscal 2001, net earnings* in the second quarter dropped 2% from US$7.6 million, or $0.16 per share.

“We’re very proud of the fact that we have been able to sustain record growth since becoming a public company four quarters ago,” said Germain Lamonde, Chairman, President and CEO of EXFO. “We have been able to maintain this upward trend because we’re strategically positioned in high-growth markets in the fiber-optic industry such as DWDM and High-Bandwidth Solutions as well as Optical Component Manufacturing and Testing. We also supply all stripes of customers in the fiber-optic industry including network service providers, system and component manufacturers as well as research labs with in excess of 80 product lines, several of which have not yet reached full maturity. In addition, we have a diversified global customer base with more than 2000 customers in 70 countries around the world. Our biggest customer accounted for approximately 5.9% of our sales in the second quarter.”

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