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ADVA reports Q4 revenues up 5% yr/yr to Euro 83.4m, net profit of Euro 8.7m, sees Q1 sales of Euro 79-83m
Announced Date: 2/23/2012 Published Date: 2/23/2012

ADVA Optical Networking reported financial results for the fourth quarter and year ended December 31, 2011, prepared in accordance with International Financial Reporting Standards (IFRS), as follows:

Euro ThousandsQ4Q3%Q4%
 Dec 31 2011Sep 30 2011changeDec 31 2010change
      
Revenue83,43279,3255.2 79,4035.1
Germany25,26916,70351.3 12,74998.2
EMEA31,89528,10113.5 38,070-16.2
Americas24,51130,025-18.4 22,12610.8
Asia-Pacific1,7574,496-60.9 6,458-72.8
      
Gross profit33,33334,4956.1 33,7478.5
% revenue40.0 43.5  42.5  
      
R&D expenditure16,84814,78214.0 12,56534.1
% revenue20.2 18.6  15.8  
      
SG&A expenditure16,76117,256-2.9 18,236-8.1
% revenue20.121.8 23.0 
      
Total operating expenditure25,92129,0300.5 29,453-0.9
% revenue31.136.6 37.1 
      
Net profit/loss8,6849,732-10.8 1,623435.1
% revenue10.412.3 2.0

Additional results and notes

  1. Full year 2011 revenues rose to a record Euro 310.9 million, up 6.6% compared to Euro 291.7 million in 2010, and net income was Euro 16.9 million versus Euro 7.0 million in 2010.

  2. Cash and cash equivalents increased from Euro 54.1 million at year-end 2010 to Euro 59.1 million at the end of December 2011, largely resulting from improved profitability.

  3. Total employees at the end of 2011 numbered 1,304, up 8% from 1,203 employees a year earlier.

Outlook

In the first quarter of 2012, ADVA Optical Networking expects revenues to range between Euro 79 million and Euro 83 million, and anticipates pro forma operating income of between 2% and 5% of revenues.

Brian Protiva, CEO of ADVA Optical Networking, commented:

  • "We managed to control operational costs despite major incremental investments in our development activities and to improve our operational capabilities significantly in 2011".

  • "Our target markets continued to grow last year, with momentum coming from the strong trend towards mobile communication and cloud computing solutions... for 2012, all indications suggest that our target markets will continue to prosper".

  • "With further enhancements to our product and service offerings, we are also beginning to address opportunities in the WDM long haul and Ethernet switching markets, which will enable us to address a nearly 40% bigger market in 2014 than we would be able to address without this expansion".