Martinsried/Munich, Germany; Mahwah/New Jersey, USA. April 29, 2004. ADVA Optical Networking, a leading global provider of optical networking solutions, today announced first quarter 2004 financial results for the period ended March 31, 2004, and prepared in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP).
FIRST QUARTER 2004 FINANCIAL RESULTS
Revenues in the first quarter 2004 totalled EUR 23.0 million, an 8.3% year-over-year increase compared to revenues of EUR 21.3 million in the first quarter 2003. Pro forma operating income increased 52.5% to EUR 3.3 million in the first quarter 2004, compared to EUR 2.2 million in the first quarter 2003, and excludes amortization of intangible assets and non-cash charges related to the stock option programs. The increase in pro forma operating income was achieved as a result of higher gross margins from revenue distribution and product mix.
Actual net income decreased from EUR 0.6 million in the first quarter 2003 to EUR 0.2 million in the first quarter 2004, primarily as a result of non-cash stock option compensation expenses totalling EUR 2.2 million due to the strong rise in our share price in the first quarter 2004. Actual basic net earnings per share amounted to EUR 0.02 during the first three months of 2003 and EUR 0.01 during the first three months of 2004.
CONFERENCE CALL AND WEBCAST
In conjunction with the release of its first quarter 2004 financial results, ADVA will host a conference call for analysts and investors at 3:00 p.m. CET / 9:00 a.m. EST today, April 29, 2004. To listen to the Webcast, analysts and investors are encouraged to go to the con calls and presentations page in the investor relations section of ADVA's website at www.advaoptical.com. The call will be later 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 complete financial statements and three-month 2004 report can be found on its website.
ANNUAL SHAREHOLDERS MEETING
ADVA will host its annual shareholders meeting on Friday, June 4, 2004, in Meiningen, Germany.
SECOND QUARTER 2004 OUTLOOK
ADVA anticipates revenues of between EUR 24 to 26 million in the second quarter 2004. Pro forma operating income is anticipated to remain approximately stable in line with the first quarter 2004.
The complete Q1 2004 press release can be downloaded at: