Martinsried/Munich, Germany; Mahwah/New Jersey, USA. October 30, 2003. ADVA Optical Networking (FSE: ADV), a leading global provider of optical networking solutions, today announced third quarter and nine-month 2003 reviewed financial results for the period ended September 30, 2003, and prepared in accordance with U.S. General Accepted Accounting Principles (U.S. GAAP).
THIRD QUARTER 2003 FINANCIAL RESULTS
Revenues in the third quarter 2003 totalled EUR 23.0 million, a sequential increase compared to revenues of EUR 22.7 million in the second quarter 2003 and revenues of EUR 22.0 million in the third quarter 2002. Excluding amortization of intangible assets and non-cash charges related to the stock option programs, pro forma operating income increased to EUR 2.5 million in the third quarter 2003, compared to EUR 1.6 million in the third quarter 2002. Pro forma net income from continuing operations increased to EUR 2.6 million in the third quarter 2003, compared to EUR 1.2 million in the third quarter 2002.
Actual net income increased to EUR 1.0 million in the third quarter 2003, compared to an actual net loss of EUR 0.1 million in the third quarter 2002. Actual basic net earnings per share totalled EUR 0.03 in the third quarter 2003 and EUR 0.00 in the third quarter 2002.
NINE-MONTH 2003 FINANCIAL RESULTS
Revenues during the first nine months of 2003 totalled EUR 67.0 million compared to revenues of EUR 65.8 million during the first nine months of 2002. Excluding amortization of intangible assets and non-cash charges related to the stock option programs, pro forma operating income increased to EUR 6.9 million during the first nine months of 2003, compared to EUR 1.9 million in the first nine months of 2002. Pro forma net income from continuing operations increased to EUR 6.4 million during the first nine months of 2003, compared to EUR 0.9 million during the first nine months of 2002.
Actual net income increased to EUR 2.2 million during the first nine months of 2003, compared to an actual net loss of EUR 5.3 million during the first nine months of 2002. Actual basic net earnings per share totalled EUR 0.07 during the first nine months of 2003 and EUR -0.16 during the first nine months of 2002.
FOURTH QUARTER 2003 OUTLOOK
ADVA expects to generate revenues with sequential single digit growth in the fourth quarter 2003.
