MARTINSRIED and MUNICH, Germany and MAHWAH, N.J., March 11, 2004 (PRIMEZONE) -- ADVA Optical Networking (FSE:ADV), a leading global provider of optical networking solutions, today announced fourth quarter and full-year 2003 audited financial results for the period ended December 31, 2003, and prepared in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP).
FOURTH QUARTER 2003 FINANCIAL RESULTS
Revenues in the fourth quarter 2003 totalled EUR 23.4 million, a sequential increase compared to revenues of EUR 23.0 million in the third quarter 2003 and revenues of EUR 22.2 million in the fourth quarter 2002. Pro forma operating income increased to EUR 2.6 million in the fourth quarter 2003, compared to EUR 2.5 million in the third quarter 2003 and EUR 2.3 million in the fourth quarter 2002, 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.
Actual net income totalled EUR 2.7 million in the fourth quarter 2003, compared to EUR 1.0 million in the third quarter 2003 and EUR 4.0 million in the fourth quarter 2002. Net income in the fourth quarter 2002 was higher due to one-time deferred tax benefits. Actual basic net earnings per share reached EUR 0.08 in the fourth quarter 2003, compared to EUR 0.03 in the third quarter 2003 and EUR 0.12 in the fourth quarter 2002.
FULL-YEAR 2003 FINANCIAL RESULTS
Revenues increased from EUR 88.1 million in 2002 to EUR 90.4 million in 2003. Pro forma operating income increased 123.0% from EUR 4.2 million in 2002 to EUR 9.4 million in 2003, primarily due to stable revenues, higher gross margins, and a tight cost structure, and excludes amortization of intangible assets and non-cash charges related to the stock option programs.
Actual net income increased significantly to EUR 4.9 million in 2003, compared to an actual net loss of EUR 1.3 million in 2002. Actual basic net earnings per share improved from EUR -0.04 in 2002 to EUR 0.15 in 2003.
PRESS CONFERENCE, CONFERENCE CALL, AND WEBCAST
In conjunction with the release of its full-year 2003 audited financial results, ADVA will host a press conference at 10:00 a.m. CET today, March 11, 2004, at its offices in Martinsried/Munich, Germany.
ADVA will also host a conference call for analysts and investors at 3:00 p.m. CET / 9:00 a.m. EST today, March 11, 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 audited financial statements and annual report for the year 2003 can be found on its website.
FIRST QUARTER 2004 OUTLOOK
ADVA anticipates revenues of between EUR 22 to 24 million in the first quarter 2004. The operating profitability level is expected to remain stable compared to the fourth quarter 2003.
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PUBLISHED BY:
ADVA AG Optical Networking, Martinsried/Munich and Meiningen, Germany ADVA Optical Networking Inc., Mahwah/New Jersey, USA ADVA Optical Networking Corp., Tokyo, Japan www.advaoptical.com