ADVA reports lower net income for Q3, provides outlook for Q4
Nov 01, 2013 (MarketLine via COMTEX) --
ADVA Optical Networking, a company that develops, manufactures and sells optical and ethernet-based networking solutions, has reported a net income of E2.26 million, or E0.05 per share, for the third quarter of 2013, compared to E3.48 million, or E0.07 per share, for the third quarter of 2012. For fourth quarter of 2013, the company expects revenues to be in the range of E71 million and E76 million.
Revenues for the third quarter of 2013 were E79.06 million, compared to E82.27 million for the third quarter of 2012.
Net income for the first nine months of 2013 was E3.14 million, or E0.07 per diluted share, compared to E12.62 million, or E0.26 per diluted share, for the first nine months of 2012.
Revenues for the first nine months of 2013 were E234.46 million, compared to E249.8 million for the first nine months of 2012.
Jaswir Singh, CFO and COO of ADVA Optical Networking, said: "At E79.1 million, our Q3 2013 revenues are in line with guidance and up 0.9% vs. the previous quarter. Pro forma operating margin came in at 5.0%, at the upper end of guidance, largely driven by the stronger revenue development and tight management of operational costs. Furthermore, cash and cash equivalents reached a record high of E80.6 million, and net liquidity increased to E41.4 million at the end of Q3 2013, up E0.8 million vs. the end of the previous quarter, demonstrating our commitment to managing cash and strengthening our balance sheet."
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