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EXFO increases sales, cuts losses in Q4

EXFO Electro-Optical Engineering Inc. has reported 20.5% year-over-year sales growth for fiscal 2004.


October 15, 2004  


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EXFO Electro-Optical Engineering Inc. has reported 20.5% year-over-year sales growth for fiscal 2004.

Sales reached US$74.6 million in the fiscal year ended August 31, 2004, compared to US$61.9 million in 2003. In the fourth quarter of 2004, sales increased 4.3% to US$21.3 million from US$20.5 million in the previous quarter and 48.9% from US$14.3 million in the fourth quarter of 2003.

Gross margin amounted to 53.7% in fiscal 2004 compared to 47.4% (excluding inventory write-offs and a non-recurring gain) in 2003.

In the fourth quarter of 2004, gross margin increased to 55.1% from 52.9% in the previous quarter and 45.8% (excluding inventory write-offs and a non-recurring gain) in the fourth quarter of 2003.

“We delivered our second-best sales performance in history-ahead of our 2000 sales level-with 21% annual revenue growth, four consecutive quarters of revenue growth, profitability on a pro forma basis in the last two quarters, and a significant improvement in gross margin year-over-year, despite a still difficult market place,” said Germain Lamonde, chairman, president and CEO of the Vanier, Que. company.

EXFO, he added, steadily invested in R&D throughout the recent economic downturn in emerging growth areas such as FTTP and next-generation IP networking.