ADVA Optical Networking announced financial results for its 2017 first quarter ended on March 31, 2017, prepared in accordance with International Financial Reporting Standards (IFRS), as follows:
1. Revenue for the first quarter of Euro 141.83 million, up 10.8% compared with Euro 128.03 million in the fourth quarter and up 16.3% from Euro 121.96 million in the first quarter of 2016.
2. Gross profit for the first quarter of Euro 45.54 million, up 7.5% compared with Euro 42.35 million in the fourth quarter and up 14.1% from Euro 39.88 million in the first quarter of 2016.
3. R&D expenditure for the first quarter of Euro 16.75 million, down 31.9% compared with Euro 24.63 million in the fourth quarter and down 0.9% from Euro 16.90 million in the first quarter of 2016.
4. SG&A expenditure for the first quarter of Euro 24.49 million, up 6.6% compared with Euro 22.98 million in the fourth quarter and up 3.8% from Euro 23.54 million in the first quarter of 2016.
5. Total operating expenditure for the first quarter of Euro 41.24 million, down 13.4% compared with Euro 47.61 million in the fourth quarter and up 2.0% from Euro 40.44 million in the first quarter of 2016.
6. Net income for the first quarter of 2016 of Euro 6.18 million, compared with net income of Euro 13.63 million in the fourth quarter and a net loss of Euro 5.16 million in the first quarter of 2016.
7. Cash and cash equivalents as of March 31, 2017 of Euro 69.71 million, versus Euro 84.87 million as at December 31, 2016.
Additional results and notes
Reported by region for the first quarter of 2017, ADVA reported that 50.2% of total revenue derived from EMEA, vesus52.6% a year earlier, 44.3% from the Americas, versus 42.1% a year earlier, and 5.5% from Asia Pacific, versus 5.3% in the prior year first quarter.ADVA recorded a cash flow from operating activities in the fourth quarter of 2016 of Euro 5.6 million, compared with Euro 2.0 million in the 2016 first quarter.
Total employees at the end of the fourth quarter stood at 1,783, compared with 1,764 at the end of December 2016.
Outlook
For the second quarter of 2017, ADVA expects revenue between Euro 143 and 153 million, representing a sequential increase of 4.4% at the midpoint.
