-
- News
- Books
Featured Books
- smt007 Magazine
Latest Issues
Current IssueComing to Terms With AI
In this issue, we examine the profound effect artificial intelligence and machine learning are having on manufacturing and business processes. We follow technology, innovation, and money as automation becomes the new key indicator of growth in our industry.
Box Build
One trend is to add box build and final assembly to your product offering. In this issue, we explore the opportunities and risks of adding system assembly to your service portfolio.
IPC APEX EXPO 2024 Pre-show
This month’s issue devotes its pages to a comprehensive preview of the IPC APEX EXPO 2024 event. Whether your role is technical or business, if you're new-to-the-industry or seasoned veteran, you'll find value throughout this program.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - smt007 Magazine
EXFO Reports Fourth Quarter and Year-end Results for Fiscal 2003
October 3, 2003 |Estimated reading time: 1 minute
Quebec City, Canada — EXFO Electro-Optical Engineering Inc. announces fourth-quarter and year-end results for fiscal 2003.Sales decreased 5 percent to US $14.3 million in the fourth quarter ended August 31, 2003, from $15.1 million in the previous quarter and 17 percent from US $17.2 million in the fourth quarter of 2002. Overall for fiscal 2003, sales fell 9 percent to US $61.9 million from US $68.3 million in 2002.EXFO's pro forma net loss in the fourth quarter of fiscal 2003 amounted to US $2.7 million, or US 4 cents per share, compared to a pro forma net loss of US $4.1 million, or US 6 cents per share, in the third quarter of 2003 and a pro forma net loss of US $1.2 million, or US 2 cents per share, in the fourth quarter of 2002. Net loss in the fourth quarter of fiscal 2003 totaled US $10.1 million, or US 16 cents per share, compared to a net loss of US $38.4 million, or US 61 cents per share, in the previous quarter and a net loss of US $3 million, or US 5 cents per share, in the fourth quarter of 2002.Pro forma net loss for fiscal 2003 amounted to US $11.5 million, or US 18 cents per share, compared to a pro forma net loss of US $11.2 million, or US 19 cents per share, for 2002. Net loss for fiscal 2003 was US $55 million, or US 87 cents per share, compared to a net loss of US $308.5 million, or US $5.09 per share, for fiscal 2002.At the beginning of the fourth quarter, EXFO announced a restructuring plan providing approximately US $10 million in annualized pre-tax savings. The company reduced its workforce by 30 percent, exited the optical component manufacturing automation business and streamlined manufacturing operations. Cost-reduction initiatives incurred charges of approximately US $4.1 million in fiscal 2003, including US $3.8 million in the fourth quarter.To begin fiscal 2004, EXFO has reorganized its business under two new market segments. The new Telecom Division consists of former Portable and Monitoring and telecom-related Industrial and Scientific product lines. The new Photonics & Life Sciences Division includes previous non-telecom Industrial and Scientific product lines. EXFO designs and manufacturers innovative test and measurement solutions for the global communications industry. For more information, visit www.exfo.com.