ADVA Optical Networking has announced its Q4 and audited full-year 2013 financial results for the period ended December 31, 2013, and prepared in accordance with the International Financial Reporting Standards (IFRS).
As per the key findings, revenues totalled EUR76.2 million in Q4 2013, at the upper end of guidance between EUR71 million and EUR76 million. This is down 5.0% vs. Q4 2012 at EUR80.3 million and down 3.6% vs. Q3 2013 at EUR79.1 million. IFRS pro forma operating income amounted to EUR2.3 million in Q4 2013 or 3.0% of revenues, also in line with the guidance of between 1% and 5% of revenues.
The IFRS operating income in Q4 2013 was EUR1.9 million, down from EUR4.3 million in Q4 2012. This is due to the abovementioned reasons for lower pro forma operating income which, in part, is offset by lower stock compensation expenses that amounted to EUR0.2 million in Q4 2013 after EUR0.4 million in Q4 2012.
"While the sequential decline of our quarterly revenues to EUR76.2 million in Q4 2013 is a disappointment when measured against our expectations in early 2013, our revenues for the quarter are at the upper end of guidance. Further, cash and cash equivalents as well as net liquidity were at new quarter-end record highs of EUR80.9 million and EUR41.7 million, respectively. Throughout the year, ADVA Optical Networking maintained financial strength, with an equity ratio in excess of 50% and high net liquidity levels in all quarters," commented Jaswir Singh, CFO & COO of ADVA Optical Networking.
Prior to amortization of capitalized development expenses, pro forma gross margin increased from 45.2% in Q3 2013 to 45.9% in Q4 2013.
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