ADVA Optical Networking has released the report of its Q1 2013 financial results for the quarter ended March 31, 2013.
According to the report, the company has achieved total revenues of EUR77.0 million in Q1 2013. This is down 5.7% with regard to Q1 2012 at EUR 81.7 million and down by 4.0% as compared to EUR80.3 million in Q4 2012. The IFRS pro forma operating income has amounted to EUR0.8 million or 1.0% of revenues. This compares to EUR4.5 million or 5.5% of revenues in Q1 2012 and EUR4.8 million or 6.0% of revenues in Q4 2012.
IFRS operating income amounted to EUR0.4 million in Q1 2013, after EUR3.5 million in Q1 2012. In Q1 2013, IFRS net income of the company amounted to EUR0.8 million, down significantly from EUR4.0 million in Q1 2012.
Jaswir Singh, CFO & COO, ADVA Optical Networking, said, "While the temporary decline of our business related to short-term market weakness driven by adverse macro-economic conditions and temporary shifts in carrier investment priorities clearly is a disappointment, we are still pleased to report our Q1 2013 revenues of EUR77.0 million at the upper end of guidance. Also, operating cash flow at EUR1.7 million in Q1 2013 remained positive, and our quarter-end cash and cash equivalents and net liquidity of EUR65.3 million and EUR36.3 million, respectively, demonstrate ongoing financial strength."
The Q1 2013 tax benefit is mainly due to release of tax provisions related to open tax audit appeals that partially have been resolved in Q1 2013.
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