EXFO (News - Alert) Inc., a provider of next-generation test and service assurance solutions for wireline and wireless network operators and equipment manufacturers in the global wireless telecommunications industry, has reported that its sales reached $66.9 million in the second quarter of fiscal 2012.
While sharing its financial results for the second quarter which ended February 29, 2012, the company said that its sales were $72.0 million in the second quarter of 2011 and $66.4 million in the first quarter of 2012.
In addition, officials with EXFO Inc. said that the company’s bookings reached $60.6 million in the second quarter of fiscal 2012 compared to $57.6 million in the same period last year.
The company's book-to-bill ratio was 0.91 in the second quarter of 2012 and 0.99 at the mid-way mark of fiscal 2012. Gross margin earned for the period amounted to 64.7 percent of sales in the second quarter of fiscal 2012 compared to 61.4 percent in the second quarter of 2011.
"EXFO performed well in the second quarter given typical seasonality, difficult European economic environment, near absence of year-end capital spending and some later approvals of 2012 spending budgets," said Germain Lamonde, chairman, president and CEO, EXFO, in a statement.
"In the second half of our fiscal year, which is typically our strongest, we expect to benefit from major product launches, as well as continued market penetration with our wireless, 40G/100G and other Protocol solutions, to complete the year with at least single-digit sales growth,” Lamonde added.
In terms of operating leverage, the corporate gross margin for the wireless telecommunications provider was 64.8 percent at the halfway mark of fiscal 2012, which was its highest level in the last 10 years. The company also generated healthy cash flows from its operations and adjusted EBITDA.
“In short, we should continue growing both revenues and earnings despite a challenging environment in 2012, while significantly strengthening our long-term competitive position," Lamonde concluded.
Edited by Jamie Epstein