- Sales reach US$56.7
million, up year-over-year from US$56.0 million
- Gross margin amounts to 62.6% of sales, up year-over-year
from 62.2%
- Adjusted EBITDA totals US$3.2
million, up year-over-year from US$2.3 million
QUEBEC CITY, Jan. 7, 2015 /CNW
Telbec/ - EXFO Inc. (NASDAQ: EXFO; TSX: EXF) reported today
financial results for the first quarter ended November 30, 2014.
Sales reached US$56.7 million in
the first quarter of fiscal 2015 compared to US$56.0 million in the first quarter of 2014 and
US$59.7 million in the fourth quarter
of 2014.
Bookings attained US$54.2 million
in the first quarter of fiscal 2015 compared to US$57.9 million in the same period last year and
US$57.3 million in the fourth quarter
of 2014. The company's book-to-bill ratio was 0.96 in the first
quarter of 2015.
Gross margin before depreciation and amortization*
amounted to 62.6% of sales in the first quarter of fiscal 2015
compared to 62.2% in the first quarter of 2014 and 63.0% in
the fourth quarter of 2014.
IFRS net earnings in the first quarter of fiscal 2015 totaled
US$1.5 million, or US$0.02 per diluted share, compared to a net loss
of US$0.7 million, or
US$0.01 per share, in the same period
last year and net earnings of US$1.2 million, or US$0.02 per diluted share, in the fourth quarter
of 2014. IFRS net earnings in the first quarter of 2015 included
US$1.0 million in after-tax
amortization of intangible assets, US$0.4
million in stock-based compensation costs and a foreign
exchange gain of US$2.0 million.
Adjusted EBITDA** totaled US$3.2 million, or 5.6% of sales, in the first
quarter of fiscal 2015 compared to US$2.3 million, or 4.1% of sales, in the
first quarter of 2014 and US$5.8
million, or 9.6% of sales, in the fourth quarter of
2014.
"Although market demand remained muted, we recorded
year-over-year increases in sales, gross margin and earnings in the
first quarter of fiscal 2015," said Germain
Lamonde, EXFO's Chairman, President and CEO. "The telecom
industry continued morphing from hardware-centric to SDN and NFV
architectures (virtualized networks) and from fixed to mobile
networking, while industry consolidation is ongoing in the
background. I expect these elements to gradually turn into positive
drivers for EXFO as fiscal 2015 unfolds, given our strong solutions
offering."
"At EXFO, we have progressed against our strategic agenda,
evolving into a solutions supplier and strengthening our market
position and pipeline, especially in the wireless sector and in
end-to-end visibility and customer experience assurance solutions,"
Mr. Lamonde added. "Considering recent wins at tier-1 network
operators, growing business opportunities for our
productivity-enhancing, end-to-end solutions and tight internal
cost controls, I am pleased with their impact on earnings growth in
the first quarter and remain confident EXFO will significantly
increase its profitability in fiscal 2015."
Selected Financial
Information (In thousands of US dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2015
|
|
Q4 2014
|
|
Q1 2014
|
|
|
|
|
|
|
Sales
|
$ 56,724
|
|
$ 59,742
|
|
$ 56,003
|
|
|
|
|
|
|
Gross
margin*
|
$ 35,487
|
|
$ 37,633
|
|
$ 34,818
|
|
62.6%
|
|
63.0%
|
|
62.2%
|
|
|
|
|
|
|
Other selected
information:
|
|
|
|
|
|
|
IFRS net earnings
(loss)
|
$ 1,481
|
|
$ 1,204
|
|
$ (747)
|
|
Amortization of
intangible assets
|
$ 1,098
|
|
$ 1,117
|
|
$ 1,182
|
|
Stock-based
compensation costs
|
$ 400
|
|
$ 424
|
|
$ 463
|
|
Net income tax effect
of the above items
|
$ (58)
|
|
$ (62)
|
|
$ (67)
|
|
Foreign exchange gain
(loss)
|
$ 1,975
|
|
$ (334)
|
|
$ 802
|
|
Adjusted
EBITDA**
|
$ 3,197
|
|
$ 5,756
|
|
$ 2,292
|
Operating Expenses
Selling and administrative expenses
totaled US$21.0 million, or 37.1% of
sales in the first quarter of fiscal 2015 compared to US$21.7 million, or 38.8% of sales, in the same
period last year and US$21.5 million,
or 35.9% of sales, in the fourth quarter of 2014.
Gross research and development expenses amounted to US$13.3 million, or 23.5% of sales, in the first
quarter of fiscal 2015 compared to US$13.3 million, or 23.8% of sales, in the first
quarter of 2014 and US$12.5 million,
or 20.8% of sales, in the fourth quarter of 2014.
Net R&D expenses totaled US$11.7
million, or 20.6% of sales, in the first quarter of fiscal
2015 compared to US$11.3 million, or 20.1% of sales, in the
same period last year and US$10.8
million, or 18.2% of sales, in the fourth quarter of
2014.
First-Quarter Highlights
- Sales. During the first quarter, EXFO booked a new system order
with a tier-1 wireless operator for an initial deployment that
should lead to significant revenue over time. EXFO's sales
increased year-over-year in Europe, Middle
East and Africa (EMEA) and
to a lesser extent in Asia-Pacific
in the first quarter of 2015 but decreased in the Americas.
Geographical split was at 48% from the Americas, 32% from EMEA, and
20% from Asia-Pacific with top
customer accounting for 4.1% of sales while the top three
represented 11.1%.
- Profitability. EXFO generated adjusted EBITDA of US$3.2 million, or 5.6% of sales, in the first
quarter of 2015. The company also delivered US$1.9 million in cash flows from operating
activities. EXFO had a cash position of US$57.6 million and no debt as at November 30, 2014.
- Innovation. EXFO launched three new products in the first
quarter, including a new version of its TravelHawk Pro, a live
4G/LTE troubleshooting tool now capturing up to 30 Gbit/s of data
for deep analysis; CPRI (common public radio interface) test
capabilities for the FTB-700G and FTB-800 NetBlazer series that are
critical for fiber-to-the-antenna (FTTA) network deployments;
and expanded testing functionalities for the Packet Blazer product
family, allowing carrier labs and network equipment manufacturers
to fully qualify and test 100G network elements.
Business Outlook
EXFO forecasts sales between
US$52.0 million and US$57.0 million
for the second quarter of fiscal 2015, while IFRS net results are
expected to range between a net loss of US$0.03 per share and net earnings of
US$0.01 per share. IFRS net
loss/earnings include US$0.02 per
share in after-tax amortization of intangible assets and
stock-based compensation costs.
This guidance was established by management based on existing
backlog as of the date of this press release, seasonality, expected
bookings for the remaining of the quarter, as well as exchange
rates as of the day of this press release.
Conference Call and Webcast
EXFO will host a
conference call today at 5 p.m. (Eastern
time) to review its financial results for the first quarter
of fiscal 2015. To listen to the conference call and participate in
the question period via telephone, dial
1-416-641-6700. Germain Lamonde, Chairman, President and CEO,
and Pierre Plamondon, CPA, CA,
Vice-President of Finance and Chief Financial Officer, will
participate in the call. An audio replay of the conference call
will be available one hour after the event until 11:59 p.m. on January 14,
2015. The replay number is 1-402-977-9141 and the
reservation number is 21753961. The audio Webcast and replay
of the conference call will also be available on EXFO's Website
at www.EXFO.com, under the Investors section.
About EXFO
Listed on the NASDAQ and TSX stock
exchanges, EXFO is a leading provider of next-generation test,
service assurance and end-to-end quality of experience solutions
for mobile and fixed network operators and equipment manufacturers
in the global telecommunications industry. EXFO's intelligent
solutions with contextually relevant analytics improve end-user
quality of experience, enhance network performance and drive
operational efficiencies throughout the network and service
delivery lifecycle. Key technologies supported include 3G, 4G/LTE,
VoLTE, IMS, video, Ethernet/IP, SNMP, OTN, FTTx, xDSL and various
optical technologies accounting for more than 38% of the global
portable fiber-optic test market. EXFO has a staff of approximately
1600 people in 25 countries, supporting more than 2000 customers
worldwide. For more information, visit www.EXFO.com and follow us
on the EXFO Blog, Twitter, LinkedIn, Facebook, Google+
and YouTube.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995, and we intend that such
forward-looking statements be subject to the safe harbors created
thereby. Forward-looking statements are statements other than
historical information or statements of current condition.
Words such as may, expect, believe, plan, anticipate, intend,
could, estimate, continue, or similar expressions or the
negative of such expressions are intended to identify
forward-looking statements. In addition, any statement that
refers to expectations, projections or other characterizations of
future events and circumstances are considered forward-looking
statements. They are not guarantees of future performance
and involve risks and uncertainties. Actual results may differ
materially from those in forward-looking statements due to various
factors including, but not limited to, macroeconomic uncertainty as
well as capital spending and network deployment levels in the
telecommunications industry (including our ability to quickly adapt
cost structures with anticipated levels of business and our ability
to manage inventory levels with market demand); future economic,
competitive, financial and market conditions; consolidation in the
global telecommunications test and service assurance industry and
increased competition among vendors; capacity to adapt our future
product offering to future technological changes; limited
visibility with regards to timing and nature of customer
orders; longer sales cycles for complex systems involving
customers' acceptances delaying revenue recognition; fluctuating
exchange rates; concentration of sales; timely release and market
acceptance of our new products and other upcoming products; our
ability to successfully expand international operations; our
ability to successfully integrate businesses that we acquire; and
the retention of key technical and management personnel.
Assumptions relating to the foregoing involve judgments and risks,
all of which are difficult or impossible to predict and many
of which are beyond our control. Other risk factors that may affect
our future performance and operations are detailed in our Annual
Report, on Form 20-F, and our other filings with the U.S.
Securities and Exchange Commission and the Canadian securities
commissions. We believe that the expectations reflected in the
forward-looking statements are reasonable based on information
currently available to us, but we cannot assure that the
expectations will prove to have been correct. Accordingly, you
should not place undue reliance on these forward-looking
statements. These statements speak only as of the date of this
document. Unless required by law or applicable regulations, we
undertake no obligation to revise or update any of them
to reflect events or circumstances that occur after the date of
this document.
NON-IFRS MEASURES
EXFO provides non-IFRS measures (gross margin before
depreciation and amortization* and adjusted EBITDA**) as
supplemental information regarding its operational performance. The
company uses these measures for the purpose of evaluating
historical and prospective financial performance, as well as its
performance relative to competitors. These measures also help
the company to plan and forecast for future periods as well as to
make operational and strategic decisions. EXFO believes that
providing this information, in addition to IFRS measures, allows
investors to see the company's results through the eyes of
management, and to better understand its historical and future
financial performance.
The presentation of this additional information is not prepared
in accordance with IFRS. Therefore, the information may not
necessarily be comparable to that of other companies and should be
considered as a supplement to, not a substitute for,
the corresponding measures calculated in accordance with IFRS.
*
|
Gross margin before
depreciation and amortization represents sales less cost of sales,
excluding depreciation and amortization.
|
**
|
Adjusted EBITDA
represents net earnings (loss) before interest, income taxes,
depreciation and amortization, stock-based compensation costs and
foreign exchange gain or loss.
|
The following table summarizes the reconciliation of adjusted
EBITDA to IFRS net earnings (loss), in thousands
of US dollars:
Adjusted EBITDA
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1
2015
|
|
Q4
2014
|
|
Q1 2014
|
|
|
|
|
|
|
IFRS net earnings
(loss) for the period
|
$ 1,481
|
|
$ 1,204
|
|
$ (747)
|
|
|
|
|
|
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of
property, plant and equipment
|
1,245
|
|
1,258
|
|
1,275
|
Amortization of
intangible assets
|
1,098
|
|
1,117
|
|
1,182
|
Interest
income
|
(217)
|
|
(30)
|
|
(27)
|
Income
taxes
|
1,165
|
|
1,449
|
|
948
|
Stock-based
compensation costs
|
400
|
|
424
|
|
463
|
Foreign exchange
(gain) loss
|
(1,975)
|
|
334
|
|
(802)
|
Adjusted EBITDA for
the period
|
$ 3,197
|
|
$ 5,756
|
|
$ 2,292
|
|
|
|
|
|
|
Adjusted EBITDA in
percentage of sales
|
5.6%
|
|
9.6%
|
|
4.1%
|
EXFO Inc.
Condensed Unaudited Interim Consolidated Balance
Sheets
|
|
(in thousands of US
dollars)
|
|
|
|
|
|
|
|
|
|
As
at
November
30,
2014
|
|
As
at
August
31,
2014
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash
|
|
$
|
52,221
|
|
$
|
54,121
|
Short-term
investments
|
|
|
5,389
|
|
|
5,726
|
Accounts
receivable
|
|
|
|
|
|
|
|
Trade
|
|
|
48,074
|
|
|
46,031
|
|
Other
|
|
|
2,610
|
|
|
2,001
|
Income taxes and tax
credits recoverable
|
|
|
4,363
|
|
|
3,796
|
Inventories
|
|
|
34,551
|
|
|
35,232
|
Prepaid
expenses
|
|
|
2,502
|
|
|
2,281
|
|
|
|
149,710
|
|
|
149,188
|
|
|
|
|
|
|
|
Tax credits
recoverable
|
|
|
38,982
|
|
|
41,745
|
Property, plant
and equipment
|
|
|
40,007
|
|
|
42,780
|
Intangible
assets
|
|
|
6,078
|
|
|
7,293
|
Goodwill
|
|
|
25,140
|
|
|
26,488
|
Deferred income
taxes
|
|
|
10,273
|
|
|
9,816
|
Other
assets
|
|
|
548
|
|
|
721
|
|
|
|
|
|
|
|
|
|
$
|
270,738
|
|
$
|
278,031
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
|
35,672
|
|
$
|
29,553
|
Provisions
|
|
|
508
|
|
|
532
|
Income taxes
payable
|
|
|
727
|
|
|
840
|
Deferred
revenue
|
|
|
7,728
|
|
|
8,990
|
|
|
|
44,635
|
|
|
39,915
|
|
|
|
|
|
|
|
Deferred
revenue
|
|
|
2,952
|
|
|
3,319
|
Deferred income
taxes
|
|
|
2,733
|
|
|
3,087
|
Other
liabilities
|
|
|
711
|
|
|
340
|
|
|
|
51,031
|
|
|
46,661
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
Share
capital
|
|
|
111,015
|
|
|
111,491
|
Contributed
surplus
|
|
|
16,540
|
|
|
16,503
|
Retained
earnings
|
|
|
115,116
|
|
|
113,635
|
Accumulated other
comprehensive loss
|
|
|
(22,964)
|
|
|
(10,259)
|
|
|
|
|
|
|
|
|
|
|
219,707
|
|
|
231,370
|
|
|
|
|
|
|
|
|
|
$
|
270,738
|
|
$
|
278,031
|
EXFO Inc.
Condensed Unaudited Interim Consolidated Statements of
Earnings
|
|
(in thousands of US
dollars, except share and per share data)
|
|
|
|
|
|
Three months
ended
November
30,
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
Sales
|
|
$
|
56,724
|
|
$
|
56,003
|
|
|
|
|
|
|
|
Cost of sales
(1)
|
|
|
21,237
|
|
|
21,185
|
Selling and
administrative
|
|
|
21,032
|
|
|
21,708
|
Net research and
development
|
|
|
11,658
|
|
|
11,281
|
Depreciation of
property, plant and equipment
|
|
|
1,245
|
|
|
1,275
|
Amortization of
intangible assets
|
|
|
1,098
|
|
|
1,182
|
Interest
income
|
|
|
(217)
|
|
|
(27)
|
Foreign exchange
gain
|
|
|
(1,975)
|
|
|
(802)
|
|
|
|
|
|
|
|
Earnings before
income taxes
|
|
|
2,646
|
|
|
201
|
|
|
|
|
|
|
|
Income
taxes
|
|
|
1,165
|
|
|
948
|
|
|
|
|
|
|
|
Net earnings
(loss) for the period
|
|
$
|
1,481
|
|
$
|
(747)
|
|
|
|
|
|
|
|
Basic and diluted
net earnings (loss) per share
|
|
$
|
0.02
|
|
$
|
(0.01)
|
|
|
|
|
|
|
|
Basic weighted
average number of shares outstanding (000's)
|
|
|
60,335
|
|
|
60,217
|
|
|
|
|
|
|
|
Diluted weighted
average number of shares outstanding (000's)
|
|
|
60,980
|
|
|
60,217
|
(1)
|
The cost of sales is
exclusive of depreciation and amortization, shown
separately.
|
|
EXFO Inc.
Condensed Unaudited Interim Consolidated Statements of
Comprehensive Loss
|
|
|
|
(in thousands of US
dollars)
|
|
|
|
|
|
Three months
ended
November
30,
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
Net earnings
(loss) for the period
|
|
$
|
1,481
|
|
$
|
(747)
|
Other comprehensive
income (loss), net of income taxes
|
|
|
|
|
|
|
Items that will not
be reclassified subsequently to net earnings
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
(11,735)
|
|
|
(1,948)
|
Items that may be
reclassified subsequently to net earnings
|
|
|
|
|
|
|
|
Unrealized losses on
forward exchange contracts
|
|
|
(1,505)
|
|
|
(240)
|
|
Reclassification of
realized losses on forward exchange contracts in net
loss
|
|
|
162
|
|
|
174
|
|
Deferred income tax
effect of losses on forward exchange contracts
|
|
|
373
|
|
|
18
|
Other comprehensive
loss
|
|
|
(12,705)
|
|
|
(1,996)
|
|
|
|
|
|
|
|
Comprehensive loss
for the period
|
|
$
|
(11,224)
|
|
$
|
(2,743)
|
EXFO Inc.
Condensed Unaudited Interim Consolidated Statements of Changes in
Shareholders' Equity
|
|
(in thousands of US
dollars)
|
|
|
|
|
|
Three months ended
November 30, 2013
|
|
|
|
Share
Capital
|
|
|
Contributed
Surplus
|
|
|
Retained
earnings
|
|
|
Accumulated
other
comprehensive
loss
|
|
|
Total
shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
September 1, 2013
|
|
$
|
109,837
|
|
$
|
17,186
|
|
$
|
112,852
|
|
$
|
(3,423)
|
|
$
|
236,452
|
Exercise of stock
options
|
|
|
106
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
106
|
Reclassification of
stock-based compensation costs
|
|
|
1,435
|
|
|
(1,435)
|
|
|
–
|
|
|
–
|
|
|
–
|
Stock-based
compensation costs
|
|
|
–
|
|
|
417
|
|
|
–
|
|
|
–
|
|
|
417
|
Net loss for the
period
|
|
|
–
|
|
|
–
|
|
|
(747)
|
|
|
–
|
|
|
(747)
|
Other comprehensive
loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(1,948)
|
|
|
(1,948)
|
|
Changes in unrealized
losses on forward exchange contracts, net of deferred income taxes
of $18
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(48)
|
|
|
(48)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
loss for the period
|
|
|
–
|
|
|
–
|
|
|
(747)
|
|
|
(1,996)
|
|
|
(2,743)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
November 30, 2013
|
|
$
|
111,378
|
|
$
|
16,168
|
|
$
|
112,105
|
|
$
|
(5,419)
|
|
$
|
234,232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
November 30, 2014
|
|
|
|
Share
Capital
|
|
|
Contributed
Surplus
|
|
|
Retained
earnings
|
|
|
Accumulated
other
comprehensive
loss
|
|
|
Total
shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
September 1, 2014
|
|
$
|
111,491
|
|
$
|
16,503
|
|
$
|
113,635
|
|
$
|
(10,259)
|
|
$
|
231,370
|
Redemption of share
capital
|
|
|
(919)
|
|
|
66
|
|
|
–
|
|
|
–
|
|
|
(853)
|
Reclassification of
stock-based compensation costs
|
|
|
443
|
|
|
(443)
|
|
|
–
|
|
|
–
|
|
|
–
|
Stock-based
compensation costs
|
|
|
–
|
|
|
414
|
|
|
–
|
|
|
–
|
|
|
414
|
Net earnings for the
period
|
|
|
–
|
|
|
–
|
|
|
1,481
|
|
|
–
|
|
|
1,481
|
Other comprehensive
loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(11,735)
|
|
|
(11,735)
|
|
Changes in unrealized
losses on forward exchange contracts, net of deferred income taxes
of $373
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(970)
|
|
|
(970)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
loss for the period
|
|
|
–
|
|
|
–
|
|
|
1,481
|
|
|
(12,705)
|
|
|
(11,224)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at
November 30, 2014
|
|
$
|
111,015
|
|
$
|
16,540
|
|
$
|
115,116
|
|
$
|
(22,964)
|
|
$
|
219,707
|
EXFO Inc.
Condensed Unaudited Interim Consolidated Statements of Cash
Flows
|
|
(in thousands of US
dollars)
|
|
|
|
|
|
Three months
ended November
30,
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
Net earnings (loss)
for the period
|
|
$
|
1,481
|
|
$
|
(747)
|
Add (deduct) items
not affecting cash
|
|
|
|
|
|
|
|
Stock-based
compensation costs
|
|
|
400
|
|
|
463
|
|
Depreciation and
amortization
|
|
|
2,343
|
|
|
2,457
|
|
Deferred
revenue
|
|
|
(1,027)
|
|
|
(1,752)
|
|
Deferred income
taxes
|
|
|
(332)
|
|
|
625
|
|
Changes in foreign
exchange gain/loss
|
|
|
(1,028)
|
|
|
(108)
|
|
|
|
1,837
|
|
|
938
|
|
|
|
|
|
|
|
Changes in non-cash
operating items
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(5,036)
|
|
|
(1,657)
|
|
Income taxes and tax
credits
|
|
|
(212)
|
|
|
743
|
|
Inventories
|
|
|
(1,181)
|
|
|
(2,312)
|
|
Prepaid
expenses
|
|
|
(336)
|
|
|
171
|
|
Other
assets
|
|
|
1
|
|
|
6
|
|
Accounts payable,
accrued liabilities and provisions
|
|
|
6,836
|
|
|
5,485
|
|
Other
liabilities
|
|
|
(19)
|
|
|
(26)
|
|
|
|
1,890
|
|
|
3,348
|
Cash flows from
investing activities
|
|
|
|
|
|
|
Additions to
short-term investments
|
|
|
(13,691)
|
|
|
(9,781)
|
Proceeds from
disposal and maturity of short-term investments
|
|
|
13,766
|
|
|
9,772
|
Additions to capital
assets
|
|
|
(754)
|
|
|
(701)
|
|
|
|
(679)
|
|
|
(710)
|
Cash flows from
financing activities
|
|
|
|
|
|
|
Exercise of stock
options
|
|
|
–
|
|
|
106
|
Redemption of share
capital
|
|
|
(853)
|
|
|
–
|
|
|
|
(853)
|
|
|
106
|
|
|
|
|
|
|
|
Effect of foreign
exchange rate changes on cash
|
|
|
(2,258)
|
|
|
(365)
|
|
|
|
|
|
|
|
Change in
cash
|
|
|
(1,900)
|
|
|
2,379
|
Cash – Beginning
of the period
|
|
|
54,121
|
|
|
45,386
|
Cash – End of the
period
|
|
$
|
52,221
|
|
$
|
47,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplementary
information
|
|
|
|
|
|
|
Income taxes
paid
|
|
$
|
367
|
|
$
|
642
|
SOURCE EXFO inc.