From the Wires
EXFO Reports Record Sales for Fiscal 2008
Oct. 15, 2008 04:07 PM
- Annual sales increase 20.2% to a record-high of US$183.8 million,
- Telecom Division sales grow 24.0% year over year, led by 97.4% growth
for protocol test business
- Navtel Communications and Brix Networks acquisitions strengthen
next-generation, IP testing and service assurance offering
- Gross margin improves for a sixth consecutive year to reach 58.9%
- Sales from new products amount to 34.6% of total revenue
QUEBEC CITY, Oct. 15 /PRNewswire-FirstCall/ - EXFO Electro-Optical Engineering Inc. (NASDAQ: EXFO, TSX: EXF) reported today record sales for the fiscal year ended August 31, 2008.
Annual sales increased 20.2% to a record-high of US$183.8 million in fiscal 2008 from US$152.9 million in 2007. In the fourth quarter of 2008, sales reached US$50.9 million compared to US$48.6 million in the previous quarter and US$43.0 million in the fourth quarter of 2007. Overall for fiscal 2008, net accepted orders increased 17.8% to a record-high of US$184.6 million for a book-to-bill ratio of 1.00. In the fourth quarter of 2008, net bookings totaled US$45.7 million compared to US$50.7 million in the third quarter of 2008 and US$39.5 million in the fourth quarter of 2007.
Gross margin improved to 58.9% of sales in fiscal 2008 from 57.4% in 2007. In the fourth quarter of 2008, gross margin amounted to 59.9% compared to 60.9% in the previous quarter and 57.9% in the fourth quarter of 2007. Fiscal 2008 marked the sixth consecutive year that the company raised its gross margin.
In fiscal 2008, GAAP net earnings reached US$18.4 million, or US$0.27 per diluted share, including US$5.3 million for the recognition of previously unrecognized future income tax assets, an extraordinary gain of US$3.0 million related to the negative goodwill on the acquisition of Navtel Communications, and a net recovery of income tax of US$1.2 million to account for new corporate tax rates in Canada and a related review of the company's tax strategy. These items were partially offset by US$3.0 million in after-tax amortization of intangible assets and US$1.3 million in stock-based compensation costs.
In 2007, GAAP net earnings totaled US$42.3 million, or US$0.61 per diluted share, including US$27.8 million in recognition of previously unrecognized future income tax assets and tax credits and US$1.1 million for a government grant recovery. These items were partially offset by US$2.9 million in after-tax amortization of intangible assets and US$1.0 million in stock-based compensation costs.
In the fourth quarter of 2008, GAAP net earnings amounted to US$3.3 million, or US$0.04 per diluted share, including US$1.2 million in after-tax amortization of intangible assets and US$0.4 million in stock-based compensation costs.
In the third quarter of 2008, GAAP net earnings reached US$11.2 million, or US$0.16 per diluted share, including US$5.3 million for the recognition of previously unrecognized future income tax assets and an extraordinary gain of US$3.0 million related to the negative goodwill on the acquisition of Navtel Communications. These items were partially offset by US$0.8 million in after-tax amortization of intangible assets and US$0.3 million in stock-based compensation costs.
In the fourth quarter of 2007, GAAP net earnings totaled US$33.5 million, or US$0.48 per diluted share, including US$27.8 million in recognition of previously unrecognized future income taxes and tax credits and US$1.1 million from a government grant recovery. These items were partially offset by US$0.7 million in after-tax amortization of intangible assets and US$0.3 million in stock-based compensation costs.
"Fiscal 2008 has been a year of transformation at EXFO as we positioned ourselves as a leader in next-generation, IP testing and service assurance through exceptional growth of our protocol test business as well as the acquisitions of Navtel Communications and Brix Networks," said Germain Lamonde, EXFO's Chairman, President and CEO. "We also expanded our global presence with increased sales and marketing initiatives in targeted countries, a new manufacturing facility in China, and enhanced capabilities at our R&D software center in India. These latest investments should accelerate earnings growth in 2009 and beyond.
"We balanced these longer-term initiatives with significant progress on a short-term basis, namely annual sales growth of 20.2% - or more than twice the industry average. I'm especially proud of our higher-margin protocol test business, which posted a sales CAGR of 74.4% during the last three years on the strength of our focus on converged, IP networks. Not coincidentally, our gross margin improved for a sixth consecutive year and I'm optimistic that it will continue its upward trajectory in upcoming years.
"Our EBITDA, however, didn't grow faster than sales for the first time in five years, as we accepted short-term losses for long-term benefits with the Brix acquisition. Looking ahead, I'm confident that we'll return to our customary sales/EBITDA growth model, despite a visibly challenging macro-economic environment."
Selected Financial Information
(In thousands of US dollars)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Segmented
results: Q4 2008 Q3 2008 Q4 2007 FY 2008 FY 2007
------------ ----------- ----------- ----------- -----------
(unaudited) (unaudited) (unaudited) (unaudited)
Sales:
Telecom
Division $ 45,338 $ 42,843 $ 37,199 $ 160,981 $ 129,839
Life
Sciences &
Industrial
Division 5,605 5,738 5,776 22,809 23,095
------------ ----------- ----------- ----------- -----------
Total $ 50,943 $ 48,581 $ 42,975 $ 183,790 $ 152,934
------------ ----------- ----------- ----------- -----------
------------ ----------- ----------- ----------- -----------
Earnings from
operations:
Telecom
Division $ 2,867 $ 3,819 $ 8,108 $ 9,524 $ 13,132
Life
Sciences &
Industrial
Division 721 639 994 2,459 3,650
------------ ----------- ----------- ----------- -----------
Total $ 3,588 $ 4,458 $ 9,102 $ 11,983 $ 16,782
------------ ----------- ----------- ----------- -----------
------------ ----------- ----------- ----------- -----------
Other selected
information:
GAAP net
earnings $ 3,314 $ 11,179 $ 33,484 $ 18,424 $ 42,275
After-tax
amorti-
zation of
intangible
assets $ 1,177 $ 791 $ 699 $ 2,956 $ 2,864
Stock-based
compen-
sation
costs $ 368 $ 334 $ 277 $ 1,272 $ 981
Recognition
of
previously
unrecog-
nized
future
income
taxes $ - $ (5,324) $ (24,566) $ (5,324) $ (24,566)
Recognition
of
previously
unrecog-
nized
R&D tax
credits $ - $ - $ (3,162) $ - $ (3,162)
Extraor-
dinary
gain
(negative
goodwill) $ - $ (3,036) $ - $ (3,036) $ -
Government
grant $ - $ - $ (1,079) $ - $ (1,079)
Net reco-
very of
income
tax $ - $ - $ - $ (1,191) $ -
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Operating Expenses
Selling and administrative expenses amounted to US$61.2 million, or 33.3%
of sales, in fiscal 2008 compared to US$49.6 million, or 32.4% of sales, in
2007. In the fourth quarter of 2008, selling and administrative expenses
totaled US$17.0 million, or 33.4% of sales, compared to US$15.7 million, or
32.2% of sales, in the third quarter of 2008 and US$13.0 million, or 30.3% of
sales, in the fourth quarter of 2007.
Gross research and development (R&D) expenses reached US$32.5 million, or
17.7% of sales, in fiscal 2008 compared to US$25.2 million, or 16.5% of sales,
in 2007. In the fourth quarter of 2008, gross R&D expenses attained
US$8.6 million, or 16.8% of sales, compared to US$8.8 million, or 18.2% of
sales, in the previous quarter and US$7.1 million, or 16.6% of sales, in the
fourth quarter of 2007.
Net R&D expenses totaled US$26.9 million, or 14.6% of sales in fiscal
2008, compared to US$16.7 million (including US$3.2 million for the
recognition of previously unrecognized R&D tax credits), or 10.9% of sales, in
2007. In the fourth quarter of 2008, net R&D expenses amounted to
US$7.3 million, or 14.3% of sales, compared to US$7.4 million, or 15.2% of
sales, in the third quarter of 2008 and US$2.3 million (including
US$3.2 million for the recognition of previously unrecognized R&D tax
credits), or 5.4% of sales, in the fourth quarter of 2007.
Fiscal 2008 and Fourth-Quarter Business Highlights
- Market expansion - EXFO increased its annual sales 20.2% to
US$183.8 million, while the company's stated goal was 20% for the
fiscal year. Telecom Division sales improved 24.0% year over year,
led by 97.4% growth in the protocol test business (including a
US$5.4 million revenue contribution from Brix and Navtel) and 12.7%
increase in the optical test business. In terms of geographic
diversification, the Americas accounted for 55.8% of sales in 2008,
Europe, Middle East and Africa (EMEA) 28.4%, and Asia-Pacific 15.8%.
The Americas, EMEA and Asia-Pacific regions posted annual growth
rates of 12.8%, 26.3% and 40.1% respectively. EXFO's sales to its
largest customer dropped to 7.4% of total revenue in 2008, despite
increasing market share at this account. Excluding sales to this
customer, Telecom Division sales would have increased 37.3% year over
year, while sales to the United States would have increased 28.7%
year over year.
- Profitability - GAAP earnings from operations amounted to 6.5% of
sales in 2008, including 7.0% in the fourth quarter, while the
company's goal was 8% for the fiscal year. The shortfall is mainly
due to the short-term negative impact of the Brix Networks
acquisition. EXFO also generated US$13.8 million in cash flows from
operating activities in 2008, bringing its cash and short-term
investments to US$87.5 million.
- Innovation - EXFO launched 27 new products in fiscal 2008, including
seven in the fourth quarter, compared to 20 in 2007. Key product
releases in the fourth quarter of 2008 included amongst others a
triple-play test set for ADSL2+/VDSL2 network deployments and a new
Gigabit Ethernet software option for the Packet Blazer test modules
that enables Internet Protocol/Multi-Protocol Label Switching
(IP/MPLS) testing. Following the year-end, the company introduced an
enhanced version of Navtel's InterWatch platform that simulates up to
256,000 unique IPv6 subscriber addresses per chassis, and new
software features on the Transport Blazer test modules for
characterizing 40G/43G SONET/SDH networks. Products on the market
two years or less accounted for 34.6% of sales in fiscal 2008,
including 29.0% in the fourth quarter, while the company's published
goal was 30% for the fiscal year.
Business Outlook
EXFO forecasts sales between US$45.0 million and US$50.0 million and GAAP
net earnings (net loss) between a net loss of US$0.03 per diluted share and
net earnings of US$0.01 per diluted share for the first quarter of fiscal
2009. The GAAP net earnings/loss outlook includes US$0.02 per diluted share in
after-tax amortization of intangible assets and stock-based compensation
costs.
Corporate Performance Results for Fiscal 2008
EXFO reported the following corporate performance results for fiscal
2008:
-------------------------------------------------------------------------
2008
Objective ----------------------
Metric Result
-------------------------------------------------------------------------
Increase sales (% of year-over-year growth) 20% 20.2%
-------------------------------------------------------------------------
Maximize profitability (operating margin in %) 8% 6.5%
-------------------------------------------------------------------------
Focus on innovation (sales % from products
(less than)2 years on market) 30% 34.6%
-------------------------------------------------------------------------
Long-Term Corporate Performance Objectives (Three-Year Plan)
EXFO disclosed the following three corporate performance objectives and
related metrics for its three-year strategic plan ending at the close of
fiscal 2011. These long-term objectives are meant to replace the performance
goals that the company provided on an annual basis. These new objectives
reflect the clear direction management is taking towards long-term value
creation.
-------------------------------------------------------------------------
Objective Three-Year Metric
-------------------------------------------------------------------------
Grow sales approximately 2 times faster than the
industry rate 20% CAGR
-------------------------------------------------------------------------
Increase EBITDA* faster than sales (greater than)20% CAGR
-------------------------------------------------------------------------
Raise gross margin to a sustainable level
above 60% of sales 62%
-------------------------------------------------------------------------
*EBITDA is defined as net earnings before interest, income taxes,
amortization of property, plant and equipment, amortization of intangible
assets, and extraordinary gain.
Conference Call and Webcast
EXFO will host a conference call today at 5 p.m. (Eastern time) to review
its fourth-quarter and year-end financial results for fiscal 2008. To listen
to the conference call and participate in the question period via telephone,
dial 1-416-620-5690. Germain Lamonde, Chairman, President and CEO, and Pierre
Plamondon, CA, Vice-President of Finance and Chief Financial Officer, will
participate in the call. An audio replay will be available one hour after the
end of the conference call until 7 p.m. on October 22, 2008. The replay number
is 1-402-977-9141 and the reservation number is 21393109. The live audio
Webcast and replay of the conference call will also be available on EXFO's
Website at www.EXFO.com/investors.
About EXFO
EXFO is a leading provider of test and monitoring solutions for network
service providers and equipment manufacturers in the global telecommunications
industry. The Telecom Division offers a wide range of innovative solutions
extending across the full technology lifecycle - from design to technology
deployment and onto service assurance - and covering all layers on a network
infrastructure to enable triple-play services and next-generation, converged
IP networking. The Life Sciences and Industrial Division offers solutions in
medical device and opto-electronics assembly, fluorescence microscopy and
other life science sectors. For more information, visit www.EXFO.com.
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, will,
expect, believe, anticipate, intend, could, estimate, continue, or the
negative or comparable terminology are intended to identify forward-looking
statements. In addition, any statements that refer 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 consolidation in the global
telecommunications test, measurement and monitoring industry; capital spending
levels in the telecommunications, life sciences and high-precision assembly
sectors; concentration of sales; fluctuating exchange rates and our ability to
execute in these uncertain conditions; the effects of the additional actions
we have taken in response to such economic uncertainty (including our ability
to quickly adapt cost structures with anticipated levels of business, ability
to manage inventory levels with market demand); market acceptance of our new
products and other upcoming products; limited visibility with regards to
customer orders and the timing of such orders; our ability to successfully
integrate our acquired and to-be-acquired businesses; our ability to
successfully expand international operations; the retention of key technical
and management personnel; and future economic, competitive, financial and
market conditions, including any slowdown or recession in the global economy.
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 you 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.
EXFO Electro-Optical Engineering Inc.
Interim Consolidated Balance Sheet
(in thousands of US dollars)
As at August 31,
-----------------------
2008 2007
----------- -----------
Assets (unaudited)
Current assets
Cash $ 5,914 $ 5,541
Short-term investments 81,626 124,217
Accounts receivable
Trade, less allowance for doubtful accounts
of $305 ($206 as at August 31, 2007) 31,473 26,699
Other 4,753 2,479
Income taxes and tax credits recoverable 4,836 6,310
Inventories 34,880 31,513
Prepaid expenses 1,774 1,391
Future income taxes 9,140 7,609
----------- -----------
174,396 205,759
Tax credits recoverable 20,657 -
Property, plant and equipment 19,875 18,117
Intangible assets 19,945 9,628
Goodwill 42,653 28,437
Future income taxes 15,540 17,197
----------- -----------
$ 293,066 $ 279,138
----------- -----------
----------- -----------
Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 24,713 $ 22,721
Deferred revenue 5,079 2,598
----------- -----------
29,792 25,319
Deferred revenue 3,759 3,414
Future income taxes - 240
----------- -----------
33,551 28,973
----------- -----------
Shareholders' equity
Share capital 142,786 150,019
Contributed surplus 5,226 4,453
Retained earnings 60,494 42,275
Accumulated other comprehensive income 51,009 53,418
----------- -----------
259,515 250,165
----------- -----------
$ 293,066 $ 279,138
----------- -----------
----------- -----------
EXFO Electro-Optical Engineering Inc.
Interim Unaudited Consolidated Statements of Earnings
(in thousands of US dollars, except share and per share data)
Three Twelve Three Twelve
months months months months
ended ended ended ended
August 31, August 31, August 31, August 31,
2008 2008 2007 2007
----------- ----------- ----------- -----------
Sales $ 50,943 $ 183,790 $ 42,975 $ 152,934
Cost of sales (1,2) 20,416 75,624 18,109 65,136
----------- ----------- ----------- -----------
Gross margin 30,527 108,166 24,866 87,798
----------- ----------- ----------- -----------
Operating expenses
Selling and
administrative (1) 16,993 61,153 13,035 49,580
Net research and
development (1, 3) 7,297 26,867 2,308 16,668
Amortization of property,
plant and equipment 1,247 4,292 801 2,983
Amortization of
intangible assets 1,402 3,871 699 2,864
Government grants - - (1,079) (1,079)
----------- ----------- ----------- -----------
Total operating expenses 26,939 96,183 15,764 71,016
----------- ----------- ----------- -----------
Earnings from operations 3,588 11,983 9,102 16,782
Interest income 576 4,639 1,204 4,717
Foreign exchange gain
(loss) 1,349 442 (156) (49)
----------- ----------- ----------- -----------
Earnings before income
taxes and extraordinary
gain 5,513 17,064 10,150 21,450
Income taxes
Current (14) (7,094) 1,232 3,741
Future 2,213 14,094 - -
Recognition of previously
unrecognized future
income tax assets - (5,324) (24,566) (24,566)
----------- ----------- ----------- -----------
2,199 1,676 (23,334) (20,825)
----------- ----------- ----------- -----------
Earnings before
extraordinary gain 3,314 15,388 33,484 42,275
Extraordinary gain - 3,036 - -
----------- ----------- ----------- -----------
Net earnings for the
period $ 3,314 $ 18,424 $ 33,484 $ 42,275
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Basic earnings before
extraordinary gain per
share $ 0.05 $ 0.22 $ 0.49 $ 0.61
Diluted earnings before
extraordinary gain per
share $ 0.05 $ 0.22 $ 0.48 $ 0.61
Basic net earnings per
share $ 0.05 $ 0.27 $ 0.49 $ 0.61
Diluted net earnings per
share $ 0.05 $ 0.27 $ 0.48 $ 0.61
Basic weighted average
number of shares
outstanding (000's) 68,082 68,767 68,969 68,875
Diluted weighted average
number of shares
outstanding (000's) 68,550 69,318 69,486 69,555
(1) Stock-based
compensation costs
included in:
Cost of sales $ 36 $ 148 $ 25 $ 118
Selling and
administrative 232 830 191 633
Net research and
development 100 294 61 230
----------- ----------- ----------- -----------
$ 368 $ 1,272 $ 277 $ 981
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
(2) The cost of sales is exclusive of amortization, shown separately.
(3) Net research and development expenses for the periods ended
August 31, 2007 include recognition of unrecognized research and
development tax credits of $3,162.
EXFO Electro-Optical Engineering Inc.
Interim Unaudited Consolidated Statements of Comprehensive Income (Loss)
And Accumulated Other Comprehensive Income
(in thousands of US dollars)
Comprehensive income (loss)
Three Twelve Three Twelve
months months months months
ended ended ended ended
August 31, August 31, August 31, August 31,
2008 2008 2007 2007
----------- ----------- ----------- -----------
Net earnings for the
period $ 3,314 $ 18,424 $ 33,484 $ 42,275
Foreign currency
translation adjustment (18,511) (2,289) 2,574 9,881
Changes in unrealized
gains (losses) on
short-term investments (9) 31 - -
Unrealized gains on
forward exchange
contracts (1,882) 962 - -
Reclassification of
realized gains on
forward exchange
contracts in net
earnings (770) (3,915) - -
Future income taxes effect
of the above items 822 909 - -
----------- ----------- ----------- -----------
Comprehensive income
(loss) $ (17,036) $ 14,122 $ 36,058 $ 52,156
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Accumulated other comprehensive income
Years ended August 31,
-----------------------
2008 2007
----------- -----------
Foreign currency translation adjustment
Cumulative effect of prior years $ 53,418 $ 43,537
Current year (2,289) 9,881
----------- -----------
51,129 53,418
----------- -----------
Unrealized gains (losses) on forward exchange
contracts
Adjustment related to the implementation of
new accounting standards 1,948 -
Current year, net of realized gains and future
income taxes (2,044) -
----------- -----------
(96) -
----------- -----------
Unrealized gains (losses) on short-term investments
Adjustment related to the implementation of new
accounting standards (55) -
Current year, net of future income taxes 31 -
----------- -----------
(24) -
----------- -----------
Accumulated other comprehensive income $ 51,009 $ 53,418
----------- -----------
----------- -----------
EXFO Electro-Optical Engineering Inc.
Interim Unaudited Consolidated Statements of Retained Earnings
and Contributed Surplus
(in thousands of US dollars)
Retained earnings
Years ended August 31,
-----------------------
2008 2007
----------- -----------
Balance - Beginning of year $ 42,275 $ -
Add (deduct)
Adjustment related to the implementation of new
accounting standards 55 -
Net earnings for the year 18,424 42,275
Premium on redemption of share capital (260) -
----------- -----------
Balance - End of year $ 60,494 $ 42,275
----------- -----------
----------- -----------
Contributed surplus
Years ended August 31,
-----------------------
2008 2007
----------- -----------
Balance - Beginning of year $ 4,453 $ 3,776
Add (deduct)
Stock-based compensation costs 1,287 973
Reclassification of stock-based compensation
costs to share capital upon exercise of
stock awards (514) (296)
----------- -----------
Balance - End of year $ 5,226 $ 4,453
----------- -----------
----------- -----------
EXFO Electro-Optical Engineering Inc.
Interim Unaudited Consolidated Statements of Cash Flows
(in thousands of US dollars)
Three Twelve Three Twelve
months months months months
ended ended ended ended
August 31, August 31, August 31, August 31,
2008 2008 2007 2007
----------- ----------- ----------- -----------
Cash flows from operating
activities
Net earnings for the
period $ 3,314 $ 18,424 $ 33,484 $ 42,275
Add (deduct) items not
affecting cash
Change in discount on
short-term investments (486) 1,035 (1,062) (404)
Stock-based compensation
costs 368 1,272 277 981
Amortization 2,649 8,163 1,500 5,847
Gain on disposal of
capital assets - - (17) (117)
Deferred revenue 482 47 135 1,299
Government grants - - (730) (752)
Future income taxes 2,213 8,770 (24,566) (24,566)
Extraordinary gain - (3,036) - -
----------- ----------- ----------- -----------
8,540 34,675 9,021 24,563
Change in non-cash
operating items
Accounts receivable (4,193) (4,338) 792 (5,468)
Income taxes and tax
credits (1,396) (12,833) (2,006) (3,403)
Inventories 712 (2,166) (2,824) (5,456)
Prepaid expenses 379 (127) 174 85
Accounts payable and
accrued liabilities 1,659 (1,416) 1,564 4,105
----------- ----------- ----------- -----------
5,701 13,795 6,721 14,426
----------- ----------- ----------- -----------
Cash flows from investing
activities
Additions to short-term
investments (72,800) (717,020) (80,267) (807,056)
Proceeds from disposal
and maturity of
short-term investments 73,939 760,310 75,073 793,435
Additions to capital
assets (1,452) (6,508) (2,011) (5,547)
Net proceeds from disposal
of capital assets - - 301 3,092
Business combinations,
net cash acquired (78) (41,016) - -
----------- ----------- ----------- -----------
(391) (4,234) (6,904) (16,076)
----------- ----------- ----------- -----------
Cash flows from
financing activities
Change in bank loan (1,485) - - -
Repayment of long-term debt - - (394) (472)
Redemption of share capital (4,675) (8,068) - -
Exercise of stock options - 61 229 802
----------- ----------- ----------- -----------
(6,160) (8,007) (165) 330
----------- ----------- ----------- -----------
Effect of foreign exchange
rate changes on cash (1,818) (1,181) (119) 8
----------- ----------- ----------- -----------
Change in cash (2,668) 373 (467) (1,312)
Cash - Beginning of period 8,582 5,541 6,008 6,853
----------- ----------- ----------- -----------
Cash - End of period $ 5,914 $ 5,914 $ 5,541 $ 5,541
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
SOURCE EXFO ELECTRO-OPTICAL ENGINEERING INC.
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