Highwave Optical Technologies

Highwave Optical Technologies Announces its Results for the First Semester of Fiscal Year 2005

Lannion, France, November 18 (ots/PRNewswire) - Highwave Optical Technologies (Nouveau Marché, HGWO), a leading European technology supplier of active fiber based components and subsystems for the telecommunication, industrial and defence markets announced today its results for the first semester of fiscal year 2005. Revenues Revenues for the first semester of fiscal year 2005, from April 1 2004 to September 30 2004, have amounted to EUR 2.2 million, which represents a 49% increase compared to the previous semester. Results for the period The activity for the first semester 2005 results in a net loss of EUR 5 million, to be compared to a net loss of EUR 14 million for the previous full fiscal year. This loss represents a net loss of (EUR 0,08) per share on a fully-diluted basis, to be compared to a net loss of (EUR 0.23) per share during the last full fiscal year. The company's general and overhead expenses have decreased by 29% on a full-year basis, from EUR 9.3 million for the whole fiscal year 2004 to EUR 3.3 million for the first semester 2005. Cash Position The company's cash position as of September 30 2004 amounts to EUR 2.4 million, to be compared with a cash position of EUR 2.9 million as of March 31 2004. Perspectives "The continuous improvement of our results since the turnaround process Highwave initiated in 2002 is based both on the reduction of the company's cost structure as well as the growth of the activity. One can expect those two objectives to be pursued going forward. On the one hand, we expect further cost reduction, especially on the real estate level, and our business model allows to increase our activity without incurring additional fixed costs. On the other hand, the new markets we are addressing, namely the laser and very high broadband access (100 Mb/s per subscriber) market, are just starting to pick up and will provide a significant and profitable market potential for our "double clad" technology. Our financial capacity available through the constant reduction of our cash burn, the disciplined management of our working capital requirements and the expected injection of additional cash subsequent to the acquisition of DA-LightCom should give us the means to implement our organic and external growth strategy for the next semesters.", François Leraillez, CEO, comments. About Highwave Optical Technologies Founded in 1998, Highwave Optical Technologies is the European leader in the development, production and marketing of optical components and DWDM (Dense Wavelength Division Multiplexing) subsystems for the telecommunications industry. (DWDM is an advanced technology that increases the capacity of telecom networks). The company is based in Lannion, France. Following an initial public offering in June 2000, shares in Highwave Optical Technologies are traded on Paris Euronext (HGWO). More information is available at: http://www.Highwave-tech.com. HIGHWAVE OPTICAL TECHNOLOGIES Balance sheet September 30, 2004. (In thousands of Euros) ----------------------------------------------------------- Asset 30/09/2004 31/03/2004 ----------------------------------------------------------- ----------------------------------------------------------- Intangible assets 1 629 2 298 Fixed assets 3 611 5 006 Long term investments 2 478 2 596 Total fixed assets 7 718 9 899 ----------------------------------------------------------- Inventories and work in progress 925 1 469 Prepaid expenses 0 Trade receivables 1 119 1 106 Others receivables 1 331 2 106 Marketable securities 289 289 Cash 2 191 2 783 Deferred charges 187 200 Current assets 6 043 7 954 Accrual asset accounts 38 18 Grand Total 13 799 17 871 ----------------------------------------------------------- ----------------------------------------------------------- ----------------------------------------------------------- Liabilities ----------------------------------------------------------- ----------------------------------------------------------- Paid-up capital stock 4 198 4 198 Additional paid-in capital 131 738 131 738 Legal Reserves 132 132 Deficit carried forward -123 320 -109 070 Net income (loss) -5 035 -14 250 Total shareholders' equity 7 712 12 747 ----------------------------------------------------------- Other equity 752 765 Reserves for contengencies and others 1 591 1 653 Money borrowed and related debts 128 126 Avances et acomptes reçus 0 Trade payables 1 908 1 046 Taxes and payroll costs 1 664 1 517 Other payables 22 Procees accounted for in advance 0 Conversion gains 22 18 Debt 6 087 5 124 Grand Total 13 799 17 871 ----------------------------------------------------------- ----------------------------------------------------------- Income Statement September 30, 2004. (In thousands of Euros) ------------------------------------------------------------------------- 30/09/2004 31/03/2004 (6 months) (12 months) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Net sales 2 243 3 245 Change in finished Product inventory -269 -1 634 Own-work capitalized 0 444 Operating grants 9 542 Reversals of amortization, depreciation and allowances, expense transfers 3 695 5 906 Other revenues 1 406 Total operating revenue 5 679 8 909 ------------------------------------------------------------------------- Raw materials and supplies 1 966 4 438 Other purchases and external charges 1 770 4 660 Taxes and related payments 247 173 Wages, salaries and payroll taxes 1 526 4 656 Charges to allowances for fixed assets 2 001 6 690 Depreciation and amortization expenses 3 313 357 Others operating expenses 46 114 Total operating expenses 10 869 21 089 ------------------------------------------------------------------------- OPERATING INCOME -5 190 -12 180 ------------------------------------------------------------------------- Fiscal results -8 -4 Current earnings before taxes -5 198 -12 183 ------------------------------------------------------------------------- Extraordinary income 163 -990 Tax 1 076 Net Income -5 035 -14 250 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Cash Flow Schedule (In thousands of Euros) -------------------------------------------------------- 30/09/2004 31/03/2004 (6 months) (12 months) -------------------------------------------------------- -------------------------------------------------------- Gross cash flow -3563 -8 893 Change in working capital 2629 748 -------------------------------------------------------- Net Cash used by operating activities -934 -8 145 -------------------------------------------------------- Net Cash used by investment 353 43 Net Cash provided by financing activities -12 347 -------------------------------------------------------- Effect of exchanges rate changes on cash and cash equivalent -593 -7 755 -------------------------------------------------------- -------------------------------------------------------- Cash at the beginning of the period 2946 10 701 Cash at the end of the period 2353 2 946 -------------------------------------------------------- ots Originaltext: Highwave Optical Technologies Im Internet recherchierbar: http://www.newsaktuell.ch Contact: François Leraillez, Président du Directoire, Highwave Optical Technologies, +33-2-96-04-20-00; Sylvain Boj, Directeur général, Highwave Optical Technologies, +33-2-96-04-20-00

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