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
      -----------------------------------------------------------
      -----------------------------------------------------------

@@start.t1@@                                  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
      -------------------------------------------------------------------------
      -------------------------------------------------------------------------@@end@@

                                                 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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