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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

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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