EXFO Reports Fourth Quarter and Fiscal 2019 Results
Oct 09, 2019
Fiscal 2019
- Sales increased 6.4% to
US$286.9 million - Bookings improved 11.2% to
US$297.8 million - IFRS net loss reduced by 79.8% to
US$2.5 million - Adjusted EBITDA surged 48.8% to
US$25.6 million
Q4 2019
- Sales reached
US$70.2 million , up 1.4% year-over-year - Bookings attained
US$70.9 million , up 12.3% year-over-year - IFRS net loss totaled
US$0.2 million - Adjusted EBITDA amounted to
US$6.2 million
QUEBEC CITY,
"I am pleased
"Based on sound operational discipline, we completed our restructuring plan, bolstered efficiency and maintained our proven innovation capabilities. Overall, I am confident we have assembled the key building blocks to generate long-term growth supported by a highly differentiated offering for fiber, 5G mobility and network virtualization."
Fiscal 2019 Highlights
- Sales growth. Total sales increased 6.4% to
US$286.9 million in fiscal 2019. Service Assurance, Systems and Services (SASS) sales improved 16.2% largely due to a full-year contribution from the Astellia acquisition and multi-million-dollar contract win forEXFO 's network topology and automation solution. Test and Measurement (T&M) sales were up 3.7% year-over-year. Annual sales inEurope ,Middle East andAfrica (EMEA),Americas , andAsia-Pacific regions increased 9.5%, 6.3% and 1.6%, respectively, in 2019.EXFO 's largest customer accounted for 6.9% of sales in 2019, while the company's top-three customers represented 18.1%. - Bookings growth. Total bookings increased $11.2% year-over-year to
US$297.8 million in 2019 for a book-to-bill ratio of 1.04. SASS bookings grew 21.0% due in part to four monitoring orders related to 5G deployments, while T&M bookings improved 8.4% year‑over-year. - Profitability. IFRS net loss was reduced by 79.8% to
US$2.5 million in fiscal 2019 fromUS$12.3 million in 2018. Adjusted EBITDA, which surpassed the company's annual profitability target, surged 48.8% toUS$25.6 million in 2019 fromUS$17.2 million in 2018. Cash flows from operations improved 20.0% toUS$17.2 million in 2019 fromUS$14.4 million in 2018. - Innovation.
EXFO released several game-changing solutions in fiscal 2019 to accelerate its customers' network transformations. The company introduced the industry's first optical fiber multimeter, creating a new testing category that greatly simplifies, accelerates and automates the task of frontline technicians while maximizing quality of fiber links.EXFO expanded its 400G test leadership with a new module featuring an Open Transceiver System that enables compatibility between current and future high-speed transceivers withEXFO 's field and lab test platforms.EXFO released an automated fiber inspection tool for testing polarity, continuity and connector cleanliness on multifiber cables.
Business Outlook
IFRS net loss is expected to range between
This guidance, which is a forward-looking statement, was established by management based on existing backlog as of the date of this news release, seasonality, expected bookings for the quarter, as well as exchange rates as of the day of this news release.
For fiscal 2020,
This adjusted EBITDA target is a forward-looking statement. In addition, as it excludes items that pertain to future events that are not currently estimable with a reasonable degree of accuracy, such as foreign exchange gain or loss and income taxes, no corresponding IFRS measure has been provided.
Selected Financial Information |
|||||||||||
(In thousands of US dollars) |
|||||||||||
Q4 2019 |
Q4 2018 |
FY 2019 |
FY 2018 |
||||||||
T&M sales |
$ |
50,162 |
$ |
47,489 |
$ |
204,693 |
$ |
197,423 |
|||
SASS sales |
20,202 |
21,649 |
82,788 |
71,248 |
|||||||
Foreign exchange gains (losses) on forward exchange contracts |
(189) |
78 |
(591) |
875 |
|||||||
Total sales |
$ |
70,175 |
$ |
69,216 |
$ |
286,890 |
$ |
269,546 |
|||
T&M bookings |
$ |
50,378 |
$ |
41,485 |
$ |
210,055 |
$ |
193,836 |
|||
SASS bookings |
20,723 |
21,575 |
88,341 |
72,982 |
|||||||
Foreign exchange gains (losses) on forward exchange contracts |
(189) |
78 |
(591) |
875 |
|||||||
Total bookings |
$ |
70,911 |
$ |
63,138 |
$ |
297,805 |
$ |
267,693 |
|||
Book-to-bill ratio (bookings/sales) |
1.01 |
0.91 |
1.04 |
0.99 |
|||||||
Gross margin before depreciation and amortization* |
$ |
39,915 |
$ |
41,790 |
$ |
168,213 |
$ |
164,542 |
|||
56.9% |
60.4% |
58.6% |
61.0% |
||||||||
Other selected information: |
|||||||||||
IFRS net loss attributable to the parent interest1 |
$ |
(227) |
$ |
(3,951) |
$ |
(2,480) |
$ |
(11,902) |
|||
Amortization of intangible assets |
$ |
1,870 |
$ |
1,942 |
$ |
9,012 |
$ |
10,327 |
|||
Stock-based compensation costs |
$ |
477 |
$ |
468 |
$ |
1,831 |
$ |
1,748 |
|||
Restructuring charges |
$ |
– |
$ |
4,559 |
$ |
3,305 |
$ |
4,559 |
|||
Change in fair value of cash contingent consideration |
$ |
– |
$ |
46 |
$ |
– |
$ |
(670) |
|||
Acquisition-related deferred revenue fair value adjustment |
$ |
– |
$ |
873 |
$ |
1,435 |
$ |
2,095 |
|||
Gain on disposal of capital assets |
$ |
– |
$ |
– |
$ |
(1,732) |
$ |
– |
|||
Deferred income tax recovery |
$ |
– |
$ |
– |
$ |
(2,383) |
$ |
– |
|||
Foreign exchange (gain) loss |
$ |
894 |
$ |
77 |
$ |
949 |
$ |
(1,309) |
|||
Income tax effect of the above items |
$ |
(281) |
$ |
(1,329) |
$ |
(1,396) |
$ |
(2,033) |
|||
Adjusted EBITDA* |
$ |
6,213 |
$ |
6,098 |
$ |
25,585 |
$ |
17,198 |
1 Represents net loss excluding share of the net loss attributable to Astellia's minority shareholders. |
Quarterly and Annual Overview
Sales in the fourth quarter of fiscal 2019 reached
Bookings totaled
Gross margin before depreciation and amortization* attained 56.9% of sales in the fourth quarter of fiscal 2019 compared 60.4% in the fourth quarter of 2018. In fiscal 2019, gross margin before depreciation and amortization reached 58.6% of sales compared to 61.0% in 2018.
Selling and administrative expenses totaled
Net R&D expenses amounted to
In the fourth quarter of fiscal 2019, IFRS net loss amounted to
In fiscal 2019, IFRS net loss attributable to the parent interest totaled
Adjusted EBITDA* amounted to
Conference Call and Webcast
About
Forward-Looking Statements
This news 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 statements that refer to expectations, projections or other characterizations of future events and circumstances are considered forward-looking statements. They are not guarantee 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, including trade wars; our ability to successfully integrate businesses that we acquire; capital spending and network deployment levels in the telecommunications industry (including our ability to quickly adapt cost structures to 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, service assurance and analytics solutions markets and increased competition among vendors; capacity to adapt our future product offering to future technological changes; limited visibility with regard to the timing and nature of customer orders; delay in revenue recognition due to longer sales cycles for complex systems involving customers' acceptance; 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 and to conduct business internationally; 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
*Non-IFRS Measures
These non-IFRS measures eliminate the effect on IFRS results of non-cash statement of earnings elements, restructuring charges, as well as elements subject to significant volatility such as foreign exchange gain or loss.
Finally, these measures help
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.
The following table summarizes the reconciliation of adjusted EBITDA to IFRS net loss attributable to the parent interest, in thousands of US dollars:
Adjusted EBITDA |
|||||||||||
Q4 2019 |
Q4 2018 |
FY 2019 |
FY 2018 |
||||||||
IFRS net loss attributable to the parent interest |
$ |
(227) |
$ |
(3,951) |
$ |
(2,480) |
$ |
(11,902) |
|||
Add (deduct): |
|||||||||||
Depreciation of property, plant and equipment |
1,282 |
1,472 |
5,469 |
5,444 |
|||||||
Amortization of intangible assets |
1,870 |
1,942 |
9,012 |
10,327 |
|||||||
Interest and other expenses |
1,157 |
508 |
718 |
1,378 |
|||||||
Income taxes |
760 |
254 |
5,346 |
5,678 |
|||||||
Stock-based compensation costs |
477 |
468 |
1,831 |
1,748 |
|||||||
Restructuring charges |
– |
4,409 |
3,305 |
4,409 |
|||||||
Change in fair value of cash contingent consideration |
– |
46 |
– |
(670) |
|||||||
Acquisition-related deferred revenue fair value adjustment |
– |
873 |
1,435 |
2,095 |
|||||||
Foreign exchange (gain) loss |
894 |
77 |
949 |
(1,309) |
|||||||
Adjusted EBITDA for the period |
$ |
6,213 |
$ |
6,098 |
$ |
25,585 |
$ |
17,198 |
|||
Adjusted EBITDA in percentage of sales |
8.9% |
8.8% |
8.9% |
6.4% |
EXFO Inc. |
||||||
Condensed Unaudited Interim Consolidated Balance Sheets |
||||||
(in thousands of US dollars) |
||||||
As at August 31, |
||||||
2019 |
2018 |
|||||
Assets |
||||||
Current assets |
||||||
Cash |
$ |
16,518 |
$ |
12,758 |
||
Short-term investments |
2,918 |
2,282 |
||||
Accounts receivable |
||||||
Trade |
51,517 |
47,273 |
||||
Other |
3,396 |
4,137 |
||||
Income taxes and tax credits recoverable |
3,159 |
4,790 |
||||
Inventories |
38,017 |
38,589 |
||||
Prepaid expenses |
6,510 |
5,291 |
||||
Other assets |
3,083 |
2,279 |
||||
125,118 |
117,399 |
|||||
Tax credits recoverable |
46,704 |
47,677 |
||||
Property, plant and equipment |
39,364 |
44,310 |
||||
Intangible assets |
21,654 |
29,866 |
||||
Goodwill |
38,648 |
39,892 |
||||
Deferred income tax assets |
4,821 |
4,714 |
||||
Other assets |
1,293 |
686 |
||||
$ |
277,602 |
$ |
284,544 |
|||
Liabilities |
||||||
Current liabilities |
||||||
Bank loan |
$ |
5,000 |
$ |
10,692 |
||
Accounts payable and accrued liabilities |
50,790 |
47,898 |
||||
Provisions |
1,065 |
2,954 |
||||
Income taxes payable |
704 |
873 |
||||
Deferred revenue |
24,422 |
16,556 |
||||
Other liabilities |
1,606 |
3,197 |
||||
Current portion of long-term debt |
2,449 |
2,921 |
||||
86,036 |
85,091 |
|||||
Provisions |
2,737 |
2,347 |
||||
Deferred revenue |
9,056 |
6,947 |
||||
Long-term debt |
3,293 |
5,907 |
||||
Deferred income tax liabilities |
3,598 |
5,910 |
||||
Other liabilities |
318 |
421 |
||||
105,038 |
106,623 |
|||||
Shareholders' equity |
||||||
Share capital |
92,706 |
91,937 |
||||
Contributed surplus |
19,196 |
18,428 |
||||
Retained earnings |
112,173 |
114,906 |
||||
Accumulated other comprehensive loss |
(51,511) |
(47,350) |
||||
172,564 |
177,921 |
|||||
$ |
277,602 |
$ |
284,544 |
EXFO Inc. |
||||||||||||
Condensed Unaudited Interim Consolidated Statements of Earnings |
||||||||||||
(in thousands of US dollars, except share and per share data) |
||||||||||||
Three months ended August 31, 2019 |
Twelve months ended August 31, 2019 |
Three months ended August 31, 2018 |
Twelve months ended August 31, 2018 |
|||||||||
Sales |
$ |
70,175 |
$ |
286,890 |
$ |
69,216 |
$ |
269,546 |
||||
Cost of sales (1,2) |
30,260 |
118,677 |
27,426 |
105,004 |
||||||||
Selling and administrative (2) |
23,036 |
98,646 |
24,728 |
98,794 |
||||||||
Net research and development (2) |
11,143 |
50,553 |
16,714 |
57,154 |
||||||||
Depreciation of property, plant and equipment |
1,282 |
5,469 |
1,472 |
5,444 |
||||||||
Amortization of intangible assets |
1,870 |
9,012 |
1,942 |
10,327 |
||||||||
Change in fair value of cash contingent consideration |
‒ |
‒ |
46 |
(670) |
||||||||
Interest and other expense |
1,157 |
718 |
508 |
1,378 |
||||||||
Foreign exchange (gain) loss |
894 |
949 |
77 |
(1,309) |
||||||||
Share in net loss of an associate |
‒ |
‒ |
‒ |
2,080 |
||||||||
Gain on deemed disposal of the investment in an associate |
‒ |
‒ |
‒ |
(2,080) |
||||||||
Earnings (loss) before income taxes |
533 |
2,866 |
(3,697) |
(6,576) |
||||||||
Income taxes |
760 |
5,346 |
254 |
5,678 |
||||||||
Net loss for the period |
$ |
(227) |
$ |
(2,480) |
$ |
(3,951) |
$ |
(12,254) |
||||
Net loss for the period attributable to non-controlling interest |
$ |
‒ |
$ |
‒ |
$ |
‒ |
$ |
(352) |
||||
Net loss for the period attributable to parent interest |
$ |
(227) |
$ |
(2,480) |
$ |
(3,951) |
$ |
(11,902) |
||||
Basic and diluted net loss attributable to parent interest per share |
$ |
(0.00) |
$ |
(0.04) |
$ |
(0.07) |
$ |
(0.22) |
||||
Basic and diluted weighted average number of shares outstanding (000's) |
55,379 |
55,325 |
55,112 |
54,998 |
||||||||
(1) The cost of sales is exclusive of depreciation and amortization, shown separately. |
||||||||||||
(2) Restructuring charges included in: |
||||||||||||
Cost of sales |
$ |
‒ |
$ |
304 |
$ |
517 |
$ |
517 |
||||
Selling and administrative |
‒ |
495 |
673 |
673 |
||||||||
Net research and development |
‒ |
2,506 |
3,219 |
3,219 |
||||||||
Interest and other expense |
‒ |
‒ |
150 |
150 |
||||||||
Income taxes |
‒ |
(63) |
(1,150) |
(1,150) |
||||||||
$ |
‒ |
$ |
3,242 |
$ |
3,409 |
$ |
3,409 |
EXFO Inc. |
||||||||||||
Condensed Unaudited Interim Consolidated Statements of Comprehensive Income (Loss) |
||||||||||||
(in thousands of US dollars) |
||||||||||||
Three months ended August 31, 2019 |
Twelve months ended August 31, 2019 |
Three months ended August 31, 2018 |
Twelve months ended August 31, 2018 |
|||||||||
Net loss for the period |
$ |
(227) |
$ |
(2,480) |
$ |
(3,951) |
$ |
(12,254) |
||||
Other comprehensive income (loss), net of income taxes |
||||||||||||
Items that may be reclassified subsequently to net earnings |
||||||||||||
Foreign currency translation adjustment |
1,983 |
(4,177) |
(1,458) |
(6,491) |
||||||||
Unrealized gains/losses on forward exchange contracts |
442 |
(795) |
(505) |
(1,476) |
||||||||
Reclassification of realized gains/losses on forward exchange contracts in net earnings |
534 |
744 |
(132) |
(972) |
||||||||
Deferred income tax effect of gains/losses on forward exchange contracts |
(289) |
67 |
136 |
554 |
||||||||
Other comprehensive income (loss) |
2,670 |
(4,161) |
(1,959) |
(8,385) |
||||||||
Comprehensive income (loss) for the period |
2,443 |
(6,641) |
(5,910) |
(20,639) |
||||||||
Comprehensive loss for the period attributable to non-controlling interest |
‒ |
‒ |
‒ |
(352) |
||||||||
Comprehensive income (loss) for the period attributable to parent interest |
$ |
2,443 |
$ |
(6,641) |
$ |
(5,910) |
$ |
(20,287) |
EXFO Inc. |
||||||||||||||||||||
Condensed Unaudited Interim Consolidated Statements of Changes in Shareholders' Equity |
||||||||||||||||||||
(in thousands of US dollars) |
||||||||||||||||||||
Year ended August 31, 2018 |
||||||||||||||||||||
Share |
Contributed |
Retained |
Accumulated |
Non- |
Total |
|||||||||||||||
Balance as at September 1, 2017 |
$ |
90,411 |
$ |
18,184 |
$ |
127,160 |
$ |
(38,965) |
$ |
– |
$ |
196,790 |
||||||||
Reclassification of stock-based compensation costs |
1,526 |
(1,526) |
– |
– |
– |
– |
||||||||||||||
Stock-based compensation costs |
– |
1,770 |
– |
– |
– |
1,770 |
||||||||||||||
Business combination |
– |
– |
– |
– |
(3,662) |
(3,662) |
||||||||||||||
Acquisition of non-controlling interest on acquisition of subsidiary |
– |
– |
(352) |
– |
4,014 |
3,662 |
||||||||||||||
Net loss for the year |
– |
– |
(11,902) |
– |
(352) |
(12,254) |
||||||||||||||
Other comprehensive loss |
||||||||||||||||||||
Foreign currency translation adjustment |
– |
– |
– |
(6,491) |
– |
(6,491) |
||||||||||||||
Changes in unrealized gains/losses on forward exchange contracts, net of deferred income taxes of $554 |
– |
– |
– |
(1,894) |
– |
(1,894) |
||||||||||||||
Total comprehensive loss for the year |
(20,639) |
|||||||||||||||||||
Balance as at August 31, 2018 |
$ |
91,937 |
$ |
18,428 |
$ |
114,906 |
$ |
(47,350) |
$ |
– |
$ |
177,921 |
||||||||
Year ended August 31, 2019 |
||||||||||||||||||||
Share |
Contributed |
Retained |
Accumulated |
Total |
||||||||||||||||
Balance as at August 31, 2018 |
$ |
91,937 |
$ |
18,428 |
$ |
114,906 |
$ |
(47,350) |
$ |
177,921 |
||||||||||
Adoption of IFRS 9 |
– |
– |
(253) |
– |
(253) |
|||||||||||||||
Adjusted balance as at September 1, 2018 |
91,937 |
18,428 |
114,653 |
(47,350) |
177,668 |
|||||||||||||||
Reclassification of stock-based compensation costs |
1,106 |
(1,106) |
– |
– |
– |
|||||||||||||||
Redemption of share capital |
(337) |
25 |
– |
– |
(312) |
|||||||||||||||
Stock-based compensation costs |
– |
1,849 |
– |
– |
1,849 |
|||||||||||||||
Net loss for the year |
– |
– |
(2,480) |
– |
(2,480) |
|||||||||||||||
Other comprehensive income (loss) |
||||||||||||||||||||
Foreign currency translation adjustment |
– |
– |
– |
(4,177) |
(4,177) |
|||||||||||||||
Changes in unrealized gains/losses on forward exchange contracts, net of deferred income taxes of $67 |
– |
– |
– |
16 |
16 |
|||||||||||||||
Total comprehensive loss for the year |
(6,641) |
|||||||||||||||||||
Balance as at August 31, 2019 |
$ |
92,706 |
$ |
19,196 |
$ |
112,173 |
$ |
(51,511) |
$ |
172,564 |
EXFO Inc. |
||||||||||||
Condensed Unaudited Interim Consolidated Statements of Cash Flows |
||||||||||||
(in thousands of US dollars) |
||||||||||||
Three months ended August 31, 2019 |
Twelve months ended August 31, 2019 |
Three months ended August 31, 2018 |
Twelve months ended August 31, 2018 |
|||||||||
Cash flows from operating activities |
||||||||||||
Net loss for the period |
$ |
(227) |
$ |
(2,480) |
$ |
(3,951) |
$ |
(12,254) |
||||
Add (deduct) items not affecting cash |
||||||||||||
Stock-based compensation costs |
477 |
1,831 |
468 |
1,748 |
||||||||
Depreciation and amortization |
3,152 |
14,481 |
3,414 |
15,771 |
||||||||
Gain on disposal of capital assets |
– |
(1,732) |
– |
– |
||||||||
Write-off of capital assets |
1,125 |
1,386 |
267 |
592 |
||||||||
Change in fair value of cash contingent consideration |
– |
– |
46 |
(670) |
||||||||
Deferred revenue |
(1,142) |
10,477 |
316 |
1,998 |
||||||||
Deferred income taxes |
192 |
(2,103) |
(1,165) |
1,368 |
||||||||
Share in net loss of an associate |
– |
– |
– |
2,080 |
||||||||
Gain on deemed disposal of the investment in an associate |
– |
– |
– |
(2,080) |
||||||||
Changes in foreign exchange gain/loss |
264 |
(46) |
58 |
(181) |
||||||||
3,841 |
21,814 |
(547) |
8,372 |
|||||||||
Changes in non-cash operating items |
||||||||||||
Accounts receivable |
2,252 |
(4,786) |
(418) |
7,275 |
||||||||
Income taxes and tax credits |
(93) |
1,536 |
2,873 |
86 |
||||||||
Inventories |
534 |
(134) |
(1,008) |
(1,020) |
||||||||
Prepaid expenses |
(927) |
(1,307) |
(148) |
57 |
||||||||
Other assets |
(456) |
(1,459) |
(542) |
(1,311) |
||||||||
Accounts payable, accrued liabilities and provisions |
1,171 |
3,184 |
1,028 |
1,033 |
||||||||
Other liabilities |
(79) |
(1,606) |
(223) |
(122) |
||||||||
6,243 |
17,242 |
1,015 |
14,370 |
|||||||||
Cash flows from investing activities |
||||||||||||
Additions to short-term investments |
(1,301) |
(1,879) |
(1,068) |
(1,550) |
||||||||
Proceeds from disposal and maturity of short-term investments |
– |
1,168 |
– |
234 |
||||||||
Purchases of capital assets |
(1,180) |
(7,498) |
(2,772) |
(10,452) |
||||||||
Proceeds from disposal of capital assets |
– |
3,318 |
– |
– |
||||||||
Investment in an associate |
– |
– |
– |
(12,530) |
||||||||
Business combinations, net of cash acquired |
– |
– |
(480) |
(19,600) |
||||||||
(2,481) |
(4,891) |
(4,320) |
(43,898) |
|||||||||
Cash flows from financing activities |
||||||||||||
Bank loan |
(143) |
(5,195) |
(189) |
11,061 |
||||||||
Repayment of long-term debt |
(652) |
(2,817) |
(661) |
(1,688) |
||||||||
Redemption of share capital |
(207) |
(312) |
– |
– |
||||||||
Other liabilities |
– |
– |
(1,449) |
(1,449) |
||||||||
Acquisition of non-controlling interest |
– |
– |
– |
(3,657) |
||||||||
(1,002) |
(8,324) |
(2,299) |
4,267 |
|||||||||
Effect of foreign exchange rate changes on cash |
135 |
(267) |
(127) |
(416) |
||||||||
Change in cash |
2,895 |
3,760 |
(5,731) |
(25,677) |
||||||||
Cash – Beginning of the period |
13,623 |
12,758 |
18,489 |
38,435 |
||||||||
Cash – End of the period |
$ |
16,518 |
$ |
16,518 |
$ |
12,758 |
$ |
12,758 |
EXFO-F
View original content:http://www.prnewswire.com/news-releases/exfo-reports-fourth-quarter-and-fiscal-2019-results-300934983.html
SOURCE
Vance Oliver, Director, Investor Relations, (418) 683-0913, Ext. 23733, vance.oliver@exfo.com