EXFO Reports Best Ever Sales, Net Income

QUEBEC CITY, Canada, July 13 -- EXFO Electro-Optical Engineering Inc., a manufacturer of fiber optic test instruments for R&D, manufacturing, and network installation and maintenance based in Vanier, Quebec, reported record sales and net income for the third quarter ended May 31.
This year's third quarter sales totaled $19.4 million (US), an 11 percent increase from second quarter sales of $17.4 million, and a 78 percent increase from sales of $10.9 million in the third quarter of last year. Net income for the three months ended May 31 of this year was $2.75 million, or $0.07 per share, a 69 percent increase from $1.62 million, or $0.04 per share, in the same 1999 period, and a 14 percent increase from this year's second quarter net income of $2.41 million, or $0.06 per share.
We are pleased to announce that this quarter marks another period of records for sales and net income for EXFO, said Germain Lamonde, chairman, president, and CEO of EXFO. As we enter our life as a public company, we will strive to increase shareholder value by focusing our development activities on dense wavelength division multiplexing test and measurement solutions, by increasing our production capacity to meet customer demand, and by pursuing strategic opportunities that complement our product offering.