EXFO announced financial results for the fourth quarter and fiscal year ended August 31, 2015. Q4 sales reached $56.6 million compared to $57.8 million in Q3 2015 and $59.7 million in Q4 2014.
Article continues below
Annual sales decreased 3.8% to $222.1 million in fiscal 2015 from $230.8 million in 2014, but were stable year-over-year on a constant currency basis.
Bookings totaled $54.9 million for a book-to-bill ratio of 0.97 in the fourth quarter of fiscal 2015 compared to $59.2 million in the third quarter of 2015 and $57.3 million in the fourth quarter of 2014.
Overall for fiscal 2015, bookings decreased 7.2% to $223.1 million for a book-to-bill ratio of 1.00 from $240.4 million in 2014.
Gross margin before depreciation and amortization attained 61.2% of sales in the fourth quarter of fiscal 2015 compared to 61.4% in the third quarter of 2015 and 63.0% in the fourth quarter of 2014.
In fiscal 2015, gross margin reached 61.7% of sales compared to 62.4% in 2014.
In the fourth quarter of fiscal 2015, IFRS net earnings amounted to $2.3 million, or $0.04 per diluted share, compared to net earnings of $0.6 million, or $0.01 per diluted, share in the third quarter of 2015 and $1.2 million, or $0.02 per diluted share, in the fourth quarter of 2014.
IFRS net earnings in the fourth quarter of 2015 included $1.3 million in after-tax restructuring charges, $0.3 million in after-tax amortization of intangible assets, $0.1 million in stock-based compensation costs and a foreign exchange gain of $2.4 million.
In fiscal 2015, IFRS net earnings totaled $5.3 million, or $0.09 per diluted share, compared to $0.8 million, or $0.01 per diluted share, in 2014. IFRS net earnings in 2015 included, $2.7 million in after-tax amortization of intangible assets, $1.3 million in after-tax restructuring charges, $1.3 million in stock-based compensation costs and a foreign exchange gain of $7.2 million.
Adjusted EBITDA totaled $5.0 million, or 8.8% of sales, in the fourth quarter of fiscal 2015 compared to $4.5 million, or 7.7% of sales, in the third quarter of 2015 and $5.8 million, or 9.6% of sales, in the fourth quarter of 2014.
Adjusted EBITDA amounted to $13.8 million, or 6.2% of sales, in fiscal 2015 compared to $14.4 million, or 6.2% of sales, in 2014.
Cash and short-term investments decreased to $27.4 million at the end of fiscal 2015 from $59.8 million at the end of 2014 largely due to EXFO’s substantial issuer bid (SIB) and normal course issuer bid (NCIB) share repurchase plans totaling $25.5 million. ■