Tuesday, EXFO Electro-Optical Engineering Inc. (EXFO), a test and service assurance solutions provider for telecommunications industry, reported a decrease in profit for the second quarter ended February 28, 2009.
EXFO's net earnings in the second quarter was $2.7 million or $0.04 per share, compared to $4.0 million or $0.06 per share in the same period last year.
Seven Analysts polled by Thomson Reuters expected the company to report profit of $0.05 per share for the quarter.
Net earnings in the second quarter included $1.0 million in after-tax amortization of intangible assets and $0.3 million in stock-based compensation costs.
Gross margin reached 60.4% of sales in the second quarter, compared to 58.3% in the previous year quarter.
Sales for the second quarter increased 7.1% to $46.4 million from $43.3 million in the previous year quarter. Net bookings improved 6.3% to $47.3 million for a book-to-bill ratio of 1.02 in the second quarter of fiscal 2009 from $44.5 million in the same period last year.
During the second quarter, EXFO closed the acquisition of Sweden-based PicoSolve Inc., a supplier of ultra-high-speed optical sampling oscilloscopes capable of characterizing transmission networks up to 500 Gbit/s.
The company expects sales between $45 million and $50 million and net earnings between $0.01 per share and $0.05 per share for the third quarter of 2009. Net earnings include $0.02 per share in after-tax amortization of intangible assets and stock-based compensation costs.
EXFO closed on Tuesday at $3.36, down $0.02 or 0.59%, on a volume of 28,736 thousand shares on the Nasdaq.
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