Financial Data
SUMMARY CONSOLIDATED FINANCIAL DATA
You should read the following summary consolidated financial data in
conjunction with the section entitled "Management's Discussion and Analysis of
Financial Condition and Results of Operations" and our consolidated financial
statements and the related notes included elsewhere in this prospectus.
The consolidated statements of earnings data for each of the three years
ended August 31, 1997, 1998 and 1999 and the consolidated balance sheets data as
at August 31, 1998 and 1999 are derived from our consolidated financial
statements that have been audited by PricewaterhouseCoopers LLP, independent
auditors, that are included elsewhere in this prospectus. The consolidated
statements of earnings data for the six months ended February 28, 1999 and
February 29, 2000 and the consolidated balance sheet data as of February 29,
2000 have been derived from our unaudited consolidated financial statements
included elsewhere in this prospectus. These unaudited financial statements
include, in the opinion of our management, all adjustments, consisting only of
normally recurring adjustments, necessary to present fairly this unaudited
financial information. The "Pro Forma As Adjusted" numbers in the table below
reflect the issuance of 485,537 Class "F" shares to employees under outstanding
subscription agreements, the share capital reorganization described under
"Description of Share Capital", which will be effected prior to the closing of
this offering, the declaration of a $17.6 million dividend, the sale of
6,000,000 subordinate voting shares offered by EXFO at an assumed initial public
offering price of $21.00 per share and the application of the estimated net
proceeds from this offering. See "Use of Proceeds."
YEARS ENDED AUGUST 31, SIX MONTHS ENDED
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FEBRUARY 28, FEBRUARY 29,
1997 1998 1999 1999 2000
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(IN THOUSANDS, EXCEPT PER SHARE DATA)
CONSOLIDATED STATEMENTS OF EARNINGS DATA:
AMOUNTS UNDER CANADIAN GAAP
Sales.............................. $24,475 $31,605 $42,166 $18,728 $29,111
Cost of sales...................... 9,652 11,345 14,998 7,021 9,609
------- ------- ------- ------- -------
Gross margin....................... 14,823 20,260 27,168 11,707 19,502
Operating expenses
Selling and administrative....... 7,827 9,898 13,279 5,964 9,938
Net research and development..... 1,592 3,014 4,315 1,791 3,221
Amortization of capital
and other assets............... 479 657 898 422 611
------- ------- ------- ------- -------
Earnings from operations........... 4,925 6,691 8,676 3,530 5,732
Interest expense (income) -- net... 89 (40) (136) (46) (25)
Foreign exchange loss (gain)....... 184 (126) 506 398 116
------- ------- ------- ------- -------
Earnings before income taxes
and amortization of goodwill..... 4,652 6,857 8,306 3,178 5,641
Income taxes....................... 1,582 2,356 2,492 958 1,887
------- ------- ------- ------- -------
Earnings before amortization
of goodwill...................... 3,070 4,501 5,814 2,220 3,754
Amortization of goodwill........... -- -- -- -- 42
------- ------- ------- ------- -------
Net earnings for the period........ $ 3,070 $ 4,501 $ 5,814 $ 2,220 $ 3,712
======= ======= ======= ======= =======
Basic and fully diluted
net earnings per share........... $ 0.08 $ 0.12 $ 0.14 $ 0.05 $ 0.10
Basic weighted average number
of shares used in per share
calculations..................... 38,000 38,000 38,001 38,000 38,425
AMOUNTS UNDER U.S. GAAP
Net earnings for the period........ $ 3,356 $ 4,538 $ 5,901 $ 2,245 $ 3,526
Basic and diluted
net earnings per share........... $ 0.09 $ 0.12 $ 0.15 $ 0.05 $ 0.09
Basic weighted average number
of shares used in per share
calculations..................... 38,000 38,000 38,001 38,000 38,425
AS AT
FEBRUARY 29, 2000
----------------------
PRO FORMA AS
ACTUAL ADJUSTED
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(IN THOUSANDS)
CONSOLIDATED BALANCE SHEETS DATA:
AMOUNTS UNDER CANADIAN GAAP
Cash and cash equivalents.................... $ 539 $ 89,494
Working capital.............................. 13,578 109,133
Total assets................................. 37,072 129,427
Long-term debt (excluding current portion)... 283 283
Shareholders' equity......................... 19,048 118,003 |
