ADVA Optical Networking Posts 7% Sequential Revenue Growth in the Second Quarter 2003 and Solid Profitability.

Publication: Business Wire

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COPYRIGHT 2003 Business Wire

Business Editors/High-Tech Writers

MARTINSRIED/MUNICH, Germany & MAHWAH, N.J.--(BUSINESS WIRE)--July 31, 2003

ADVA Optical Networking (FSE: ADV)

Second quarter 2003 financial results highlighted by revenue growth to EUR 22.7 million, 9.7% pro forma operating income margin, and 8.7% pro forma net income margin

ADVA Optical Networking (FSE: ADV), a leading global provider of optical networking solutions, today announced second quarter and six-month 2003 reviewed financial results for the period ended June 30, 2003, and prepared in accordance with U.S. General Accepted Accounting Principles (U.S. GAAP).

SECOND QUARTER 2003 FINANCIAL RESULTS

Revenues in the second quarter 2003 totalled EUR 22.7 million, a sequential increase of 6.7% compared to revenues of EUR 21.3 million in the first quarter 2003, and a year-over-year increase of 1.9% compared to revenues of EUR 22.3 million in the second quarter 2002. Excluding amortization of intangible assets and non-cash charges related to the stock option programs, pro forma operating income increased to EUR 2.2 million in the second quarter 2003, compared to EUR 0.2 million in the second quarter 2002. Pro forma net income from continuing operations increased to EUR 2.0 million in the second quarter 2003, compared to a pro forma net loss from continuing operations of EUR 0.2 million in the second quarter 2002.

Actual net income increased to EUR 0.6 million in the second quarter 2003, compared to an actual net loss of EUR...

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