EXFO Reports Strong Year-End Financial Results

QUEBEC, Oct. 10 -- EXFO Electro-Optical Engineering Inc. announced strong financial results for the fiscal year ending August 31, 2001.

Sales increased 104% to US$146.0 million in fiscal 2001 from US$71.6 million in 2000. Net earnings jumped 139% to US$24.5 million, or $0.46 per share, for fiscal 2001 from US$10.3 million, or $0.26 per share, for 2000.

In the fourth quarter of 2001, sales increased 53% to US$35.4 million from US$23.1 million for the same period in 2000. Net earnings decreased 11% to US$3.2 million, or $0.06 per share, for the fourth quarter of 2001 from US$3.6 million, or $0.08 per share, for the same period in 2000.

“We view the more challenging business environment as an opportunity to distance ourselves from our competitors and gain market share," said Germain Lamonde, chairman, president and CEO.
About 45% of EXFO’s sales in fiscal 2001 originated from products on the market for less than two years.