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EXFO reported third-quarter results for the period ending May 31, 2021, with sales rising 9.8% year-over-year to US$72.6 million and bookings up 47.2% to US$87.0 million, resulting in a book-to-bill ratio of 1.20. However, the company posted an IFRS net loss of US$3.7 million, or -US$0.07 per share, compared to a profit of US$3.2 million in Q3 2020. Adjusted EBITDA decreased to US$4.3 million, or 5.9% of sales. The upcoming proxy circular will detail a board-approved going-private transaction.
EXFO Inc. (NASDAQ: EXFO) will release its third quarter financial results for fiscal 2021 on July 14, 2021, after market close. Due to an initiated going-private transaction, there will be no accompanying conference call. The company specializes in test, monitoring, and analytics solutions for network operators and equipment manufacturers, focusing on improving network performance and service reliability.
Viavi Solutions Inc. announced its disappointment over the rejection of its acquisition proposal for EXFO Inc. at $7.50 per share in cash. The company believes that its offer represents compelling value for EXFO shareholders and remains open to further discussions with EXFO's leadership. Viavi emphasizes the strategic merits of this transaction and is prepared to engage to reach an agreement, highlighting the importance of the deal for all stakeholders involved.
EXFO Inc. clarifies its position regarding an unsolicited non-binding proposal from Viavi Solutions, indicating that the Controlling Shareholder, Germain Lamonde, who holds 61.46% of shares, has rejected the proposal and will not consider any alternatives. As a result, EXFO's Board of Directors, acting on the unanimous recommendation of the Special Committee, concluded that pursuing the proposal is not feasible. A management proxy circular will be sent to shareholders prior to a special meeting scheduled for July 30, 2021, detailing the situation further.
EXFO Inc. has partnered with Hyperoptic to enhance the quality and efficiency of its fibre optic network expansion across the UK. Announced on June 17, 2021, this collaboration utilizes EXFO's advanced cloud-based Nova Fiber solution to ensure networks are built correctly from the outset, reducing costly rework. Hyperoptic aims to deliver gigabit-capable broadband with speeds over 900Mbps, significantly faster than the national average. This alliance underscores EXFO's commitment to providing market-leading testing solutions in the communications sector.
On June 16, 2021, Germain Lamonde, controlling shareholder of EXFO, rejected an unsolicited acquisition proposal from Viavi, marking the third such offer. Previous bids of US$4.75 and US$5.25 were also declined. Lamonde emphasized his commitment to EXFO and proposed a transaction at US$6.00 per share, which offers a 63% premium over the average trading price before the announcement. He reiterated that if shareholders do not support the proposed transaction, EXFO will remain a public company with no intention to change its operations or headquarters.
On June 16, 2021, Viavi Solutions (NASDAQ: VIAV) proposed to acquire EXFO (TSX: EXF, NASDAQ: EXFO) at US$7.50 per share, valuing the company at approximately US$430 million. This offer represents a 103% premium over EXFO's June 4 closing price and a 25% premium to the recent Going Private Transaction offer. VIAVI's proposal received unanimous approval from its board and will not require a shareholder vote. The strategic acquisition aims to enhance investment in growth, leverage combined resources, and maintain EXFO's brand and operations in Quebec.
EXFO has announced a significant cash acquisition deal where 11172239 Canada Inc., controlled by founder Germain Lamonde, will buy all subordinate voting shares, except for the Excluded Shares. Shareholders will receive US $6.00 per share, a 62% premium over the June 4 closing price. The board, upon independent review, unanimously recommends this Arrangement for stakeholder benefit. The transaction awaits court and shareholder approvals and is expected to close by September 30, 2021.
EXFO has launched the 5GPro Spectrum Analyzer, a modular RF testing solution designed for 4G/LTE and 5G networks. This innovative tool enables operators to perform accurate RF measurements in complex environments, streamlining operations for field technicians. Key features include field-upgradability, modular options for upgrading frequency support, real-time spectrum analysis, and seamless cloud integration. The analyzer aims to enhance network reliability and customer satisfaction, addressing the challenges posed by increasing network complexity.
EXFO reported Q2 2021 sales of US$69.3 million, up 25.2% year-over-year, driven by a strong demand recovery post-COVID. Bookings reached US$79.3 million, reflecting an 8.9% increase. The company recorded a net loss of US$2.4 million, improved from US$9.0 million in Q2 2020. Adjusted EBITDA was US$3.4 million, marking a strong turnaround from a loss of US$4.9 million last year. The book-to-bill ratio stood at 1.15, indicating healthy demand for EXFO’s services, especially in 5G and cloud networks.
