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EXFO Inc. (NASDAQ: EXFO) announced the release of its second quarter financial results for fiscal 2021, scheduled for April 7, 2021, after market close. A conference call will follow at 5 p.m. ET, featuring key executives including Executive Chairman Germain Lamonde and CEO Philippe Morin. Participants can join via telephone or through an audio webcast available on EXFO's investor relations page. An audio replay will be accessible until April 14, 2021. This announcement highlights EXFO's commitment to transparent communication with investors.
On January 13, 2021, EXFO Inc. announced that all six nominees listed in its management proxy circular were elected as directors during the 2020 Annual Meeting of Shareholders in Quebec. The election results showcased strong shareholder support, with voting percentages for directors ranging from 99.84% to 99.95% in favor. The final voting results are available on SEDAR and EDGAR. EXFO provides innovative test, monitoring, and analytics solutions for network operators, focusing on improving network performance and accelerating digital transformation.
On January 12, 2021, EXFO announced the renewal of its share repurchase program, enabling the buyback of up to 600,000 subordinate voting shares, approximately 2.9% of the public float. This program, effective from January 15, 2021, permits repurchases on the TSX and NASDAQ at market prices. The company has already bought back 138,255 shares at an average price of CA$3.62. EXFO views the repurchase as a beneficial use of cash for enhancing shareholder value.
EXFO reported financial results for Q1 fiscal 2021, with sales of US$71.5 million, a 2.8% decrease from the previous year. Bookings fell by 1.2% to US$69.0 million. Net earnings reached US$3.6 million or US$0.06 per share, boosted by an after-tax wage subsidy of US$1.4 million and an insurance recovery of US$2.5 million. Adjusted EBITDA stood at US$9.9 million, representing 13.9% of sales. Despite a decline in Test and Measurement sales (down 9.8%), Service Assurance sales rose (up 18.6%), indicating resilience in certain areas amid pandemic challenges.
EXFO announced that CEO Philippe Morin will present at the Needham Growth Virtual Conference on January 13, 2021, at 1:15 p.m. Eastern time. During this session, he will discuss EXFO's investment proposition, market opportunities, and competitive advantages for investors. A live webcast will be available on www.EXFO.com and archived for a limited time.
EXFO specializes in test, monitoring, and analytics solutions for the communications industry, serving fixed and mobile network operators globally.
EXFO has partnered with Openreach on a significant initiative to deploy Full Fibre broadband across the UK. This collaboration aims to enhance the quality of Fibre-to-the-Premises (FTTP) networks, with Openreach targeting 20 million homes by the mid-to-late 2020s. Utilizing EXFO's Nova Fiber solution, Openreach will reduce troubleshooting costs and improve service reliability. Currently, Openreach is building fibre connections to 40,000 homes weekly. This partnership positions EXFO as a key player in the UK broadband landscape, amidst increasing demand for digital connectivity.
EXFO has successfully completed the acquisition of InOpticals Inc., enhancing its position in the 400G/800G test markets. InOpticals, based in Taiwan, specializes in ultra-high-speed test instruments crucial for optical component manufacturers. This acquisition expands EXFO's addressable market to over $1 billion, aligning with their strategy to strengthen their test and measurement product offerings. The details of the transaction's value remain undisclosed, but EXFO's leadership emphasizes its impact on enhancing their global market reach.
EXFO will announce its first quarter financial results for fiscal 2021 after market close on January 12, 2021. A conference call will follow at 5 p.m. ET to discuss the results, featuring key executives including Executive Chairman Germain Lamonde, CEO Philippe Morin, and CFO Pierre Plamondon. Interested participants can join the call by dialing (323) 289-6576 with passcode 2900379. An audio replay will be available after the call until January 19, 2021. EXFO specializes in testing and analytics solutions for the communications sector, focusing on network performance and reliability.
EXFO (NASDAQ: EXFO) has partnered with ServiceNow to aid communications service providers (CSPs) in their digital transformation. This collaboration utilizes EXFO's topology modeling solution, Nova Context, integrated into ServiceNow's platform to enhance network visibility and automate operations. Key benefits include improved data accuracy exceeding 98% and automation efficiency rising from 50-60% to over 90%. The solution can be rapidly deployed, allowing CSPs to unify data systems within weeks, significantly reducing the time for digital transformation.
EXFO has launched an industry-first solution, Nova Active OTT video monitoring, that enhances service providers' ability to detect and diagnose video streaming issues. With video accounting for over 65% of current network traffic and projected to exceed 90% in 5G, this innovation aims to mitigate customer churn and unlock new revenue avenues. Service providers can now pinpoint the source of video quality problems, whether internal or external, ultimately improving user experience and operational efficiency.
