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Date Announced: 09 Nov 2010
OTTAWA, ONTARIO--(Marketwire - Nov. 9, 2010) - Enablence Technologies Inc. ("Enablence" or the "Company") (TSX VENTURE:ENA), a leading supplier of fiber-to-the-home ("FTTH") and bandwidth expansion solutions for triple-play residential and business services and optical components and subsystems for access, metro and long-haul markets, announced today financial results for the three and five months ending September 30, 2010.
The highlights during the quarter include:
• won a US$12.4 million order in central Asia, expected to ship in the quarter ending December 31, 2010;Revenues for the three months ending September 30, 2010 ("Current Quarter") increased 89% to $28.1 million from $14.9 million during the three months ended October 31, 2009 ("Prior Year Quarter"). The increase in revenue was driven by the acquisition of Teledata Networks Ltd. ("Teledata") on June 23, 2010 as well as a 39% increase in revenue from the Components and Optical Systems division due to increased customer demand. The net loss for the Current Quarter increased to $8.4 million compared to $6.7m in the Prior Year Quarter, due largely to the increase in amortization of the intangible assets acquired with Teledata. The Company's loss per share for the Current Quarter was $0.02, compared to $0.03 in the Prior Year Quarter.
Enablence's cash and cash equivalents were $6.1 million at September 30, 2010 as compared to $23.4 million at April 30, 2010. This net decrease of $17.3 million was the result of using $6.7 million in operations, $9.2 million of net cash used in the acquisition of Teledata Networks Ltd., $3.9 million of cash used to pay out Teledata's operating loans and $0.7 million for capital expenditures and other items. The Company generated $3.2 million through replacing an existing $1.9 million secured note, with a $5.1 million secured note.
"We are seeing positive results from our gross margin improvement initiatives, traction with our new acquisition in the systems division, and are growing nicely in our components division. Timing around some of our large projects has resulted in a shift of revenue from the quarter just ended to the next quarter, but our outlook has not changed. Our targets for the 4 quarters ending June 30, 2011 are to achieve revenue between $140-150 million, including $40-45 million in the December quarter and to be Adjusted EBITDA positive for the December quarter and the second half of the year," said Chief Executive Officer, Tim Thorsteinson.
Targets for revenues and Adjusted EBITDA for the December 2010 quarter and six and twelve months ending June 30, 2011 reflect continuing increases in volumes shipped to customers, higher margins resulting from the Company's gross margin expansion plan and continued contributions from the Teledata business acquired in June 2010, although there can be no assurance these targets will be achieved. In September 2010, the Company received a US$12.4 million order from a major customer. This order is expected to ship in the quarter ending December 2010, and the customer paid a significant deposit on the order in October 2010.
Enablence Technologies
E-mail: see web site
Web Site: www.enablence.com
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