EXFO Raises GAAP Net Earnings Range for Q1 2009

Earnings positively affected by weakening Canadian dollar

QUEBEC CITY, Dec. 1 /PRNewswire-FirstCall/ - EXFO Electro-Optical Engineering Inc. (NASDAQ: EXFO, TSX: EXF) announced today that GAAP net earnings will finish above its forecasted range mainly due to the weakness of the Canadian dollar in the first quarter ended Nov. 30, 2008.

Given that the closing Canadian/US exchange rate was US$0.8083 in the first quarter of fiscal 2009, compared to US$0.9411 in the previous quarter, EXFO now expects that GAAP net earnings per diluted share will range between US$0.04 and US$0.07 for the first quarter of fiscal 2009. In fact, the Company expects to realize a pre-tax, foreign-exchange gain of about US$4 million.

EXFO's management had forecasted GAAP net earnings (net loss) between a net loss of US$0.03 per diluted share and net earnings of US$0.01 per diluted share for the first quarter of fiscal 2009, based on an exchange rate of US$0.9411 at the end of the fourth quarter of fiscal 2008. This outlook includes US$0.02 per diluted share in after-tax amortization of intangible assets and stock-based compensation costs.

EXFO also announced that sales should finish between US$45 and US$47 million in the first quarter of 2009, within the range that was forecasted. Net bookings, meanwhile, should exceed US$50 million on the strength of strong orders in the Service Assurance business.

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posted by srikanth....july10