UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
Report
of Foreign Private Issuer Pursuant to Rule 13a-16 or
15d-16
Under
the Securities Exchange Act of 1934
For
the
month of October 2006
EXFO
Electro-Optical Engineering Inc.
(Translation
of registrant’s name into English)
400
Godin Avenue, Quebec, Quebec, Canada G1M 2K2
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
|
Form
20-F þ
|
Form
40-F o
|
Indicate
by check mark whether the registrant by furnishing the information contained
in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
|
Yes
o
|
No
þ
|
If
“Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-______.
Page
1 of
11
TABLE
OF CONTENTS
On
October 25, 2006, EXFO Electro-Optical Engineering Inc., a Canadian corporation,
reported its results of operations for the fourth fiscal quarter and year end
for the fiscal year ended August 31, 2006. This report on Form 6-K sets forth
the news release relating to EXFO’s announcement and certain information
relating to EXFO’s financial condition and results of operations for the fourth
fiscal quarter of the 2006 fiscal year. This press release and information
relating to EXFO’s financial condition and results of operations for the fourth
fiscal quarter of the 2006 fiscal year are hereby incorporated as a document
by
reference to Form F-3 (Registration Statement under the Securities Act of 1933)
declared effective as of July 30, 2001 and to Form F-3 (Registration Statement
under the Securities Act of 1933) declared effective as of
March 11, 2002 and to amend certain material information as set forth
in these two Form F-3 documents.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
EXFO
ELECTRO-OPTICAL ENGINEERING INC.
|
|
|
By:
/s/
Benoit
Ringuette
Name: Benoit
Ringuette
Title: Legal
Counsel and Corporate Secretary
|
|
Date:
October 26, 2006
EXFO
Reports Strong Sales and Earnings Growth for Fiscal
2006
|
§ Sales
increase 31.9% year-over-year to US$128.3
million
|
|
|
§ GAAP
net earnings reach US$8.1 million compared to a net loss of US$1.6
million
in 2005
|
|
|
§ Gross
margin improves to 55.3%
|
|
|
§ Cash
flows from operating activities amount to US$12.3
million
|
QUEBEC
CITY, CANADA, October 25, 2006—EXFO Electro-Optical Engineering Inc. (NASDAQ:
EXFO, TSX: EXF) reported today strong sales and earnings growth for the fiscal
year ended August 31, 2006.
Sales
increased 31.9% to US$128.3 million in fiscal 2006 from US$97.2 million in
2005.
In the fourth quarter of 2006, sales reached US$35.7 million compared to
US$35.4
million in the previous quarter and US$26.3 million in the fourth quarter
of
2005. Net bookings totaled US$32.6 million in the fourth quarter of fiscal
2006
compared to US$37.9 million (-14.0%) in the third quarter of 2006 and US$24.6
million (+32.6%) in the fourth quarter of 2005.
Gross
margin improved to 55.3% of sales in fiscal 2006 from 54.7% in 2005. In the
fourth quarter of 2006, gross margin amounted to 54.3% compared to 56.4%
in the
previous quarter and 54.7% in the fourth quarter of 2005.
GAAP
net
earnings totaled US$8.1 million, or US$0.12 per diluted share, in fiscal
2006
compared to a net loss of US$1.6 million, or US$0.02 per diluted share, in
2005.
GAAP net earnings in 2006 included US$4.4 million in amortization of intangible
assets, US$1.0 million in stock-based compensation costs, US$0.6 million
in
impairment of long-lived assets, and a non-recurring government revenue grant
of
US$1.3 million.
In
the
fourth quarter of 2006, GAAP net earnings amounted to US$2.9 million, or
US$0.04
per diluted share, compared to US$3.5 million, or US$0.05 per diluted share,
in
the third quarter of 2006 and US$0.5 million, or US$0.01 per diluted share,
in
the fourth quarter of 2005. GAAP net earnings included US$1.0 million in
amortization of intangible assets and US$0.2 million in stock-based compensation
costs in the fourth quarter of 2006.
“Clearly,
EXFO stands out in the telecom industry with 12 consecutive quarters of sales
growth, a 31.9% year-over-year sales increase in fiscal 2006, as well as
compound annual growth rates (CAGRs) of 27.5% and 20.9% over the last 3 and
10
years, respectively, despite the 2001 telecom crisis,” said Germain Lamonde,
EXFO’s Chairman of the Board, President and CEO. “Like every year since our
inception in 1985, I believe that we have increased sales faster than our
end-markets. Our bottom-line improved even faster than our top-line in recent
years with GAAP net earnings of US$8.1 million in 2006, thus extending our
sequence to seven consecutive quarters of GAAP profitability. These performance
highlights, which must be weighed against the strengthening Canadian dollar,
larger customers consolidating and competitors intensifying pricing pressure,
reflect ongoing market-share gains in each division as well as operating
efficiencies throughout the company.”
“Based
on
long-term planning and judicious R&D investments in optical, protocol and
copper access testing, I believe that EXFO is well-positioned to benefit
from
the migration of carriers to converged, IP-based networking as they increase
bandwidth and accelerate triple-play service deployments,” Mr. Lamonde added.
“We intend to continue strengthening our sales, marketing and R&D teams in
order to build on our competitive advantage in the marketplace. As well,
I am
pleased to report that we surpassed two key corporate performance goals for
fiscal 2006 and have announced ambitious performance metrics for 2007, as
we
maintain our focus on growing faster than our end-markets, increasing net
earnings faster than revenues, and achieving these results through excellence
in
product innovation. I would like to thank all our employees for their
outstanding commitment and real passion to serve our customers, since we
could
not aspire to reach such lofty heights without their wholehearted
contribution.”
Selected
Financial Information
(In
thousands of US dollars)
|
Segmented
results:
|
Q4
2006
|
|
Q3
2006
|
|
Q4
2005
|
|
FY
2006
|
|
FY
2005
|
|
||||||
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|||||||||
|
Sales:
|
||||||||||||||||
|
Telecom
Division
|
$
|
30,111
|
$
|
29,935
|
$
|
21,174
|
$
|
107,376
|
$
|
80,120
|
||||||
|
Life
Sciences & Industrial Division
|
5,622
|
5,475
|
5,130
|
20,877
|
17,096
|
|||||||||||
|
Total
|
$
|
35,733
|
$
|
35,410
|
$
|
26,304
|
$
|
128,253
|
$
|
97,216
|
||||||
|
Earnings
(loss) from operations:
|
||||||||||||||||
|
Telecom
Division
|
$
|
1,275
|
$
|
3,696
|
$
|
523
|
$
|
6,679
|
$
|
763
|
||||||
|
Life
Sciences & Industrial Division
|
1,088
|
(88
|
)
|
288
|
1,383
|
(962
|
)
|
|||||||||
|
Total
|
$
|
2,363
|
$
|
3,608
|
$
|
811
|
$
|
8,062
|
$
|
(199
|
)
|
|||||
|
Other
selected information:
|
||||||||||||||||
|
GAAP
net earnings (loss)
|
$
|
2,910
|
$
|
3,504
|
$
|
454
|
$
|
8,135
|
$
|
(1,634
|
)
|
|||||
|
Amortization
of intangible assets
|
$
|
1,043
|
$
|
994
|
$
|
1,198
|
$
|
4,394
|
$
|
4,836
|
||||||
|
Stock-based
compensation costs
|
$
|
213
|
$
|
264
|
$
|
288
|
$
|
1,032
|
$
|
963
|
||||||
|
Impairment
of long-lived assets
|
$
|
−
|
$
|
604
|
$
|
−
|
$
|
604
|
$
|
−
|
||||||
|
Government
grants revenue
|
$
|
−
|
$
|
(1,307
|
)
|
$
|
−
|
$
|
(1,307
|
)
|
$
|
−
|
||||
|
Restructuring
charges
|
$
|
−
|
$
|
−
|
$
|
−
|
$
|
−
|
$
|
292
|
||||||
Operating
Expenses
Selling
and administrative expenses amounted to US$40.3 million, or 31.4% of sales,
in
fiscal 2006 compared to US$31.8 million, or 32.7% of sales, in 2005. In the
fourth quarter of 2006, selling and administrative expenses totaled US$10.9
million, or 30.4% of sales, compared to US$11.1 million, or 31.3% of sales,
in
the third quarter of 2006 and US$8.1 million, or 30.7% of sales, in the fourth
quarter of 2005.
Gross
research and development (R&D) expenses reached US$19.5 million, or 15.2% of
sales, in fiscal 2006 compared to US$15.9 million, or 16.3% of sales, in
2005.
In the fourth quarter of 2006, gross R&D expenses attained US$5.2 million,
or 14.6% of sales, compared to US$5.3 million, or 15.1% of sales, in the
previous quarter and US$4.1 million, or 15.8% of sales, in the fourth quarter
of
2005.
Net
R&D expenses totaled US$15.4 million, or 12.0% of sales in fiscal 2006,
compared to US$12.2 million, or 12.5% of sales, in 2005. In the fourth quarter
of 2006, net R&D expenses amounted to US$4.3 million, or 12.0% of sales,
compared to US$4.1 million, or 11.6% of sales, in the third quarter of 2006
and
US$3.3 million, or 12.5% of sales, in the fourth quarter of 2005.
Fiscal
2006 and Fourth-Quarter Business Highlights
| § |
Market
expansion — EXFO increased its sales 31.9% year-over-year to
US$128.3 million in fiscal 2006 largely due to market-share gains
in the
telecom test equipment market. At the beginning of the fiscal year,
the
company had established its corporate sales growth metric at 15%,
but the
strong performance in the first half of the year coupled with the
Consultronics acquisition prompted it to raise the bar to 25%. The
Telecom
Division and Life Sciences & Industrial Division delivered
year-over-year sales growth of 34.0% and 22.1%, respectively. Confirming
market-share gains in the optical test equipment market, Frost &
Sullivan named EXFO recipient of the Growth Strategy Leadership Award
for
the third consecutive year. Continuing efforts to diversify its
end-markets, EXFO expanded into broadband copper access testing for
IPTV
and VoIP applications through the Consultronics acquisition. In terms
of
customer diversity and market expansion, EXFO’s top customer represented
13.8% of sales in fiscal 2006 compared to 23.3% in 2005, while sales
to
Europe, Middle East and Africa (EMEA) and Asia-Pacific improved from
31.9%
of sales in 2005 to 40.3% in 2006.
|
| § |
Profitability
— EXFO completed fiscal 2006 with GAAP net earnings of $8.1
million or $0.12 per diluted share. In the fourth quarter, GAAP net
earnings totaled US$2.9 million or US$0.04 per diluted share. Looking
at
operating margin, it reached 6.3% of sales in 2006, while the company’s
published goal was 5%. For every additional sales dollar in fiscal
2006
over 2005, US$0.31 flowed to earnings before income taxes. The company
also generated US$12.3 million in cash flows from operating activities
in
2006, raising its cash and short-term investments to $111.3
million.
|
| § |
Innovation
— EXFO launched two new products in the fourth quarter, including
optical transport network (OTN-1/2) testing functionalities for its
Transport Blazer field and manufacturing/R&D test modules and the
enhanced CoVALT, a handheld tester for digital subscriber line (DSL)
circuits and voice-over Internet Protocol (VoIP) services. Altogether,
the
company released 18 new products in fiscal 2006, compared to 15 in
2005,
to strengthen its market position in protocol and IP testing as well
as
FTTx and broadband deployment testing. Innovation delivered a strong
return on investment with products on the market two years or less
accounting for 37.1% of sales in 2006, while the stated goal was
40%.
|
Business
Outlook
EXFO
forecasts sales between US$34.0 million and US$37.0 million and GAAP net
earnings between US$0.02 and US$0.05 per diluted share for the first quarter
of
fiscal 2007. GAAP net earnings include US$0.02 per diluted share in amortization
of intangible assets and stock-based compensation costs.
Corporate
Performance Objectives for Fiscal 2007/Results for Fiscal
2006
EXFO
disclosed the following three corporate objectives and related metrics for
fiscal 2007 as well as results for fiscal 2006. It should be noted that fiscal
2007 metrics are not guidance, but goals that management has set out to achieve.
|
Objectives
|
2007
Metrics
|
2006
Metrics
|
2006
Results
|
|
Increase
sales (% of year-over-year growth)
|
20%
|
25%*
|
31.9%
|
|
Maximize
profitability (operating margin in %)
|
7%
|
5%
|
6.3%
|
|
Focus
on innovation (sales % from products <2
years on market)
|
35%
|
40%
|
37.1%
|
*Sales
growth metric was updated at the end of the second quarter in 2006 to reflect
mid-year results and Consultronics acquisition.
Conference
Call and Webcast
EXFO
will
host a conference call today at 5 p.m. (Eastern time) to review its
fourth-quarter and year-end financial results for fiscal 2006. To listen
to the
conference call and participate in the question period via telephone, dial
1-416-620-5683. Germain Lamonde, Chairman, President and
CEO, and Pierre Plamondon, CA, Vice-President of Finance and Chief Financial
Officer, will participate in the call. An audio replay will be available
one
hour after the end of the conference call until 7 p.m. on November 1, 2006.
The
replay number is 1-402-977-9141 and the reservation number is 21304423. The
live
audio Webcast and replay of the conference call will also be available on
EXFO’s
Website at www.EXFO.com/investors.
About
EXFO
EXFO
is a
recognized test and measurement expert in the global telecommunications
industry. The Telecom Division, which represents the majority
of the company's business, offers a full suite of test solutions and monitoring
systems to network service providers, cable TV operators, telecom system
vendors
and component manufacturers in approximately 70 countries. EXFO is the
global
market leader for portable optical test solutions and a leading supplier
of
protocol and access test solutions to enable triple-play deployments and
converged IP networking. Its PC/Windows-based modular FTB-200; FTB-400
and
IQS-500 test platforms host a wide range of modular test solutions across
optical, physical, data and network layers, while maximizing technology
reuse
across several market segments. The Life Sciences and Industrial
Division, which leverages several core telecom technologies, offers
value-added solutions in the life sciences and high-precision assembly
sectors
based on advanced spot-curing, fluorescence microscopy and nanopositioning
solutions. For more information about EXFO, visit
www.EXFO.com.
Forward-Looking
Statements
This
news
release contains forward-looking statements within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995, and we intend that such
forward-looking statements be subject to the safe harbors created thereby.
Forward-looking statements are statements other than historical information
or
statements of current condition. Words such as may, will, expect, believe,
anticipate, intend, could, estimate, continue, or the negative or
comparable terminology are intended to identify forward-looking statements.
In
addition, any statements that refer to expectations, projections or other
characterizations of future events and circumstances are considered
forward-looking statements. They are not guarantees of future performance
and
involve risks and uncertainties. Actual results may differ materially from
those
in forward-looking statements due to various factors including consolidation
in
the global telecommunications test and measurement industry; capital spending
levels in the telecommunications, life sciences and high-precision assembly
sectors; concentration of sales; fluctuating exchange rates and our ability
to
execute in these uncertain conditions; the effects of the additional actions
we
have taken in response to such economic uncertainty (including our ability
to
quickly adapt cost structures with anticipated levels of business, ability
to
manage inventory levels with market demand); market acceptance of our new
products and other upcoming products; limited visibility with regards to
customer orders and the timing of such orders; our ability to successfully
integrate our acquired and to-be-acquired businesses; the retention of
key
technical and management personnel; and future economic, competitive and
market
conditions. Assumptions relating to the foregoing involve judgments and
risks,
all of which are difficult or impossible to predict and many of which are
beyond
our control. Other risk factors that may affect our future performance
and
operations are detailed in our Annual Report, on Form 20-F, and our other
filings with the U.S. Securities and Exchange Commission and the Canadian
securities commissions. We believe that the expectations reflected in the
forward-looking statements are reasonable based on information currently
available to us, but we cannot assure you that the expectations will prove
to
have been correct. Accordingly, you should not place undue reliance on
these
forward-looking statements. These statements speak only as of the date
of this
document. We undertake no obligation to revise or update any of them to
reflect
events or circumstances that occur after the date of this document.
For
more information
Vance
Oliver
Manager,
Investor Relations
(418)
683-0913, Ext. 3733
vance.oliver@exfo.com
EXFO
Electro-Optical Engineering Inc.
Interim
Consolidated Balance Sheet
(in
thousands of US dollars)
|
As
at
August
31,
2006
|
As
at
August
31,
2005
|
||||||
|
(unaudited)
|
|||||||
|
Assets
|
|||||||
|
Current
assets
|
|||||||
|
Cash
|
$
|
6,853
|
$
|
7,119
|
|||
|
Short-term
investments
|
104,437
|
104,883
|
|||||
|
Accounts
receivable
|
|||||||
|
Trade,
less allowance for doubtful accounts of $451
($352
as at August 31, 2005)
|
20,891
|
13,945
|
|||||
|
Other
|
2,792
|
2,007
|
|||||
|
Income
taxes and tax credits recoverable
|
2,201
|
2,392
|
|||||
|
Inventories
|
24,623
|
17,749
|
|||||
|
Prepaid
expenses
|
1,404
|
1,112
|
|||||
|
163,201
|
149,207
|
||||||
|
Income
taxes recoverable
|
476
|
459
|
|||||
|
Property,
plant and equipment
|
17,392
|
13,719
|
|||||
|
Long-lived
asset held for sale
|
−
|
1,600
|
|||||
|
Intangible
assets
|
10,948
|
5,602
|
|||||
|
Goodwill
|
27,142
|
20,370
|
|||||
|
$
|
219,159
|
$
|
190,957
|
||||
|
Liabilities
|
|||||||
|
Current
liabilities
|
|||||||
|
Accounts
payable and accrued liabilities
|
$
|
17,337
|
$
|
12,201
|
|||
|
Deferred
revenue
|
1,772
|
1,584
|
|||||
|
Current
portion of long-term debt
|
107
|
134
|
|||||
|
19,216
|
13,919
|
||||||
|
Deferred
revenue
|
2,632
|
1,568
|
|||||
|
Government
grants
|
723
|
1,872
|
|||||
|
Long-term
debt
|
354
|
198
|
|||||
|
22,925
|
17,557
|
||||||
|
Shareholders’
Equity
|
|||||||
|
Share
capital
|
148,921
|
521,875
|
|||||
|
Contributed
surplus
|
3,776
|
2,949
|
|||||
|
Deficit
|
−
|
(381,846
|
)
|
||||
|
Cumulative
translation adjustment
|
43,537
|
30,422
|
|||||
|
196,234
|
173,400
|
||||||
|
$
|
219,159
|
$
|
190,957
|
||||
EXFO
Electro-Optical Engineering Inc.
Interim
Unaudited Consolidated Statements of
Earnings
(in
thousands of US dollars, except share and per share
data)
|
Three
months ended
August
31, 2006
|
Twelve
months ended
August
31, 2006
|
Three
months ended
August
31, 2005
|
Twelve
months ended
August
31, 2005
|
||||||||||
|
Sales
|
$
|
35,733
|
$
|
128,253
|
$
|
26,304
|
$
|
97,216
|
|||||
|
Cost
of sales (1,2)
|
16,318
|
57,275
|
11,925
|
44,059
|
|||||||||
|
Gross
margin
|
19,415
|
70,978
|
14,379
|
53,157
|
|||||||||
|
Operating
expenses
|
|||||||||||||
|
Selling
and administrative (1)
|
10,857
|
40,298
|
8,072
|
31,782
|
|||||||||
|
Net
research and development (1)
|
4,281
|
15,404
|
3,287
|
12,190
|
|||||||||
|
Amortization
of property, plant and equipment
|
871
|
3,523
|
1,011
|
4,256
|
|||||||||
|
Amortization
of intangible assets
|
1,043
|
4,394
|
1,198
|
4,836
|
|||||||||
|
Impairment
of long-lived assets
|
−
|
604
|
−
|
−
|
|||||||||
|
Government
grants
|
−
|
(1,307
|
)
|
−
|
−
|
||||||||
|
Restructuring
and other charges
|
−
|
−
|
−
|
292
|
|||||||||
|
Total
operating expenses
|
17,052
|
62,916
|
13,568
|
53,356
|
|||||||||
|
Earnings
(loss) from operations
|
2,363
|
8,062
|
811
|
(199
|
)
|
||||||||
|
Interest
and other income
|
1,074
|
3,253
|
558
|
2,524
|
|||||||||
|
Foreign
exchange gain (loss)
|
17
|
(595
|
)
|
(507
|
)
|
(1,336
|
)
|
||||||
|
Earnings
before income taxes
|
3,454
|
10,720
|
862
|
989
|
|||||||||
|
Income
taxes
|
544
|
2,585
|
408
|
2,623
|
|||||||||
|
Net
earnings (loss) for the period
|
$
|
2,910
|
$
|
8,135
|
$
|
454
|
$
|
(1,634
|
)
|
||||
|
Basic
and diluted net earnings (loss) per share
|
$
|
0.04
|
$
|
0.12
|
$
|
0.01
|
$
|
(0.02
|
)
|
||||
|
Basic
weighted average number of shares outstanding
(000’s)
|
68,735
|
68,643
|
68,562
|
68,526
|
|||||||||
|
Diluted
weighted average number of shares outstanding (000’s)
|
69,346
|
69,275
|
68,996
|
68,981
|
|||||||||
|
(1) Stock-based
compensation costs included in:
|
|||||||||||||
|
Cost
of sales
|
$
|
16
|
$
|
127
|
$
|
42
|
$
|
143
|
|||||
|
Selling
and administrative
|
142
|
701
|
184
|
626
|
|||||||||
|
Net
research and development
|
55
|
204
|
62
|
194
|
|||||||||
|
$
|
213
|
$
|
1,032
|
$
|
288
|
$
|
963
|
||||||
|
(2) The
cost of sales is exclusive of amortization, shown
separately.
|
|||||||||||||
Page
10 of
11
EXFO
Electro-Optical Engineering Inc.
Interim
Consolidated Statements of Deficit and Contributed
Surplus
(in
thousands of US dollars)
|
Deficit
|
|||||||
|
Twelve
months ended August 31,
|
|||||||
|
2006
|
2005
|
||||||
|
(unaudited)
|
|||||||
|
Balance
- Beginning of period
|
$
|
(381,846
|
)
|
$
|
(380,212
|
)
|
|
|
Deduct
(add)
|
|||||||
|
Net
earnings (loss) for the period
|
8,135
|
(1,634
|
)
|
||||
|
Elimination
of deficit by reduction of share capital
|
373,711
|
-
|
|||||
|
Balance
- End of period
|
$
|
-
|
$
|
(381,846
|
)
|
||
|
Contributed
surplus
|
|||||||
|
Twelve
months ended August 31,
|
|||||||
|
2006
|
2005
|
||||||
|
(unaudited)
|
|||||||
|
Balance
- Beginning of period
|
$
|
2,949
|
$
|
1,986
|
|||
|
Add
(deduct)
|
|||||||
|
Stock-based
compensation costs
|
1,027
|
963
|
|||||
|
Reclassification
of stock-based compensation costs to share capital upon exercise
of stock
awards
|
(200
|
)
|
-
|
||||
|
Premium
on resale of share capital
|
-
|
-
|
|||||
|
Balance
- End of period
|
$
|
3,776
|
$
|
2,949
|
|||
EXFO
Electro-Optical Engineering Inc.
Interim
Unaudited Consolidated Satements of Cash
Flows
(in
thousands of US dollars)
|
Three
months ended
August
31, 2006
|
Twelve
months ended
August
31, 2006
|
Three
months ended
August
31, 2005
|
Twelve
months ended
August
31, 2005
|
||||||||||
|
Cash
flows from operating activities
|
|||||||||||||
|
Net
earnings (loss) for the period
|
$
|
2,910
|
$
|
8,135
|
$
|
454
|
$
|
(1,634
|
)
|
||||
|
Add
(deduct) items not affecting cash
|
|||||||||||||
|
Discount
on short-term investments
|
(872
|
)
|
(229
|
)
|
(565
|
)
|
(302
|
)
|
|||||
|
Stock-based
compensation costs
|
213
|
1,032
|
288
|
963
|
|||||||||
|
Amortization
|
1,914
|
7,917
|
2,209
|
9,092
|
|||||||||
|
Impairment
of long-lived assets
|
−
|
604
|
−
|
−
|
|||||||||
|
Government
grants
|
−
|
(1,307
|
)
|
−
|
−
|
||||||||
|
Deferred
revenue
|
538
|
786
|
133
|
977
|
|||||||||
|
4,703
|
16,938
|
2,519
|
9,096
|
||||||||||
|
Change
in non-cash operating items
|
|||||||||||||
|
Accounts
receivable
|
1,521
|
(2,637
|
)
|
382
|
(838
|
)
|
|||||||
|
Income
taxes and tax credits
|
1,690
|
329
|
1,023
|
6,096
|
|||||||||
|
Inventories
|
803
|
(2,287
|
)
|
2,616
|
(699
|
)
|
|||||||
|
Prepaid
expenses
|
260
|
79
|
258
|
544
|
|||||||||
|
Accounts
payable and accrued liabilities
|
(759
|
)
|
(144
|
)
|
(1,227
|
)
|
(164
|
)
|
|||||
|
8,218
|
12,278
|
5,571
|
14,035
|
||||||||||
|
Cash
flows from investing activities
|
|||||||||||||
|
Additions
to short-term investments
|
(34,655
|
)
|
(673,289
|
)
|
(96,710
|
)
|
(585,665
|
)
|
|||||
|
Proceeds
from disposal and maturity of short-term investments
|
29,845
|
681,500
|
94,345
|
574,207
|
|||||||||
|
Additions
to property, plant and equipment and intangible assets
|
(847
|
)
|
(3,378
|
)
|
(275
|
)
|
(1,501
|
)
|
|||||
|
Business
combination, net of cash acquired
|
(338
|
)
|
(18,054
|
)
|
−
|
−
|
|||||||
|
(5,995
|
)
|
(13,221
|
)
|
(2,640
|
)
|
(12,959
|
)
|
||||||
|
Cash
flows from financing activities
|
|||||||||||||
|
Repayment
of long-term debt
|
(257
|
)
|
(415
|
)
|
(32
|
)
|
(121
|
)
|
|||||
|
Exercise
of stock options
|
54
|
557
|
18
|
148
|
|||||||||
|
Share
issue expenses
|
−
|
−
|
−
|
(6
|
)
|
||||||||
|
(203
|
)
|
142
|
(14
|
)
|
21
|
||||||||
|
Effect
of foreign exchange rate changes on cash
|
(148
|
)
|
535
|
245
|
863
|
||||||||
|
Change
in cash
|
1,872
|
(266
|
)
|
3,162
|
1,960
|
||||||||
|
Cash
- Beginning of period
|
4,981
|
7,119
|
3,957
|
5,159
|
|||||||||
|
Cash
- End of period
|
$
|
6,853
|
$
|
6,853
|
$
|
7,119
|
$
|
7,119
|
|||||