ADVA Optical Networking has announced Q1 2016 financial results for the quarter ended on March 31, 2016 and prepared in accordance with International Financial Reporting Standards (IFRS).
Quarterly revenues climbed to EUR 122.0 million. The figure marks an increase of 27.6% year-on-year (YoY) (Q1 2015: EUR 95.6 million) and is in line with the guidance forecast that was announced earlier this year on February 25.
“We were absolutely right with the assessments we communicated in 2015,” commented Brian Protiva, CEO, ADVA Optical Networking. “The demand for data center interconnect (DCI) technology continues to grow, and 100G solutions in metro networks are gaining momentum.”
ADVA is set to showcase its next generation innovations at the upcoming CommunicAsia2016 happening in Singapore 31st May to 3rd June 2016.
The quarterly result includes the acquisition of Overture, which took place on January 13, and consequently contains some of the one-off restructuring and integration expenses related to the acquisition. The acquisition was a strategically important step for ADVA Optical Networking and will strengthen the company’s product portfolio for cloud access solutions. Cash and cash equivalents were at EUR 73.4 million. Net liquidity, currently at EUR 9.4 million, has declined due to the acquisition, while net working capital reached EUR 110.9 million.
“Q1 went according to plan and we had a promising start,” said Protiva. ”The megatrends cloud and mobility continue to drive our business and the DCI market is developing rapidly. Our FSP 3000 CloudConnect™ solution is the leading platform and its market introduction is on track. In addition we have significantly strengthened our capabilities both tactically and strategically through the acquisition of Overture. We have access to new customers, a more complete product portfolio for cloud access solutions and an excellent software architecture for the nascent era of network virtualization. 2016 will be another exciting year for our company.”