In a lousy economy, test and service-assurance solutions provider EXFO is coming off a banner fiscal year 2011.
Ending Aug. 31, Canada-based EXFO says its annual sales were up 33 percent over fiscal year 2010, to nearly $270 million (U.S.). Sales exclude revenue from the divested Life Sciences and Industrial Division (referred to as "discontinued operations" in financial statements).
Overall for fiscal year 2011, bookings improved almost 29 percent to $272 million, up from $211 million in 2010.
"After posting exceptional 32 percent sales growth in fiscal 2010, I am quite pleased that we surpassed it with a 33 percent increase and solid earnings results in 2011, as we delivered robust growth across all geographic regions and product areas," said Germain Lamonde, EXFO's chairman, president and CEO. "In the process, we expanded our percentage of business from two strategic sectors – the wireless industry at large and Tier-1 network operators – allowing us to increase revenues much faster than our end-markets. As a result, EXFO gained market share for a 26th consecutive year based on relentless innovation, customer delight and focus on execution. I remain confident that EXFO is uniquely positioned to benefit from key growth opportunities in the telecom industry, despite uncertainty in the global economy."
