October 20, 2008

Avensys Q4 Revenue Up 29%

Avensys Corporation, a Canada-based manufacturer of fiber optic components, has reported that its total consolidated revenue for the fourth quarter ended June 30, 2008, rose 29% to $6.9 million from the $5.4 million recorded in the fourth quarter of fiscal 2007.

Gross margin on a consolidated basis for the fourth quarter of $2.6 million was 37%, as a percentage of consolidated revenues, down from 43% for the same period in 2007. The company made an adjusted EBITDA loss of $541,000, as compared with an adjusted EBITDA loss of $196,000 for the same period in 2007.

Total revenue for the fiscal year 2008 ended June 30, 2008, increased 30% to $21.6 million, from $16.6 million reported for the same period in 2007. Gross margin widened 30% to $7.9 million during fiscal year 2008 compared to $6.1 million reported in the same period of 2007. Adjusted EBITDA of negative $1.12 million during fiscal year 2008 compared to a negative $1.28 million in 2007, is an improvement of $160,000, year on year.

John Fraser, president and CEO of Avensys, said: "We are very proud of our overall performance during fiscal year 2008. Our strategy to focus on the core business segments which have demonstrated the most potential for growth has been validated by these results. As a key player within the fiber optics industry, we are well positioned to capitalize on a renewed growth driven by new digital media, high throughput communication devices, as well as an emerging technology shift to high output lasers in the fiber optic laser industry."