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 September, 2002
EXFO ELECTRO-OPTICAL ENGINEERING INC.
(Translation of registrant's name into English)
465 GODIN AVENUE, VANIER, QUEBEC, CANADA G1M 3G7
(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 [X] Form 40-F [_]
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 [_] No [X]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-______.
On September 25, 2002, EXFO Electro-Optical Engineering Inc., a Canadian
corporation, reported its results of operations for the fiscal quarter ended
August 31, 2002. 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 2002
fiscal year. The press release and certain information relating to EXFO's
financial condition and results of operations for the fourth fiscal quarter of
the 2002 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 Forms F-3.
SIGNATURES
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/ Germain Lamonde
--------------------------------------
Name: Germain Lamonde
Title: President and Chief
Executive Officer
Date: September 30, 2002
EXFO ELECTRO-OPTICAL ENGINEERING INC.
INTERIM CONSOLIDATED BALANCE SHEET
(in thousands of US dollars)
AS AT AUGUST 31,
-------------------------
2001 2002
--------- ---------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 7,729 $ 9,128
Short-term investments 66,861 40,553
Accounts receivable
Trade, less allowance for doubtful
accounts of $520 ($893 as at
August 31, 2001) 24,531 9,881
Other 3,660 3,267
Income taxes receivable -- 13,473
Inventories 44,345 23,822
Prepaid expenses 1,265 1,280
Future income taxes 1,423 1,272
--------- ---------
149,814 102,676
INCOME TAXES RECEIVABLE -- 6,234
PROPERTY, PLANT AND EQUIPMENT 27,140 26,246
INTANGIBLE ASSETS AND GOODWILL 264,242 34,040
FUTURE INCOME TAXES 1,381 8,730
--------- ---------
$ 442,577 $ 177,926
========= =========
LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 16,180 $ 10,699
Income taxes payable 2,623 --
Deferred revenue 616 503
Current portion of long-term debt 106 100
--------- ---------
19,525 11,302
DEFERRED GRANTS 1,002 654
LONG-TERM DEBT 664 564
FUTURE INCOME TAXES 6,581 --
--------- ---------
27,772 12,520
--------- ---------
SHAREHOLDERS' EQUITY
SHARE CAPITAL 429,995 489,611
CONTRIBUTED SURPLUS 1,457 1,487
CUMULATIVE TRANSLATION ADJUSTMENT (8,333) (8,854)
DEFICIT (8,314) (316,838)
--------- ---------
414,805 165,406
--------- ---------
$ 442,577 $ 177,926
========= =========
EXFO ELECTRO-OPTICAL ENGINEERING INC.
INTERIM CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands of US dollars, except share and per share data)
THREE TWELVE THREE TWELVE
MONTHS MONTHS MONTHS MONTHS
ENDED ENDED ENDED ENDED
AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31,
2001 2001 2002 2002
----------- ----------- ------------ ----------
(UNAUDITED) (UNAUDITED)
SALES $ 35,420 $ 146,013 $ 17,243 $ 68,330
COST OF SALES* 14,433 54,946 8,304 50,801
--------- --------- --------- ---------
GROSS MARGIN 20,987 91,067 8,939 17,529
--------- --------- --------- ---------
OPERATING EXPENSES
Selling and administrative 12,077 46,236 7,119 35,446
Net research and development 3,854 13,601 2,510 12,782
Amortization of property, plant and
equipment 1,296 3,559 1,553 5,932
Amortization of intangible assets 4,003 9,876 1,639 11,615
Write-down of intangible assets -- -- -- 23,657
Restructuring and other charges 3,288 3,288 -- 2,880
--------- --------- --------- ---------
TOTAL OPERATING EXPENSES 24,518 76,560 12,821 92,312
--------- --------- --------- ---------
EARNINGS (LOSS) FROM OPERATIONS (3,531) 14,507 (3,882) (74,783)
Interest income, net 727 6,098 217 1,456
Foreign exchange gain (loss) 309 3,327 256 (458)
--------- --------- --------- ---------
EARNINGS (LOSS) BEFORE INCOME TAXES AND
AMORTIZATION AND WRITE-DOWN OF
GOODWILL (2,495) 23,932 (3,409) (73,785)
--------- --------- --------- ---------
INCOME TAXES
Current (912) 9,929 (3,452) (12,054)
Future 90 (1,779) 2,321 (13,397)
--------- --------- --------- ---------
(822) 8,150 (1,131) (25,451)
--------- --------- --------- ---------
EARNINGS (LOSS) BEFORE AMORTIZATION AND
WRITE-DOWN OF GOODWILL (1,673) 15,782 (2,278) (48,334)
AMORTIZATION OF GOODWILL 12,520 31,076 690 38,021
WRITE-DOWN OF GOODWILL -- -- -- 222,169
--------- --------- --------- ---------
NET LOSS FOR THE PERIOD $ (14,193) $ (15,294) $ (2,968) $(308,524)
========= ========= ========= =========
BASIC AND DILUTED EARNINGS (LOSS) PER SHARE
Earnings (loss) before amortization $ (0.03) $ 0.30 $ (0.04) $ (0.80)
and write-down of goodwill
Net loss $ (0.25) $ (0.29) $ (0.05) $ (5.09)
BASIC WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING (000'S) 56,946 53,014 61,465 60,666
DILUTED WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING (000'S) 56,946 53,014 61,465 60,966
* Including inventory write-offs of nil and $18,463 for the three months and
the twelve months ended August 31, 2002, respectively, nil in 2001.