ADVA Optical Networking today provided details on the conversion of its 2004 U.S. GAAP financial statements, which were published on March 10, 2005, into International Financial Reporting Standards ("IFRS") in accordance with new regulations for European-listed companies.
2004 FINANCIAL STATEMENTS UNDER IFRS
Overall, ADVA achieved an IFRS operating income of EUR 8.5 million in 2004 vs. EUR 7.8 million as reported under U.S. GAAP. IFRS net income for the year 2004 was EUR 7.2 million vs. EUR 6.7 million as reported under U.S. GAAP. IFRS-based pro forma operating income amounted to EUR 12.9 million in 2004 vs. EUR 12.3 million as based on U.S. GAAP, and ADVA achieved IFRS-based pro forma net income for the year of EUR 11.6 million vs. EUR 11.3 million as based on U.S. GAAP. The pro forma numbers are calculated prior to non-cash charges related to the stock option programs, amortization and impairment of goodwill and acquired intangible assets. The conversion of the financial statements did not impact U.S. GAAP reported revenues of EUR 102.1 million in 2004. Key IFRS standards which impact ADVA's 2004 financial statements relate to inventory valuation, the capitalization of development expenses, and stock options.
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