EXFO Inc. reported consolidated unaudited earnings results for the first quarter ended November 30, 2012. For the quarter, the company reported sales reached to $59.8 million compared to $66.4 million in the first quarter of 2012. IFRS net loss totaled $1.6 million or $0.03 per basic and diluted share compared to net earnings of $2.9 million or $0.05 per basic and diluted share in the same period last year. Adjusted EBITDA totaled $2.7 million or 4.5% of sales compared to $6.5 million or 9.7% of sales in the first quarter of 2012. Loss from operations was $1.295 million against earnings from operations of $2.428 million a year ago. Loss before income taxes was $0.506 million against earnings before income taxes of $4.021 million a year ago. Cash out flows from operating activities was $4.778 million against cash inflow from operating activities of $6.544 million a year ago. Purchase of capital assets was $2 million.

For the second quarter of fiscal 2013, the company forecasts sales between $62.0 million and $67.0 million, while IFRS net loss is expected to range between $0.04 and $0.00 per share. Net loss includes $0.04 per share in after-tax amortization of intangible assets and stock-based compensation costs.

The company plans to increase sales 6% to 10% in 2013 and significantly improve profitability.