MEMSCAP, Highwave report improved sales year on year

25 April 2003 Grenoble/Lannion, France, Lightwave Europe--MEMS developer MEMSCAP has today reported its revenue for Q1 2003 showing 90% growth. Highwave meanwile reported 62% growth in its Q4 2002 figures, released at the same time.

Apr 25th, 2003

25 April 2003 Grenoble/Lannion, France--MEMS developer MEMSCAP has today reported its revenue for Q1 2003 showing 90% growth. Meanwhile, Highwave Optical Technologies reported 62% growth in its Q4 2003 figures, released at the same time.

MEMSCAP
MEMSCAP's Q1 2003 revenue totalled EUR2.1m, which represents more than 90% growth compared to the company's Q1 2002 revenue. This figure also constitutes an increase compared to Q4 2002 - the last quarter usually the strongest of the year for the company.

MEMSCAP said that the Q1 figures confirm the return to growth anticipated by the company and show a better revenue dispatch for the company different businesses, as all MEMSCAP business units contribute to this 2003 first quarter revenue: EUR0.9 million for Sensor Solutions; EUR0.5 million for Optical and Wireless Communications; EUR0.4 million for Foundry Services; and EUR0.3 million for Software sales.

These figures show the sustained effort of the new sales team that took place within the scope of the company re-organisation, and validate the diversification strategy implemented throughout 2002. The company expects this trend to continue and the revenue to grow quarter on quarter all through the year.

At the same time, the worldwide headcount reduction is taking place according to the agenda. It has already led to a wages costs reduction in all MEMSCAP subsidiaries during this first quarter and will enable a strong reduction of those costs in France starting from July 2003.

"This year is an important milestone for the MEMSCAP teams who start to see their efforts rewarded after a very trying year 2002. Last year first quarter revenue nearly doubled this year, while we were implementing major rationalisation and cost reduction measures", declares Jean Michel Karam, MEMSCAP CEO.

Highwave Optical Technologies
Highwave, a supplier of DWDM sub-systems for optical telecommunications infrastructures, announced that its revenue for Q4 2002 was EUR0.6m, a sequential growth of 62%.

Annual revenues, ending March 31, 2003, reached EUR3.3 million. Audited results for fiscal year 2003 will be announced on 19 June 2003.

Revenue by Product (as a % of total revenue)
.......................................Q3/03......Q4/03....FY 2003
Optical Amplifiers..........76%........76%........85%
Components..................17%........12%..........6%
Special optical fibres......7%........12%..........8%
Services............................0%..........0%...........1%

Revenue by Region (as a % of total revenue)
.......................................Q3/03......Q4/03....FY2003
EMEA...............................53%.........30%........44%
North America................15%..........2%.........25%
Asia-Pacific.....................32%.........68%........31%

François Leraillez, CEO, commented, "The last quarter of our fiscal year confirms a sequential growth, observed over two quarters. The revenue by region is coming increasingly closer to the splits of the world market, which demonstrates our continued customer acquisition and customer penetration across the world.

"Once the steps in upcoming qualifications have been passed, we will start mass production, allowing us to further expand our revenue thus bringing the company closer to profitability."

Founded in 1998, Highwave Optical Technologies claims to be the European leader in the development, production and marketing of optical components and DWDM (Dense Wavelength Division Multiplexing) subsystems for the telecommunications industry.

More information is available at www.highwave-tech.com

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