QUEBEC - Exfo Inc. (TSX:EXF) reported a loss for its latest quarter on Wednesday compared with a profit a year ago as revenue fell.

The telecommunications equipment maker, which keeps its books in U.S. dollars, said it lost US$1.6 million, or three cents per share in its quarter ended Nov. 30 compared with a profit of $2.9 million or five cents per share a year ago.

The results for the most recent quarter included $1.9 million in after-tax amortization of intangible assets, a foreign exchange gain of $800,000, and $400,000 in stock-based compensation costs.

Sales in what was the first quarter of the company's financial year slipped to US$59.8 million compared with US$66.4 million in the year ago period.

In its outlook, the company said it expected sales for the second quarter to total between $62 million and $67 million.

Exfo expects a bottom line of between a loss of four cents per share and break-even on a per share basis.

The results include four cents per share in after-tax amortization of intangible assets and stock-based compensation costs.

"Despite a challenging environment during the last several quarters, I am increasingly optimistic about Exfo's opportunities for fiscal 2013 based on improving market conditions, recent investment plans announced by network operators and our highest bookings level in the past year," said Germain Lamonde, Exfo's chairman, president and CEO.

Shares in the company, which reported its results after the close of markets, were up two cents at $5.32 on the Toronto Stock Exchange.

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