Ad-hoc | 13 April 2007 15:39
CeoTronics AG / Quarter Results
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Revenues +4.3% / EBITDA +10.3% / EBIT +17.3% / Profit after tax for the
first nine months +25.4% / second-largest order backlog
CeoTronics AG Audio Video Data Communication (ISIN: DE0005407407),
Adam-Opel-Strasse 6, 63322 Rödermark (Germany), listed in the Prime
Standard’s Technology All Share segment of the Frankfurt Stock Exchange,
recorded consolidated group revenues of €14,036 thousand in the first nine
months of fiscal year 2006/2007 in accordance with IFRSs. The Company
therefore exceeded the previous year’s record Q1-3 revenues by 4.3%.
The consolidated order backlog as of February 28, 2007 fell by 15.9% as
against the record level in the previous year. The order backlog is the
second highest in the Company's history.
EBITDA (Earnings before Interest, Taxes, Depreciation and goodwill
Amortization/impairment) rose by €190 thousand compared with the prior-year
period, from €1,845 thousand to €2,053 thousand. EBIT improved by €244
thousand in the same period, from €1,411 thousand to €1,655 thousand; and
the profit after tax for the first nine months rose by €197 thousand, from
€776 thousand in the previous year to €973 thousand.
Gross cash flow increased by €143 thousand (+11.8%) year-on-year in the
nine-month period under review, from €1,210 thousand to €1,353 thousand.
Investments rose by €2,599 thousand as against the previous year, from €267
thousand to €2,866 thousand. Excluding real estate investments (which
totaled €2,590 thousand including transaction costs), the level is somewhat
higher than in the previous year.
Earnings per share improved by €0.09 to €0.44, compared to €0.35 for the
same period last year.
Consolidated equity as of February 28, 2007 amounted to €11,616 thousand,
while the equity ratio was 67.6% (previous year: 74.9%). The change is due
to the real estate acquisition, among other things.
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Information and Explaination of the Issuer to this News:
This improvement in revenues is due among other things to continued
government investment in digital radio technology in Spain (+61.7%) and
France (+29.6%). CT-Video GmbH increased its consolidated revenues by a
substantial 28.7%.
The high level of revenues in the German market could not be maintained in
the first nine months of fiscal year 2006/2007 (-5.4%). The planned
investments in the switch to digital radio (expected launch in late
2007/early 2008) have led to a temporary downturn in spending by German law
enforcement customers.
Revenue levels in Switzerland returned to normal as of February 28, 2007 at
35.9%.
However, the high order backlog (+287.4%) confirms our assumption in the
2006/2007 half-yearly report that the country’s government security and law
enforcement agencies will continue the switch to digital radio in 2007.
Revenues in United Kingdom rose by 15.9% year-on-year in the period under
review.
In Poland and the U.S.A., revenues fell from a low level by 15.9% and 28.4%
respectively.
CeoTronics U.S.A. reduced its losses by 58.1% year-on-year for the
nine-month period.
CeoTronics U.S.A.’s current revenues, cost, and earnings forecasts for the
next six years do not dictate any further adjustments of goodwill and the
carrying amount of the investment at present.
The number of employees in the Group (including trainees) increased to 147
as of February 28, 2007 (February 28, 2006: 144).
At +13.6%, CeoTronics’ share price performed positively in the period under
review (June 1, 2006 to February 28, 2007) (+17.9% after adjustment for the
deduction of the dividend of €0.30).
Thomas H. Günther, Chairman and CEO: 'We are satisfied with the Company’s
nine-month results. Revenue and earnings are on target to meet our
expectations of revenues of approximately €18.2 million by the end of the
fiscal year on May 31, 2007 and a profit for the year of approximately
€1,040 thousand.'
On April 2, 2007, CeoTronics announced its largest single order to date in
an ad hoc disclosure. The German Armed Forces awarded an order to
CeoTronics to supply a total of approximately 3,700 CT noise protection
helmets with the accompanying communication technology, comprising the CT
ContactCom (cranial microphone) and the CT-DECT digital radio system, worth
approximately €5.5 million.
CeoTronics plans to deliver and invoice approximately 2,000 of these
CT-DECT JetCom systems (worth approximately €3.0 million) in fiscal year
2007/2008. The approximately 1,700 remaining systems from the order
described above are expected to be delivered and invoiced by the end of
September 2008, and thus in fiscal year 2007/2008.
This order increased the CeoTronics Group’s euro order backlog as of April
2, 2007 by around 134% (year-on-year), thus pushing it to its highest level
by far since the Company was founded.
CeoTronics is prepared for the smooth completion of the order, so that all
other orders can be produced and delivered on schedule.
The tender won by CeoTronics also includes the option for a further
approximately 2,200 systems. In the event that the German Armed Forces
exercises this option during calendar year 2009, the entire order volume
would increase by approximately €3.3 million to approximately €8.8 million.
The outlook for fiscal year 2007/2008, which begins on June 1, 2007, is
positive due to the planed start of the switch to digital radio in Germany,
among other things.
CeoTronics expects business to continue its positive trend in fiscal year
2008/2009 due to the aforementioned delivery of the remaining CT-DECT
JetCom systems to the German Armed Forces and e.g. expected investments by
German law enforcement customers in communications accessories for the new
digital radios.
Further information:
CeoTronics AG Audio Video Data Communication
Investor Relations, Adam-Opel-Strasse 6, 63322 Rödermark, Germany
Tel.: +49 6074 8751-722, Fax: +49 6074 8751-720
E-mail: chairman@ceotronics.com, Internet: http://www.ceotronics.com
DGAP 13.04.2007
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Language: English
Issuer: CeoTronics AG
Adam-Opel-Straße 6
63322 Rödermark Deutschland
Phone: +49 (0)6074 8751-722
Fax: +49 (0)6074 8751-720
E-mail: investor.relations@ceotronics.com
www: www.ceotronics.com
ISIN: DE0005407407
WKN: 540740
Indices:
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin-Bremen, Stuttgart, München, Hamburg, Düsseldorf
End of News DGAP News-Service
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