init innovation in traffic systems AG
EANS-Adhoc: init innovation in traffic systems AG
init raises annual
projections after new record quarter
- sales and earnings growth further accelerated
ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
9-month report
29.10.2010
Karlsruhe, 29 October 2010. init innovation in traffic systems AG writes yet another record quarter, prompting the company to raise its projections for the 2010 financial year. With growth accelerating further in the third quarter of 2010, the Managing Board expects sales to total around EUR 78m for the year (to date: EUR 72m), with earnings before interest and taxes (EBIT) amounting to EUR 15m (to date: EUR 13m).
Based on the preliminary figures now available, the internationally active supplier for telematics, planning and electronic fare collection systems gen-erated revenues of EUR 24.8m between July and the end of September 2010 (previous year: EUR 20.5m). This makes the third quarter of 2010 the strongest in init´s entire history.
Cumulative consolidated sales in the first nine months improved by almost 30 per cent on the previous year, to EUR 57.4m (2009: EUR 44.3m), thus notably exceeding expectations. Some 60 per cent were generated in international business, the most considerable increases were due to ongoing major projects in North America and in Germany, the company´s domestic market.
Earnings before interest and taxes (EBIT) improved by over 54 per cent to EUR 11.1m at the end of September (2009: EUR 7.2m). At group level, net profit for the period rose to EUR 7.2m (2009: EUR 5.2m), corresponding to earnings per share of EUR 0.72 (2009: EUR 0.54).
Due to the inflow of funds from major projects, init also saw a new record in its operating cash flow, up at EUR 8.4m (2009: EUR 0.1m). Further payments are expected by the end of the year, which means that cash and cash equivalents (end of September: EUR 12.5m, 2009: EUR 3.9m) will further increase.
Despite the fact that some contracts expected in the third quarter have been postponed, init was able to generate new contracts worth EUR 15.6m. The order volume totalled EUR 119m on 30 September, providing init with a solid base for the coming financial year. Add to this the fact that several major international projects are pending a decision on contract allocation over the next few months. On the whole, the Managing Board sees excellent chances for init innovation in traffic systems AG to continue its course for success throughout the record year 2010.
The full nine-month report for the 2010 financial year will be published on 12 November.
end of announcement euro adhoc
Further inquiry note:
Alexandra Wirthmann
init innovation in traffic systems AG
Investor Relations
Telefon: +49(0)721 6100-102
E-Mail: awirthmann@initag.de
Branche: Semiconductors & active components
ISIN: DE0005759807
WKN: 575980
Index: CDAX, Prime All Share, Technology All Share
Börsen: Frankfurt / regulated dealing/prime standard
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