SIGNS OF RECOVERY FOR SIMTRONICS
Simtronics ASA, the Norwegian fire and gas safety company, today posted its first quarter 2010 results. The company has started to recover from the difficulties in the second half of last year, but is still facing a challenging market. “In the first quarter we saw what we believe is the beginning of better times. Our order flow is picking up again and cost reductions are beginning to take effect,” said Simtronics CEO Rune Martini. Simtronics posted sales of NOK 70.3 million in the first quarter. This is a nine per cent decline from last year’s first quarter, but an 11 per cent increase over the previous quarter. EBITDA for the first quarter came in at NOK -0.3 million, compared to NOK -6.8 million in last year’s first quarter. Simtronics posted earnings before taxes of NOK -9.1 million in the first quarter (2009: NOK -13.1 million) and a net loss of NOK -6.1 million (2009: NOK -8.9 million). The finance cost in Q1 2010 (NOK - 6,0 million) is high compared to Q1 2009 (NOK - 3,6 million), due to unrealized agio effects and imputed interest cost on the convertible loan. Both of Simtronics business areas experienced a positive development in the first quarter. The Detection division continued its progress from last year, which was its best ever. Performance in the Extinguishing division improved significantly, due to the effects of restructuring last year. Simtronics’ order intake increased by 16 per cent from the previous quarter and the company has an order backlog of NOK 184 million at the end of the first quarter, an increase from the end of 2009. Simtronics has initiated a cost reduction program which will reduce operating costs significantly going forward. For further information, please contact: Mr Rune Martini, CEO of Simtronics ASA Phone +47 48 07 80 80 Homepage: www.simtronics.eu Simtronics ASA (Oslo Stock Exchange: SIMTRO) works to prevent disasters from happening. The company is an international supplier of fire and gas safety systems, active fire fighting solutions and fire prevention systems. Simtronics' flame and gas detectors represent the most accurate, reliable and robust safety technology available. The Company's products, solutions and systems are used by the oil and gas industry as well as in shipping, petrochemical and other process industries and in mining. Simtronics has a well established market base in Europe with Norway, France, UK and Germany as the single most important markets. Simtronics' heritage goes back to 1948.