Q-FREE SECOND QUARTER AND FIRST HALF YEAR 2013 RESULTS
Q-Free reported revenue of NOK 148 million for the second quarter 2013, an increase of 29% from the same quarter last year. Operating profit (EBIT) improved to a positive NOK 0.3 million from an operating loss of NOK 22.8 million in the same period last year, and the loss before tax was reduced to NOK 2.3 million from a loss of NOK 23.5 million in the second quarter 2012.The improved earnings mainly reflect changes in the revenue composition, with higher product and service and maintenance revenue.
The company has seen an uptick in tag demand, and the overall order intake of NOK 194 million represents almost a tripling from the second quarter last year and more than a doubling compared to the first quarter 2013. The order backlog amounted to NOK 433 million at the end of the quarter.
Export Credit Norway and the customer PT Rin signed post quarter a loan agreement for the major Electronic Law Enforcement (ELE)-project in Jakarta, Indonesia. The release of the loan is dependent on the customer making an initial payment of USD 6 million to Q-Free, which will also mark the project start-up.
For the first half year 2013, revenue increased 22% to NOK 286 million (235). EBIT was NOK -53.0 million (-32.7), including a NOK 18 million accrual for restructuring costs, and the loss before tax NOK 57.5 million (31.9).
Q-Free continues to see a positive long-term outlook, with opportunities both in the traditional Road User Charging (RUC) and in the market for Advanced Traffic Management Systems (ATMS). The Profit Improvement Program launched during the first half progresses as planned towards the target reduction of annual operating costs and capital spending investments by NOK 60 million when fully implemented in 2014.
Enclosures: Presentation and report
Oslo,14 August, 2013
For further information, please contact:
CEO Øyvind Isaksen, cell: +47 908 76 398
Q-Free is a leading global supplier of products and solutions for Road User Charging and Advanced Transportation Management. The company has approximately 290 employees and is represented in 17 countries. Headquarter is based in Trondheim, Norway. Q-Free is listed on the Oslo Stock Exchange with the ticker QFR.
www.q-free.com, Twitter: @Q-FreeASA