Increased order backlog for Simrad Optronics
“The Q3-09 results are according to plan, and the group still expects increase in revenues for 2009 compared to 2008. We are also pleased with the 10% increase of the order backlog”, according to mr. Jon Asbjørn Bø, President and CEO of Simrad Optronics Group. Simrad Optronics ASA, the Norwegian defence products company, had a 13% growth in revenues relative to year to date 2008. The company reports an increase in EBITDA and EBT relative to YTD of 2008. Simrad Optronics’ revenues in the third quarter came to MNOK 122.4 – a 8% decrease over Q3-2008 (Q3-2008: MNOK 132.6). The Company reports an EBITDA of MNOK 16.6 for the third quarter – a MNOK 0.8 increase over Q3-2008 (Q1-2008: MNOK 15.8). Profit before taxes came to MNOK 6.9 (Q3-2008: MNOK -8.6). Due to the increase in efficiency and cost cutting programs implemented over the last year, the group has been able to increase EBITDA from Q3-08 to Q3-09 despite a small reduction in revenue from Q3-08 to Q3-09. Simrad Optronics experienced a strong order intake in the third quarter, which resulted in a strong order backlog of MNOK 630, up 10% from Q2-09. Focus on productivity, capacity and efficiency, in addition working capital, has further improved Simrad Optronics’ cash flow, and available cash has increased 30% in Q3. “The growth in revenues is expected to continue during next year, making year 2010 the sixth consecutive year with growth in revenues” concludes mr. Bø. The presentation of Simrad Optronics’ third quarter 2009 will be held today at Felix Conference Centre in Oslo, at 10:00 am. For further information, please contact: Jon Asbjørn Bø, President and CEO Telephone: +47 9308 6932 - Email: email@example.com Homepage: www.simrad-optronics.no Simrad Optronics ASA (Oslo Stock Exchange:SIT) is a leading provider of defence products based on electro optics and advanced mechanics. The company co-operates closely with the research units of the Norwegian Armed Forces and other providers of military equipment. A number of the company's products are world leaders in their respective fields. The company is internationally oriented with sales to more than 40 countries.