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Tilgin AB (publ) Interim report 1 January – 30 June 2010

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Second quarter 2010                                      

  • Net sales SEK 39.5 million (23.3), a 62 % increase from the previous quarter
  • Net result SEK -6.4 million (-16.2)
  • Result per share SEK -0.14 (-0.36) before dilution
  • Order intake SEK 21.6 million (19.4) and order backlog as of 30 June 2010 SEK 30.6 million (24.6)
  • Gross margin 33 % (37 %)
  • Operating result SEK -6.1 million (-15.3)
  • Cash flow from operating activities SEK -6.7 million (-9.4)
  • Cash and bank amounted to SEK 12.1 million (20.9) as of 30 June 2010

First half of 2010

  • Net sales SEK 63.8 million (62.0)
  • Net result SEK -18.7 million (-23.4)
  • Result per share SEK -0.42 (-0.52) before dilution
  • Gross margin 36 % (36 %)
  • Operating result SEK -18.0 million (-22.3)
  • Cash flow from operating activities SEK -4.5 million (-12.6)

A word from the CEO
Tilgin’s net sales increased by over 60 percent compared with both the previous quarter and with the corresponding period in 2009. The gross margin went down somewhat during the quarter, but is 36 percent for the first half of 2010, which is on par with the corresponding period in 2009. Order intake and order backlog went down from the previous quarter but was however higher than in the corresponding period in 2009.

The market in general is showing continued recovery, although we can observe a certain sluggishness in some markets when it comes to the operators’ investment decisions. Despite the component shortage that has affected the entire industry, Tilgin has succeeded relatively well with its deliveries during the quarter.

On the customer side, we have during the second quarter strengthened our position on the Danish fiber market, won new interesting orders in the U.S. and received an additional order from Superonline in Turkey, via our partner Ericsson. Our list of prospects is growing steadily.

On the development side we see the effects from focusing on one common software for all our hardware platforms, which has enabled a high development pace and lower maintenance during the quarter.

We have also in the second quarter continued with our tight cost control, and the efforts of balancing our costs with future revenue is an ongoing process. Additional measures for improved efficiency during the fall of 2010 are expected to lower our operating costs by 15 percent in 2011, compared with the first half of 2010.

We are entering the second half of 2010 with continued market growth, improved internal efficiency, and trimmed cost levels.

                                                   Mats Victorin, CEO

- END -

In view of the interim report, the capital market is invited to an audiocast on Friday 20 August. The live web transmission will start at 09:00 CET. Participants listening to the audiocast live may send questions via a questionnaire. Presentations and a link to the audiocast are available at www.tilgin.com/q210. For those unable to attend at 09:00 CET a recording will be held available via the company’s website.

For further information:
* Mats Victorin, CEO Tilgin AB, Tel: +46 8 572 386 02, E-mail: mats.victorin@tilgin.com
* Magnus Teeling, CFO Tilgin AB, Tel: +46 8 572 386 06, Email: magnus.teeling@tilgin.com

About Tilgin
Tilgin develops and delivers systems and software for the digitally connected home. Using Tilgin’s home gateways, gateway-based software and remote management solutions for provisioning, broadband operators can offer next generation broadband services. Tilgin’s solutions are operator-managed, software intensive and focused on next generation access. They enable operators to create new revenue streams, strengthen their brand and increase subscribers’ quality of service. For the end-user the value lies in new broadband services and the possibility to integrate all electronic devices in the home. Tilgin systems and solutions are used by more than 100 operators in more than 30 countries giving Tilgin a strong client base with a broad international reach. Tilgin was founded in 1997 and is listed at NASDAQ OMX Nordic Exchange i Stockholm. Tilgin is headquartered in Kista, Sweden, and the company has a network of international sales channels. For more information, please visit www.tilgin.com

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Interim report voip Tilgin Home Gateway broadband services next generation access Mats Victorin MGA Holding

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