Second quarter highlights
" Sales USD 65.5 million, up by 85% from Q2 2005, measured in USD.
" Organic sales growth 8%.
" Pro forma sales growth 4%.
" Amortization of intangible assets relating to recent acquisitions USD 3 million.
" EBITDA USD 13.1 million, up by 69% from Q2 2005.
" EBITDA ratio 20%, declining from 22% for Q2 2005.
" Net profit USD 3.9 million, excluding amortization of intangible assets related to recent acquisitions, down from USD 4.6 million for Q2 2005. Net profit USD 2.1 million without adjustment for amortization of intangible assets.
" Cash earnings per share diluted 1.76 US cents (net profit plus depreciation and amortization per share diluted), down from 1.86 US cents for Q2 2005.
" Earnings per share diluted 0.55 US cents, decreasing from 1.47 US cents for Q2 2005.
Jon Sigurdsson, President & CEO, comments:
"We achieved exceptional internal sales growth in prosthetics in North America and sales of bracing and support products were in line with expectations. However, sales of bracing and support products in Europe did not meet our expectations, mainly due to a decline in sales to distributors. Integration and restructuring activities continue to be major focus areas. Significant progress has been made and although we have been challenged in Europe we are optimistic about meeting our targets for the year. Our first major product innovation in the bracing and support sector, the Unloader® One knee brace, is proving to be a great success and the results from our limited launch of the bionic Power Knee and Proprio Foot are very promising. We will continue improving our existing operations as well as exploring external opportunities to reach our future goals."
