ALL TIME HIGH ORDER BACKLOG, HOWEVER REDUCED REVENUE IN Q1
Simrad Optronics ASA, the Norwegian defence products company, experienced a drop in revenue in the first quarter. The drop in revenue is due to delay in deliveries. SOASA had deliveries for approximately NOK 40 million which were delayed in Q1. This delay has been reduced to less than NOK 30 million after Q1 to date. Based on the positive outlook in the order book, SOASA expects a growth in revenue from 2007 to 2008 from NOK 450 mill to NOK 550 Mill. EBITDA for 2008 is expected to be between NOK 70 mill to 80 mill.
Simrad Optronics revenue in first quarter came in at NOK 96,5 million, a 32,8 % decrease over Q1 07. The Company reports an EBITDA of NOK 1,2 million for the first quarter (Q107: 24.7 million). Profit before taxes was NOK -14.6 million (Q107: NOK 12.1 million).
“Currently we have strong focus on reducing the delays in delivery and to secure that our suppliers can meet our delivery demands.” said Simrad Optronics CEO, Jon Asbjørn Bø.
Simrad Optronics saw a steady order flow also in the first quarter, which ended with an order backlog of NOK 690 million.
The US subsidiary Vingtech Corp is progressing according to plan and have currently steady production of RWS and also been ISO certified.
“The defence market is still growing and we are experiencing a strong demand for all of our four product groups. So we still expect a growth in revenue in 2008 compared to 2007 of 20%.” said CEO Jon Asbjørn Bø.
NOTE: All 2007 figures are pro forma; including NDS, which was acquired in Q1 2008
For further information, please call Jon Asbjørn Bø, CEO,
Telephone: +47 9308 6932
Email: jab@simrad-optronics.no
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.