Another strong quarter for Simrad Optronics
“First quarter of 2009 is the fourth running quarter with increased revenues, and the third running quarter with increased EBITDA, relative to the corresponding quarter previous year” according to Mr. Jon Asbjørn Bø, president and CEO of Simrad Optronics Group.
Simrad Optronics ASA, the Norwegian defence products company, had a 61% growth in revenues in Q1-2009 relative to Q1-2008. The company reports a substantial increase in EBITDA relative to the corresponding quarter of 2008.
Simrad Optronics revenues in the first quarter came to MNOK 155.2 – a 61% increase over Q1-2008 (Q1-2008: MNOK 96.5). The Company reports an EBITDA of MNOK 13.3 for the first quarter – a MNOK 12.1 increase over Q1-2008 (Q1-2008: MNOK 1.2). Profit before taxes came to MNOK 6.4 (Q1-2008: MNOK -14.6).
On segment level, both “Operations Norway” and “Operations US” report positive progress in revenues and EBITDA relative to corresponding quarter previous year.
The company announced its 2009 priorities, which are:
• Further growth in revenue – maintain margins.
• Strong focus on Working Capital items, improve financial position through cash from operating activities.
• Further development of our subsidiaries abroad.
• Strong focus on product development.
Simrad Optronics experienced a steady order flow in the first quarter, which resulted in a strong order backlog of MNOK 575, down 4% compared to year end 2008.
“For the whole year Simrad Optronics Group expects further growth, but not at the same speed as was the case from 2007 to 2008”, concluded Mr. Bø.
The presentation of Simrad Optronics’ first quarter 2009 will be held today at Felix Conference Centre, Oslo, at 10:00 am.
For further information, please contact:
Jon Asbjørn Bø, president and 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.