Another Strong Quarter for Simrad Optronics – Record High Revenues in 2009

“The 2009 revenues came in at MNOK 624, which is 4% above 2008 and the fifth year of consecutive growth in revenues. EBITDA improved with 14 % compared with 2008”, according to Mr. Jon Asbjørn Bø, President & CEO of the Simrad Optronics Group. Simrad Optronics ASA, the Norwegian defence company, had a revenue of MNOK 623.9 in 2009. EBITDA increased to MNOK 86.6 compared to MNOK 76.0 in 2008. EBT increased to MNOK 48.7, from MNOK 18.4 in 2008. Simrad Optronics’ revenues in the fourth quarter came to MNOK 186.7, 14% below the record high foruth quarter of 2008 (Q4-2008: MNOK 216.6). The Group reports an EBITDA of MNOK 40.6 for the fourth quarter, MNOK 1.8 below Q4-2008 (Q4-2008: MNOK 42.4). Profit before taxes in Q4-2009 came to MNOK 29.6, an increase of MNOK 6.4 compared to the previous year’s fourth quarter (Q4-2008: MNOK 23.2). Due to efficiency improvements, as well as cost cutting programs implemented over the last year, the Group has been able to increase the EBITDA margin with 1.3 %-points during 2009. Simrad Optronics experienced a considerable order intake in the fourth quarter, which resulted in a strong order backlog of MNOK 700, up 11 % from Q3-09. Focus on productivity, capacity and efficiency and working capital, has improved Simrad Optronics’ cash flow, and available cash has increased from MNOK 44.6 to MNOK 92.3 during Q4-2009. Regarding the 2010 outlook “the revenue growth rate in 2010 is expected to be above 2009 level” concludes Mr. Bø. The presentation of Simrad Optronics’ fourth quarter 2009 will be held today at Felix Conference Centre, Oslo, at 10:00 a.m. For further information, please contact: Jon Asbjørn Bø, President & CEO Telephone: +47 9308 6932 - Email: jab@simrad-optronics.no Homepage: www.simrad-optronics.no About SIMRAD Optronics ASA (Oslo Stock Exchange: SIT) The company is a global, leading niche supplier to the world wide defence market. The company has subsidiaries in Norway (Vinghøg AS), the United States (Vingtech Corp) and in Australia (Vingtech Australia Pty Ltd). The Group’s main activities are related to product areas like Remote Weapon Systems, Electro Optics, Weapon Improvement Products and Vehicle Systems.