Q4 2008 all time high revenues for Simrad Optronics
Q4 2008 all time high revenues for Simrad Optronics
Simrad Optronics ASA, the Norwegian defence products company, had a 67% growth in revenues in Q4 08 compared with Q4 07. EBITDA grew 196% compared with Q4 last year.
Simrad Optronics revenues in fourth quarter came in at MNOK 217, a 67% increase over Q407 proforma. This is all time high for the company. The Company reports an EBITDA of MNOK 42 for the fourth quarter (Q407 proforma: 14 million). Profit before taxes was MNOK 23 (Q407 proforma: MNOK -1).
The Group had a growth in revenues from 2007 to 2008 from MNOK 471 to MNOK 602 and a growth in EBITDA from MNOK 68 in 2007 to MNOK 76 in 2008.
“Despite a slow start in 2008, our US subsidiary, Vingtech Corp., has delivered a positive EBITDA for the whole year”, said Simrad Optronics President & CEO, Jon Asbjørn Bø.
Simrad Optronics views it as strategically important to have presence in the US market; the world’s, by far, largest military market. Therefore, the company is particularly satisfied with having achieved positive EBITDA figures in the US market in year one of operation.
The Group has established new sales channels in Australia & New Zealand through Vingtech Australia Pty Ltd, a joint venture company where Simrad Optronics ASA owns 55% of the shares.
“The Q4 high revenues record proves that the restructuring of the group and the expansion of production capacity during the last two years have had a positive impact operationally”, said Simrad Optronics President & CEO, Jon Asbjørn Bø.
Simrad Optronics experienced a steady order flow in the fourth quarter, which resulted in a strong order backlog of MNOK 600, down 15% compared to all time high.
The ongoing financial crises and global recession seem so far to have had little impact on military spending.
For further information, please contact Jon Asbjørn Bø, President & 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.