TECNOMEN'S OPERATING PROFIT SIGNIFICANTLY HIGHER THAN PREVIOUS ESTIMATE
Tecnomen Corporation STOCK EXCHANGE RELEASE
23 January 2009 at 1.00 pm
TECNOMEN'S OPERATING PROFIT SIGNIFICANTLY HIGHER THAN PREVIOUS ESTIMATE
In connection with its interim report for January - September 2008 published on
22 October 2008, Tecnomen stated that it estimated that the 2008
euro-denominated operating profit would be smaller than the operating profit for
2007.
The efficient and good completion of projects has had a positive impact on the
revenues and profit of the final quarter of 2008. Because of this, the 2008 net
sales and operating profit will be much higher than in the previous year.
The company's business operations are based on project deliveries, and the
income and costs for these are recognized in the financial statements according
to the percentage of completion. Towards the end of 2008 Tecnomen completed much
more of certain projects than it had expected, and so it was able to recognize
more revenue than it forecast. The cash flow for the final quarter of 2008 has
also been very strong.
The higher than previously expected recognition of revenue for projects at the
end of the year correspondingly reduces the order book at the end of 2008 and
the amount of revenue that will be recognized in the first quarter of 2009.
Tecnomen's net sales and result vary significantly from one quarter to another.
Net sales in the first quarter are usually lower than in the other quarters and
the operating result close to zero or negative.
TECNOMEN CORPORATION
FURTHER INFORMATION
Mr Jarmo Niemi, President and CEO, tel. +358 400 688 097
Mr Tuomas Wegelius, CFO, tel. +358 400 433 228
DISTRIBUTION
NASDAQ OMX Helsinki Oy
Main media
www.tecnomen.com
About Tecnomen
Tecnomen, founded in 1978, is one of the leading suppliers of
messaging and charging solutions for telecom operators worldwide. Tecnomen
markets and sells its products and services through its own organisation, as
well as through global and local partners, and has supplied its products to more
than 100 customers around the world. Headquartered in Espoo, Finland, Tecnomen
has 360 employees working in 15 locations worldwide. Tecnomen is listed on the
main list of NASDAQ OMX Helsinki Ltd. For more information on Tecnomen visit
www.tecnomen.com