First Quarter 2010 Results
Steady performance in Collection Technology, currency adjusted.
Continued improved performance and strong order inflow in Industrial Processing Technology.
Significantly improved performance within Material Handling West Coast operations .
Revenues of 731 MNOK (754 MNOK in first quarter 2009). Up 6% after adjustment for currency change.
Gross margin increased to 40% (36% in first quarter 2009).
Operating expenses of 209 MNOK (222 MNOK in first quarter 2009). Unchanged after adjustment for currency.
Operating profit of 85 MNOK (51 MNOK in first quarter 2009). Up 127% adjusted for currency.
Cashflow from operations of 109 MNOK (4 MNOK in first quarter 2009).
Collection Technology
Revenues in the segment were 395 MNOK in the first quarter, down from 431 MNOK in first quarter 2009. After adjustment for currency change, revenues were flat. Gross margin remained unchanged at 48%. Operating expenses amounted to 123 MNOK, similar to first quarter 2009, but up 5% adjusted for currency change.
Materials Handling
Revenues in the business area were 205 MNOK in first quarter 2010, down from 216 MNOK last year. In USD, revenues were up 5%. Gross margin was 19%, up from 6% in first quarter 2009. An operating loss of 18 MNOK in first quarter 2009 was turned into a 14 MNOK operating profit first quarter 2010, as consequence of reinstated handlingfees and higher aluminiumprices in California
Industrial Processing Technology
Revenues in the quarter increased to 131 MNOK from 107 MNOK last year, mainly due to higher activity within TiTech. This represents a 30% increase compared to same quarter in 2009, currency adjusted.
Order intake improved during the quarter and the order book was 162 MNOK at the end of first quarter 2010, up from 130 MNOK at the end of 2009. As a result of higher revenues, a loss of 9 MNOK in first quarter 2009 was turned into 9 MNOK profit in first quarter 2010.
Asker, 21 April 2010
Tomra Systems ASA