EANS-Adhoc: Basler AG
Third quarter of 2009 - low point in demand has passed -
cost-cutting program is effective according to plan - profit situation
distinctly improved compared to the first half-year
-------------------------------------------------------------------------------- ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------------
9-month report
05.11.2009
- Incoming orders and sales have slightly increased compared to both preceding quarters of 2009 - Progress as planned for realizing the new corporate strategy and the cost- cutting program - Break-even point was decreased by approx. 25 % compared to the end of 2009 - Working capital decreased by approx. 40 % compared to previous year - Incoming orders: EUR 8.1 million (previous year: EUR 11.3 million), sales: EUR 8.4 million (previous year: EUR 15.3 million), pre-tax earnings: EUR -0.6 million (previous year: EUR 1.2 million), free cash flow: EUR 1.7 million (previous year: EUR 1.7 million)
Ahrensburg, November 05, 2009 - After a year of continually decreasing equipment investment the macroeconomic general conditions for manufacturers of industrial goods have stabilized on a significantly decreased level in the third quarter of 2009. Demand in the Vision Technology market also found its low in the reporting period. With demand slightly increasing and a rapidly effective cost-cutting program, Basler AG was able to improve key figures in the third quarter compared to the first half-year of 2009 in almost all areas and has decreased the break-even point by approx. one quarter compared to the end of 2008 to approx. EUR 38 million.
The group's turnover of Basler AG summed in Q3-2009 to EUR 8.4 million (previous year: EUR 15.3 million, -45 %). At EUR 8.1 million, the incoming orders were 28 % below previous year's figure of EUR 11.3 million. The gross margin improved to 51 % (previous year: 48 %). The earnings before taxes (EBT) amounted to EUR -0.6 million (previous year: EUR 1.2 million). Net results declined to EUR -0.4 million (previous year: EUR 0.9 million). The working capital was reduced by approx. 40 % compared to the previous year to EUR 9.7 million. The free cash flow in the third quarter amounted to EUR 1.7 million and was therewith almost exactly on the previous year's level, in spite of considerably lower sales. Liquid assets amounted to EUR 5.5 million on the end of the reporting period. This corresponds to a decrease of EUR 1.2 million compared to the previous quarter, in spite of the payback of convertible bonds amounting to EUR 2.3 milion and expenses related to the cost-cutting program decided upon in the second quarter.
In its "COMPONENTS" business segment, Basler AG has realized sales in the third quarter of 2009 amounting to EUR 6.2 million. Accordingly, revenue from digital cameras declined by 23 % below previous year's figure of EUR 8.0 million. Sales already increased by approx. 11 % compared to the second quarter of 2009 (EUR 5.6 million). During the reporting period, incoming orders amounted to EUR 6.8 million and were still below the previous year's figure (Q3/2008: EUR 8.4 million, -19 %). However, compared to the previous period (Q2/2009: EUR 6.1 million), the figure increased by approx. 12 %. The earnings before interest and taxes of EUR 1.0 million for the segment were on the previous year's level in spite of a decline in sales and they increased relative to Q2-2009 by 150 %.
In the "SOLUTIONS" business segment, Basler AG realized sales revenue in the third quarter of 2009 amounting to EUR 2.2 million. This corresponds to a decline compared to the previous year by EUR 5.1 million (-70 %). Incoming orders in the third quarter of 2009 have likewise continued the low values of the previous year. Compared to the still strong corresponding quarter of the previous year, orders decreased by EUR 1.6 million, reaching EUR 1.3 million (Q3/2008: EUR 2.9 million, -55 %). The earnings for the segment before interest and taxes amounted in the third quarter to EUR -0.5 million and therefore decreased compared to the previous year by EUR 0.8 million (Q3/2008: EUR 0.3 million). Losses decreased by 86 % compared to Q2-2009.
In Q3-2009, Basler AG improved its market positions in the core businesses and will continue strengthening them in the next quarters with numerous new products. The implemented strategic adjustments and cost-cutting measures are showing effect and are providing for a speedy approach to the break-even point. In spite of expectations of equipment investment in the next year to be only slightly above the level of 2009, Basler AG will operate profitably again in fiscal year 2010.
Based on a stable balance sheet structure, sufficient financial reserves, a focused corporate strategy, and the strong coherence among our staff, we will emerge strengthened from the year 2009, that is a challenging one for the industrial goods industry.
We continue to expect the group's turnover for 2009 to appear between EUR 31 and 33 million. We continue to anticipate the group's earnings before taxes between EUR -8.0 and -8.5 million for 2009, due to the distinctly lower sales level compared to the previous year and due to the considerable one-time expenses in the context of the cost-cutting program of the first quarter. Adjusted for one-time expenses, the group's earnings before taxes for 2009 can be expected in the region between EUR -3.5 to -4.5 million.
The quarterly report can be downloaded from www.baslerweb.com/finanzberichte. Basler AG, Dr. Dietmar Ley (CEO), An der Strusbek 60 - 62, 22926 Ahrensburg, Tel. +49 (0)4102-463100, ir/baslerweb.com, www.baslerweb.com, ISIN DE 0005102008
end of announcement euro adhoc --------------------------------------------------------------------------------
Further inquiry note:
Verena Fehling
Assistant to the Board / Investor Relations
Telefon: +49(0)4102 463-100
E-Mail: Verena.Fehling@baslerweb.com
Branche: Semiconductors & active components
ISIN: DE0005102008
WKN: 510200
Index: CDAX
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade
Original-Content von: Basler AG, übermittelt durch news aktuell