Basler AG

Earnings Release • Aug 6, 2003

News Details

Ad-hoc | 6 August 2003 08:01

Basler AG english

Basler Returns to Profit Zone Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Basler Returns to Profit Zone Balanced results in 2nd quarter 2003 contrast with same-quarter loss of -0.4 million euros last year – First half of 2003 with a sales plus of 28% and a decline in losses of 75% over the prior-year first half – Quarterly and semiannual results in line with 2003 turnaround plan Ahrensburg, 6 August 2003 – Basler AG, a leading company in the field of vision technology, the technology behind machine vision, swung to a profit in second quarter 2003 confirming its turnaround plan for the 2003 fiscal year. Sales in second quarter increased 5% to 8.5 million euros (Q2/2002: 8.1 million euros). Sales also rose 28% to 14.8 million euros (1 HY 2002: 11.5 million euros) over the first six months. All the business divisions contributed to this revenue growth, particularly the Vision Components division (high-performance cameras for industrial applications). In light of improved sales revenues and optimized cost structures, net earnings in second quarter 2003 totaled 62,000 euros, compared to a loss of -368,000 euros in the same quarter last year. This marks the first time a modest profit was made since third quarter 2002. In this first half year, the loss arising in part from the typical seasonal factors in first quarter was reduced to -801,000 euros (1st HY 2002: -3.2 million euros). The volume of new business continued progressing favorably. Orders valued at 9.4 million euros were booked in second quarter – a slight drop of only -3% from the exceptional year-earlier quarter (9.7 million euros). This means that new business in this first half year improved 11% to 17.6 million euros (1st HY 2002: 15.8 million euros). This second quarter of 2003 and the overall first fiscal half simply reconfirm the Managing Board’s plans to increase sales in 2003 to more than 30 million euros (2002: 26.7 million euros) and post a profit for the full year (2002: -3.5 million euros). The complete quarterly report is available for downloading at http://www.baslerweb.com . Please contact: Christian Höck, Tel. +49(0)4102-463175, christian.hoeck@baslerweb.com, http://www.baslerweb.com end of ad-hoc-announcement (c)DGAP 06.08.2003 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Basler Returns to Profit Zone Both business divisions – Vision Systems and Vision Components – contributed to increased sales and improved earnings in both second quarter and the first fiscal half of 2003. The Vision Systems division posted sales revenues of 5.7 million euros (Q2/2002: 5.5 million euros, +4%) in second quarter 2003. This improvement is attributable primarily to the continuing high demand for DVD inspection systems from its Optical Media Inspection unit. Vision Systems generated sales for this first half year totaling 9.6 million euros (1st HY 2002: 7.4 million euros, +30%) and even improved its volume of new orders. Vision Systems booked orders totaling 6.5 million euros in second quarter – a slight drop of -8% compared to the same quarter a year ago (7.0 million euros). This slip is due mostly to the effects that cut-off dates have when making year-on-year comparisons. These will balance themselves out in the course of this third quarter in comparison to the prior year. Vision Systems had net earnings in second quarter 2003 of 274,000 euros, a figure that was much better than that of the same quarter last year (Q2/2002: -216,000 euros, +227%). This allowed the loss for the first half of 2003 to be reduced to -658,000 euros, which was significantly lower than the year-earlier loss (1st HY 2002: -2.4 million euros, +73%). The Vision Components business division (high-performance digital cameras for industrial applications) continues to evolve and grow extremely well. In second quarter this division recorded sales revenues of 2.8 million euros, or an improvement of 12% over the same quarter last year (Q2/2002: 2.5 million euros). The division closed out this first half year of 2003 with sales of 5.2 million euros – an increase of 26% over last year’s first fiscal half (1st HY 2002: 4.1 million euros). Vision Components posted orders valued at 2.9 million euros in second quarter bringing its total for this first fiscal half to 5.5 million euros. This equates to an increase of 7% over the same quarter a year ago (Q2/2002: 2.7 million euros) and a jump of 28% over the prior year’s first half (1st HY 2002: 4.3 million euros). What made this solid sales performance possible was a growing target market and the division having won new market shares. Net earnings for Vision Components in second quarter 2003 totaled 66,000 euros, or just below that of the year-earlier quarter (Q2/2002: 276,000 euros, -76%). First-half-year profits in 2003 increased to 282,000 euros, for a remarkable improvement over last year (1st HY 2002: -153,000 euros, +284%). The liquidity situation remains stable. Although cash and cash equivalents diminished slightly by -269,000 euros in the second quarter, they were still at an adequate level of 899,000 euros as of 30 June 2003. All together the liquid assets in the first half of 2003 increased 41% or 526,000 euros over the amount reported in the 2002 annual financial statements (373,000 euros). In June Basler signed an agreement with its banks and senior shareholders for long-term financing of its planned organic growth. The agreement runs until the end of 2004 and includes both new lines of credit and provisions to extend or increase existing shareholder loans. The economic equity as of 30 June 2003 totaled 9.8 million euros (2002: 9.8 million euros, Q2/2002: 10.0 million euros) and includes shareholders’ equity of 3.3 million euros (2002: 4.1 million euros, Q2/2002: 5.9 million euros), subordinated shareholder loans (5.0 million euros, 2002: 4.1 million euros, Q2/2002: 4.1 million euros), as well as a dormant holding and its related long- term loans (1.5 million euros, 2002: 1.5 million euros, Q2/2002: 0.0 million euros). This corresponds to an economic capital ratio of 58% (2002: 60%, Q2/2002: 55%). The total number of employees as of the reporting date was 258, which is slightly higher than the staffing strength of the same quarter a year ago (Q2/2002: 256, +1%). Basler AG develops, produces and markets vision technology – the technology behind machine vision – worldwide. Our quality-assurance systems and vision components are superbly tailored to meet client application needs. They are the preferred systems for use in industrial production processes, where they help optimize the effectiveness and operating efficiency of automated manufacturing. The CD/DVD, rubber, elastomer, flatscreen-display and foil-products industries form Basler AG’s principle target markets. The company also serves industry with a range of high-performance, branch-configured component products like cameras. Additional Information: Christian Höck, Tel. 04102-463175, christian.hoeck@baslerweb.com. http://www.baslerweb.com ——————————————————————————– WKN: 510200; ISIN: DE0005102008; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, München und Stuttgart 060801 Aug 03