Earnings Release • May 19, 2011
Earnings Release
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Corporate | 19 May 2011 07:25
InTiCa Systems AG: Q1 sales and earnings endorse growth course
InTiCa Systems AG / Key word(s): Quarter Results
19.05.2011 / 07:25
Consolidated sales up 71% year-on-year at EUR 10.9 million
EBITDA 48% higher at EUR 1.4 million (Q1 2010: EUR 0.9 million).
EBIT was EUR 0.24 million (Q1 2010: EUR 0.02 million)
Net profit of EUR 0.1 million (Q1 2010: net loss of EUR 0.1 million)
Board of Directors reiterates targets for 2011
Passau, May 19, 2011 – InTiCa Systems AG (Prime Standard, ISIN DE0005874846, symbol: IS7) increased consolidated sales and net income significantly in the first quarter of 2011 as a result of growth in the Industrial Electronics and Automotive Technology segments and ended the reporting period with a profit.
Sales and earnings position
In the first three months of 2011 the Group lifted sales by around 71% to EUR 10.9 million, the highest level achieved in a quarter since the start of 2007 and up from EUR 6.4 million in the first quarter of 2010. The Communication Technology segment contributed sales of EUR 2.2. million (Q1 2010: EUR 3.0 million). That was a decline of 26% year-on-year. However, this was offset by strong growth in the Industrial Electronics and Automotive Technology segments. Sales in the Industrial Electronics segment surged to EUR 5.5 million, a rise of more than 250% from EUR 1.6 million in the first quarter of 2010, while in the Automotive Technology segment sales increased by around 77% to EUR 3.2 million (Q1 2010: EUR 1.8 million).
While the Group made an operating loss in the second half of 2010 as a consequence of a substantial hike in material costs and logistics expenses, the situation normalized in the first three months of 2011. The operating result was therefore positive at EUR 0.24 million. The persistently strong price pressure continued in the Communication Technology segment, and this held back the Group's net income.
Consolidated EBIT was EUR 0.24 million in the first three months of 2011 (Q1 2010: EUR 0.02 million). Industrial Electronics and Automotive Technology both posted a significant improvement in EBIT compared with the first quarter of 2010. Industrial Electronics lifted EBIT from EUR 0.17 million in Q1 2010 to EUR 0.35 million in Q1 2011. In the same period, Automotive Technology raised EBIT from EUR 0.15 million to EUR 0.25 million. Automotive Technology achieved an EBIT margin of around 8% (Q1 2010: around 8%) while the EBIT margin in Industrial Electronics was round 6% (Q1 2010: around 11%).
The InTiCa Systems Group achieved net income of EUR 0.1 million in the reporting period (Q1 2010: loss of EUR 0.1 million). Earnings per share were EUR 0.03 (Q1 2010: minus EUR 0.02). As a result of positive currency effects amounting to EUR 0.2 million (Q1 2010: approx. EUR 0.4 million) from the translation of foreign businesses, comprehensive income was EUR 0.3 million in the first quarter of 2011 (Q1 2010: EUR 0.3 million).
InTiCa Systems' equity ratio is still a sound 48% (December 31, 2010: 48%). The operating cash flow was still negative in the first quarter, mainly as a result of pre-financing of orders on hand for which payment has not yet been received. At the same time, the Group recorded cash outflows for non-current assets, resulting in a reduction in liquid assets.
Outlook
In view of the expansion of the product range, the successful entry into new markets, the related positive impact on the order situation, and the increase in value added resulting from new production capacity, the Board of Directors of InTiCa Systems AG expects the group to achieve an earnings turnaround in 2011 and an EBIT margin of around 3%. For 2012 the Board of Directors assumes further growth in earnings provided that the economic trend remains positive.
The interim report for Q1 2011 is available at Investor Relations/Publications on the company's website at www.intica-systems.de.
InTiCa Systems AG
The Board of Directors
About InTiCa Systems:
InTiCa Systems is a European leader in the development, manufacture and commercialization of inductive components, passive analogue switching technology and mechatronic assemblies. It operates in the Automotive Technology, Communication Technology and Industrial Technology segments and has more than 450 employees at its sites in Passau (Germany), Prachatice (Czech Republic) and Neufelden (Austria).
The Automotive Technology segment focuses on innovative products that raise the comfort and safety of cars, improve the performance of electric and hybrid vehicles and reduce carbon emissions. InTiCa Systems' Communication Technology segment is the German market leader in splitters for the transmission of broadband signals, while the Industrial Electronics segment develops and manufactures mechatronic assemblies for the solar industry and other industrial applications.
CONTACT Walter Brückl | CEO
PHONE +49 (0) 851 – 966 92 – 0
FAX +49 (0) 851 – 966 92 – 15
MAIL [email protected]
End of Corporate News
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| Language: | English |
| Company: | InTiCa Systems AG |
| Spitalhofstraße 94 | |
| 94032 Passau | |
| Deutschland | |
| Phone: | 0851 / 96692 0 |
| Fax: | 0851 / 96692 15 |
| E-mail: | [email protected] |
| Internet: | www.intica-systems.de |
| ISIN: | DE0005874846 |
| WKN: | 587484 |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hamburg, München, Stuttgart |
| End of News | DGAP News-Service |
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| 125309 19.05.2011 |
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