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Softing AG — Earnings Release 2009
May 14, 2009
405_rns_2009-05-14_44546a07-576a-4485-a1d6-c8310829c74d.html
Earnings Release
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Corporate | 14 May 2009 07:32
Softing: Recovery expected in second half of 2009
Softing AG / Quarter Results
Release of a Corporate News, transmitted by DGAP - a company of EquityStory
AG.
The issuer / publisher is solely responsible for the content of this announcement.
(Haar/Germany, May 14, 2009) - Softing is finally feeling the effects of
the economic crisis, with sales declining 13% to EUR 6.2 million in the
first quarter of 2009 (previous year: EUR 7.1 million). This result follows
record sales of EUR 33.4 million (EUR 29 million) in 2008, which emphasized
the company's strong market position. Softing's earnings per share had more
than doubled in 2008 from 22 to 46 cents.
One-time restructuring costs of EUR 0.5 million led Softing to report a
loss of EUR 0.6 million at the end of the first quarter of 2009. Softing's
incoming orders amounted to EUR 6.4 million (EUR 8.8 million), while the
orders on hand even rose slightly compared with the end of 2008 to just
under EUR 4 million (EUR 3.68 million).
'The restructuring costs will have a positive impact by the middle of the
third quarter of 2009,' says CEO Dr. Wolfgang Trier. Without mentioning
specific figures, Dr. Trier also expects sales and earnings to improve in
the second half of the year. 'We already have Industrial Automation and
Automotive Electronics orders for the second half of the year which would
be almost impossible to postpone because our customers urgently need them.'
As of the balance sheet date of March 31, 2009, Softing had cash and cash
equivalents of EUR 4.5 million (December 31: EUR 5.6 million), which
corresponds to a cash balance of around 80 cents per share. In 2008,
Softing bought back treasury shares worth EUR 1.39 million.
Softing intends to return to its previous course of growth in the medium
term. Regarding the company's growth targets, Dr. Trier says, 'Our record
figures in 2008 weren't a fluke but rather the result of intensive sales
and development work. In a normal economic environment, we will certainly
be able to achieve and build upon these sales and earnings figures once
again.'
About Softing:
Softing is a global provider of hardware and software for industrial
automation and automotive electronics. The company develops high-quality
standard technology products in close cooperation with its customers.
The Industrial Automation division has established itself as a specialist
provider of fieldbus technology and as a competent partner for the
networking of automation systems. Softing develops solutions for its
customers to connect and diagnose devices, controls and systems involved in
the exchange of data.
The powerful tools and solutions offered by its Automotive Electronics
division have made Softing a systems partner to automobile manufacturers as
well as systems and control unit suppliers. Softing specializes in vehicle
communication, diagnostics and test systems.
Content:
Dr. Wolfgang Trier
Phone.: +49(0)89 45656 0
Email: [email protected]
Technical realisation:
Emilio Kokot
Phone: +49(0)89 45656 311
Email: [email protected]
14.05.2009 Financial News transmitted by DGAP
Language: English
Issuer: Softing AG
Richard-Reitzner-Allee 6
85540 Haar
Deutschland
Phone: +49 (0)89 456 56-333
Fax: +49 (0)89 456 56-399
E-mail: [email protected]
Internet: www.softing.com
ISIN: DE0005178008
WKN: 517800
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Stuttgart, München, Hamburg, Düsseldorf
End of News DGAP News-Service