Turbon AG — Earnings Release 2004

Nov 25, 2004

News Details

Ad-hoc | 25 November 2004 08:24

Turbon AG – Figures for nine months

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Turbon AG – Figures for nine months Consolidated sales in the first nine months were EUR 93.1 million (p.y.: EUR 99.6 million). In the course of the consolidation of the group sales the negative currency effect came to a total of EUR 2.8 million. Earnings before interest and taxes (EBIT) were EUR 3.5 million (p.y.: EUR 5.0 million), income from ordinary operations was EUR 2.8 million (p.y.: EUR 4.2 million). Consolidated net income was EUR 1.9 million (p.y.: EUR 3.0 million). Earnings per share were EUR 0.52 (p.y.: EUR 0.83). The greatest influence on the development of sales and results this year was the extremely high pressure on prices resulting from ever greater penetration of the market by products from low-cost countries, sales decline with NCR and in the area of contract manufacturing. Overall, we succeeded of compensating for the greater part of the developments by successes in gaining new customers and cost management. However, a major part of the positive effects on sales and results will not be reflected in the figures until 2005. On the sales side, we succeeded in acquiring several new major customers. Furthermore, we have succeeded in establishing delivery relations with a leading IT company. The majority of the contracts concluded will lead to deliveries from the first quarter of 2005. The transition of production into the low-cost locations of Thailand and Romania will be consequently pushed. The existing injection molding production sites for the manufacturing of plastic parts will be combined (savings will be around US$ 1.0 million p.a.). In spite of all these measures, we are making a downward adjustment of our sales and results forecast for 2004. For the 2004 financial year as a whole, we anticipate consolidated sales of approx. EUR 125.0 million and consolidated net income of between EUR 2.0 and 2.5 million. The aim for 2005 is to return to a level of consolidated net income that is significantly higher than EUR 3.0 million, derived from the combination of growth in sales (budget 2005: EUR 130.0 to 135.0 million) and the effects of the cost-cutting measures. The full Interim Report for the first nine months of 2004 can be requested from Turbon AG (Secretariat, Ruhrdeich 10, 45525 Hattingen). You will also find the report on our website at http://www.turbon.de . Hattingen, November 25, 2004 Turbon AG end of ad-hoc-announcement (c)DGAP 25.11.2004 ——————————————————————————– WKN: 750450; ISIN: DE0007504508; Index: Listed: Geregelter Markt in Düsseldorf und Frankfurt (General Standard); Freiverkehr in Berlin-Bremen, Hamburg und Stuttgart 250824 Nov 04