-- Group sales after 9 months at 342.8 million euros markedly up on
the previous year's level (+ 13%)
-- First three quarters' net result improved to -1.2 million euros
-- Positive net result of 1.2 million euros for the quarter
-- Sales forecast for the full year unchanged at around 490
million euros
-- Forecast result for the full year unchanged at around 20
million euros
AUGSBURG, Germany, Nov. 14, 2006 (PRIMEZONE) -- The BOWE SYSTEC Group continued its growth path in the third quarter 2006. With group sales recording double-figure growth rates and order intakes retained at the same high level in the third quarter, BOWE SYSTEC expects to outperform 2005 also for the full financial year.
3rd quarter
During the months July to September 2006 group sales and order intakes of the BOWE Group totaled 117.2 million euros and 115.1 million euros respectively. As such, group sales rose by 12% compared with the third quarter in the previous year, whilst order intakes remained virtually unchanged (+1%). The order backlog as of end of September 2006 totaled 95.6 million euros and therefore also remained relatively stable against the order backlog of 97.8 million euros as of the end of the second quarter this year. The order backlog as of end of September was approx. 23% lower by comparison with the previous year due to lower bulk orders. Changes in currency exchange rates against previous year reduced the order backlog as at the quarter end by 3.9 million euros.
Earnings before interest, tax, depreciation and amortization (EBITDA) showed a very pleasing trend during the same period, increasing from 5.9 million euros in the third quarter 2005 to 10.9 million euros in the quarter covered by the report. The BOWE Group achieved a positive net result for the quarter, posting a figure of 1.2 million euros compared with a loss of 0.5 million euros for the corresponding period in the previous year.
9 months
Sales of the BOWE Group for the whole of the first nine months of the current financial year reached 342.8 million euros, consequently 39.2 million euros or approx. 13% above the figure for the first three quarters 2005. The growth came primarily from the U.S. subsidiary BOWE BELL + HOWELL which posted sales of mail sorting products outside the USA that increased by approx. 19 million euros and sales of inserting products in America that were a good 16 million euros higher.
The order intakes generated by the BOWE SYSTEC Group from January to September 2006 totaled 342.9 million euros and were thus at the same level achieved in the first nine months of the previous year (342.1 million euros).
BOWE SYSTEC posted an increase of 71% in the cumulated result before interest, tax, depreciation and amortization (EBITDA), disproportionately above the growth in sales, to 27.3 million euros. The net loss recorded in the previous year was improved by 3.0 million euros to -1.2 million euros.
Outlook
Based on the present order backlog and based on the existing currency exchange rates, the Board continues to expect annual sales of approx. 490 million euros for the full year 2006. The forecast net result inclusive extraordinary income also remains unchanged at around 20 million euros.
Quarterly financial Third Quarter 9 months statement according to IFRS Financial Year 2006 2005 2006 2005 Order intake (million EUR) 115.1 114.4 342.9 342.1 Order backlog (million EUR) -- -- 95.6 124.8 Sales (million EUR) 117.2 104.5 342.8 303.0 EBITDA (million EUR) 10.9 5.9 27.3 16.0 EBIT (million EUR) 6.7 0.9 13.7 2.8 EBT (million EUR) 2.3 -1.7 0.4 -3.6 Net results (million EUR) 1.2 -0.5 -1.2 -4.2 EPS (EUR) 0.19 -0.07 -0.18 -0.63 Employees (September 30th) -- -- 3,602 3,651 The complete interim report can be found on http://www.boewe-systec.de or can be requested by calling Tel. +49(0)821 / 5702-365. BOWE SYSTEC AG The Board Financial Calendar of BOWE SYSTEC AG: November 16, 2006 Road Show in London November 23, 2006 Road Show in Frankfurt April 2, 2007 Press briefing on annual results 2006 May 15, 2007 Interim report as of March 31, 2007 May 24, 2007 Annual Shareholders' Meeting, Augsburg August 9, 2007 Interim report as of June 30, 2007 November 13, 2007 Interim report as of September 30, 2007