An der Stusbek 60 - 62
22926 Ahrensburg, de
+49 (4102) 463-100
Basler records consistent profitable growth & raises 2008 forecast for the second time
Fundamental data show substantial improvement over previous year - Turnover: + 23%, - Pre-tax earnings: + 300%, - Free cash flow: + Euro 1.7 million / Decline in incoming orders / 2008 turnover and earnings forecast raised for the second time
The company's 3rd quarter turnover in the amount of Euro 15.3 million exceeded the previous year's figure by 23%. On a cumulative basis, turnover in the financial year 2008 rose by 16% to Euro 42.5 million compared to the previous year. 3rd quarter earnings before taxes amounted to Euro 1.2 million, while standing at Euro -0.6 million in the comparable period of 2007. In the first 9 months of 2008, positive earnings before taxes were generated in the amount of Euro 2.8 million - the previous year's figure amounted to Euro -0.4 million. At Euro 11.3 million, 3rd quarter incoming orders declined for the first time in 2008 (-20%). This decline reflects the slowdown in the economic environment. The cumulative incoming order volume of the current financial year's first nine months rose to a record figure of Euro 53.4 million. This represents a 33% increase over the previous year's period. Our order book reaches well into the 2nd quarter of 2009. At Euro 1.7 million, our 3rd quarter 2008 cash flow was positive (Q3/2007: Euro 0.1 million). On a cumulative basis, the free cash flow in the financial year 2008 increased from Euro -2.8 million in the previous year to Euro +2.9 million.
In the 3rd quarter 2008, turnover in the Basler Components division rose by 4% to the new record figure of Euro 8.0 million. In the first nine months of 2008, digital cameras generated turnover in the amount of Euro 22.9 million - 9% more than in the previous year's period. Incoming orders amounted to Euro 8.4 million in the 3rd quarter (Q3/2007: -2%). The 2008 cumulative incoming order volume increased by 12% to Euro 25.8 million. In the 3rd quarter, the component business generated earnings before taxes and interest of Euro +1.0 million (+25% over the previous year's period), rising to Euro +3.0 million in the first 9 months (Q1-Q3/2007: Euro 2.8 million) despite high investments in the video surveillance market.
3rd quarter turnover in the Basler Solutions division amounted to Euro 7.3 million, which represents a 55% increase over the 3rd quarter 2007. In the first nine months of 2008, the cumulative turnover amounted to Euro 19.6 million (previous year's period: +25%). As expected, incoming orders in the Basler Solutions division declined by 48% to Euro 2.9 million after two very robust preceding quarters. This decline was due to a cyclical slowdown in demand in the flat screen industry. Total incoming orders in the first nine months amounted to Euro 27.6 million - a 61% increase over the previous year. The segment's 3rd quarter earnings before taxes and interest amounted to Euro +0.3 million (Q3/2007: Euro -0.9 million). On a cumulative basis, the Basler Solutions division generated total segment earnings of Euro +0.2 million (comparative period 2007: Euro -2.6 million).
Due to the positive development of the financial year's first nine months and owing to our solid order book, we are raising our forecast for the financial year 2008 for a second time despite the slowdown in the market environment. We now expect turnover in the amount of Euro 55 million and pre-tax earnings of just above Euro 3.0 million. Once again, our free cash flow will be positive in the fourth quarter.
The quarterly report is available online and for download at www.baslerweb.com/finanzberichte.
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