CyBio closes short fiscal year with moderate net loss

Jena, (PresseBox) - Following the acquisition of a majority shareholding by Analytik Jena AG and the resulting change in its fiscal year, the CyBio Group (Deutsche Börse, General Standard, ISIN DE005412308) closed the short fiscal year ending September 30, 2009 with lower sales and a moderate consolidated net loss. The Jenabased provider of simultaneous pipetting technologies generated sales of EUR 10.9 million in the nine months under review, down EUR 0.2 million on the same period of 2008. The consolidated net loss improved to EUR - 0.3 million but remained negative.

"In the past fiscal year, CyBio has had to make important decisions on its future course following the acquisition by Analytik Jena," commented Jens Adomat, CEO of CyBio AG. "The three core items of this process were the structural and strategic reorientation of our Company in a difficult economic phase, the development of extensive synergies with Analytik Jena and the adjustment of the Company's sales and cost structure to reflect the changes in the market environment."

Sales of instruments in particular failed to meet expectations by some distance, falling by EUR 2.2 million compared with the same period of the previous year. This development was offset by the strong growth of more than EUR 2.0 million in the area of automation projects, although this segment has lower margins and is subject to high volatility. There was also an encouraging rise in sales of consumables in the short fiscal year from EUR 2.3 million to EUR 2.5 million, representing an increase of 8.7%.

The sales generated in the short fiscal year 2009 were primarily concentrated on the sales subsidiary CyBio Japan Co. Ltd. and CyBio AG itself. Automation projects accounted for around EUR 2.8 million or 25.7% of total sales compared with just EUR 0.3 million in the previous year. The Japanese sales subsidiary formed two years ago again doubled its sales, whereas the USA and UK sales regions are feeling the impact of the economic and financial crisis to a far greater extent. Despite successfully acquiring new customers, sales at CyBio NE Ltd. declined yearonyear, while the sales subsidiary CyBio US Inc. also saw a sharp downturn.

The Company significantly improved its earnings situation thanks to the start of the restructuring process, the cost reductions that have been initiated and, in particular, the reversal of provisions. At EUR -0.3 million, however, CyBio again recorded a consolidated net loss. In the previous fiscal year, the consolidated net loss amounted to EUR -4.5 million. The operating result (EBIT) for the period under review totaled EUR - 0.5 million (previous year: EUR - 4.3 million) for an EBIT margin of - 4.23%. Earnings per share improved to EUR - 0.05 (previous year: EUR - 0.83). At the end of the period, the Group had cash and cash equivalents of EUR 0.8 million (previous year: EUR 1.3 million).

"The consolidated net loss has improved against the previous year thanks to the restructuring measures that were urgently required as a response to the sharp fall in instrument sales, as well as the aforementioned effects from the reversal of provisions," continued Adomat. "All in all, the short fiscal year was unsatisfactory due to the difficult macroeconomic environment and additional integration requirements following the acquisition by Analytik Jena AG. The problematic liquidity situation that emerged midway through the year was only resolved with the assistance of the parent group. It will take every effort to get CyBio back on track."

As of September 30, 2009, the Group had 122 employees (December 31, 2008: 128).

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