Data Modul AG financial results for the 2nd quarter and 1st half of 2008

Good business development despite economic expectations

(PresseBox) ( München, )
The Munich based company Data Modul is a leading European Corporation in the area of display technology. Data Modul develops, manufactures and distributes innovative flat displays; electronic sub-assembly monitors, and complete information systems.

Due to the cessation of the business segment Multi-media at the end of 2007, and according to IFRS, the interim results have been separated between continuing (Industry and Information systems) and discontinued (Multi-media) segments. Because the results of the discontinued business segment Multi-media are no longer relevant, all the following comparisons will be made using the results of the continuing business segments. Revenues of 34.4 million euros were achieved during the second quarter of the current year, which is a decline of 10.1 % compared to the 38.3 million euros achieved during the same quarter last year. This decline was due to fewer deliveries for projects in the area of airport information systems. Analogous to this, revenues for the half year of 68.4 million euros were 4,0 % less that last year’s 71.3 million euros. Order entry during the second quarter showed an increase compared to last year, and reached 32.6 million euros in the second quarter of 2008, or 5.8 % above last year’s amount of 30.8 million euros. Order entry for the first half of 2008 amounted to 69.9 million euros or 8.9 % under the very high value of 76.8 million euros from last year which was due to project orders. The order backlog of 73.5 million euros was 4.3 % less than last year’s amount of 76.8 million euros. The theoretical range for revenues based on the order backlog continues to be about six months. The export quota during the first half of 2008 reached 37.4 % (31.2 % last year) and reflected the planned trend to additional internationalisation of the business activities. The earnings before interest and taxes (EBIT) according to IFRS behaved constant in the second quarter, and, similarly to the first quarter of the current fiscal year, achieved a quarter’s result of 2.1 million euros and in the first half of this year of 4.3 million euros, compared to 6.0 million euros last year. The earnings per share for the continuing business segments amounted to 0.92 euros (1.48 euros last year) for the first half of 2008 and 0.47 euros in the second quarter (1.20 euros last year), based on 3,205,620 shares. It should be noted that the results from last year were additional positively benefited by a special tax effect that resulted from the discontinued business segment Multi-media. The earnings per share for the Corporation amounted to 0.47 euros in the second quarter (0.31 euros last year), and for the first half of the year, the earnings per share were 0.92 euros, compared to last year’s amount of 0.65 euros. The equity ratio for the Corporation (according to IFRS) at the end of the second quarter 2008 amounted to 39.9 % and 65.0 % for Data Modul AG (according to HGB).

Even if a reliable prognosis for the entire year 2008 is not possible due to current uncertainties, we continue to hold to our original plan and estimate revenue for the Corporation will be around 140 to 145 million euros, as well as an EBIT for just the continuing business segments which will be slightly under last year’s amount. Because of focussing on development, production and sales capacity in the expansion of profitably stronger business activities as well as utilising resources in strong growth regions, we are convinced that our mid term goals of increasing revenues and profits will be achieved.
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