ISRA returns to double-digit growth path: Revenues +12% to € 64.8 million, EBT +28% to € 10.6 million

ISRA VISION AG: Preliminary annual financial statements for the financial year 2009/2010 - fulfilling the forecast again

(PresseBox) ( Darmstadt, )
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- Increase in revenues by 12% to € 64.8 million (PY: € 58.2 million), revenues Q4: +28% to € 21.5 million (PY: € 16.7 million)
- EBIT climbed by 24% to € 11.5 million (PY: € 9.3 million), EBIT Q4: +49% to € 3.7 million (PY: € 2.5 million)
- EBT increased by 28% to € 10.6 million (PY: € 8.3 million); EBT Q4: +58% to € 3.4 million (PY: € 2.2 million)
- EBIT margin and EBT margin each increased by two percentage points respectively to 16% and 15% of the total output (PY:14% and 13%)
- Forecast: Double-digit growth in revenues and profit in the financial year 2010/2011; increase in market share; mid-term revenue goal: 100 +

ISRA VISION AG (ISIN: DE 0005488100), one of the world's leading providers of industrial image processing (Machine Vision), global market leader in surface inspection systems and one of the leading providers for 3D Machine Vision has once again fulfilled its own growth forecast and further increased profitability in the 2009/2010 financial year (01.10. to 30.09.). According to audited - but not yet certified - figures for the 2009/2010 financial year (1 October to 30 September), ISRA has increased the group's revenues by twelve percent to € 64.8 million and further expanded its market leadership. As a result of new higher performance products and a broad-based innovation and marketing offensive, ISRA is benefitting from increasing investment activities of important customers.

In the fourth quarter the group's revenues rose by 28 percent compared to previous year's quarter. It is becoming apparent that the industries addressed by ISRA have recovered from the recession in some segments. ISRA achieved the highest increases in revenues - sometimes more than 40 percent - in the Plastics, Metal and Print business units. While business in Paper segment was still moderate, glass was able to achieve the high level of last year again. The Automotive business unit developed well. Growth in Asia was the strongest of the regional markets. Europe developed well and business in the United States grew better than expected with double-digit rates.

The cost of production increased by eight percent to € 30.2 million and therefore increased to a much lesser extent in comparison to revenues. The gross profit raised to € 42.6 million (PY: € 38.1 million), and the gross margin improved to 59 percent in relation to the total output (PY: 58 percent).
Administration costs increased by two percent to € 3.8 million, clearly disproportionately to business development. Their share of total output decreased to five percent (PY: six percent). ISRA has therefore come one step closer achieving its own long-term profitability goal - an EBT margin of 20 percent. Earnings before interest, taxes and depreciations (EBITDA) improved by 16 percent to € 17.7 million. The EBITDA margin grew to 24 percent (PY: 23 percent). EBIT (Earnings before interest and taxes) went up by 24 percent to € 11.5 million. Earnings before taxes (EBT) - a key profitability indicator for the groups management - increased even more, by 28 percent to € 10.6 million. The EBIT and EBT margins (in terms of total output) were therefore improved by two percentage points each to 16 percent and 15 percent respectively. Net earnings after minority interests amounted to € 7.0 million (PY: € 6.5 million). This corresponds to earnings per share (EPS) of € 1.62 (PY: € 1.52).
The operational cash flow of € 7.7 million (PY: € 16.4 million) is influenced by the strong order entry in the fourth quarter. The liquid assets increased by 30.09.2010 from € 0.9 million to € 8.0 million.

In the Surface Vision segment ISRA is the global innovation and market leader. Revenue increased by 13 percent to € 53.3 million. The EBIT improved by 21 percent to € 9.6 million. Therefore the EBIT margin increased (in relation to total output) by one percentage point to 16 percent. With a strong fourth quarter, revenues in the Industrial Automation segment grew by six percent to € 11.5 million.
The EBIT climbed by 40 percent to € 1.9 million. The EBIT margin improved by four percentage points to 14 percent.

In the current financial year 2010/2011, ISRA is seeing the largest growth opportunities in the Asian markets, especially in China, Korea and India. The management expects the positive development in Europe and North America to continue. Further growth in revenues is expected in the Metal, Plastics, Print and Glass segments. The management continues to see good potential in the Special Paper business. There seems to be a recovery of the market in Paper. As a result of the innovation offensive in this segment - much of which originates from the new subsidiary in Helsinki - the management is expecting the Paper business to lead to new dimensions in the long-term. Impulses in the Automotive segment are getting stronger. This busines unit will also contribute to a growth in revenues in the current financial year. Beyond the markets currently served, ISRA intends to gradually expand its range to other sectors - such as health care.

Using the multi-segment strategy, ISRA remains focussed on a long-term double-digit growth. The company is diversified via the two technologies of surface inspection and industrial automation and throughout various industries in different regions all the world. This compensates regional and industry-specific economic fluctuations. The goal is to exceed a revenue threshold of € 100 million in the coming years. The economic crisis has postponed the original target date - 2012 - for the achievement of this target. The organic profitable growth and strategic acquisitions are the driving forces of the growth strategy. In July 2010, ISRA acquired "Graphikon Gesellschaft für Bildverarbeitung und Computergraphik mbH" located in Berlin. Several further acquisition projects are currently being processed.

With an order backlog of approx. € 32 million and outstanding offers to customers in the volume of several hundred million EUR, ISRA plans to grow by double-digit amounts in revenues and EBT in the current financial year 2010/2011.
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