Option reports first quarter 2008 results

Leuven, Belgium, (PresseBox) - - Option N.V. (EURONEXT Brussels: OPTI; OTC: OPNVY), the wireless technology company, today announced its results for the first quarter ended March 31, 2008. The financial information reported in this release is presented in Euros and has been prepared in accordance with the recognition and measurement criteria of IFRS as adopted by the European Union (IFRS). The accounting policies and methods of computation followed in the attached financial statements are the same as those followed in the most recent annual financial statements.

Financial Highlights of the first quarter 2008:

- Total revenues for the first quarter of 2008 were EUR 76.8 million compared with EUR 69.1 realized in the first quarter of 2007.
- Gross profit during the first quarter of 2008 amounted to EUR 26.6 million or 34.6% on total revenues, compared with a gross profit of EUR 23.2 million or 33.6% on total revenues in the first quarter of 2007.
- The quarterly EBIT amounted to EUR 3.1 million or 4.0% on total revenues compared with EUR 8.3 million or 12.0% during the corresponding period in 2007.
- The financial result for the quarter was EUR -391 thousand. This result was heavily impacted by the non-cash effects of the strong Euro relative to the USD which had a positive effect on our financial gains and a negative impact on a hedging contract which is marked to fair value.
- The tax expense for the quarter was positively impacted by EUR 0.9 million resulting from the Belgian notional interest deduction.
- Net result for the first quarter of fiscal year 2008 amounted to EUR 2.8 million, or EUR 0.07 per basic and diluted share. This compares with a net profit of EUR 8.1 million, or EUR 0.20 per basic and diluted share during the first quarter of 2007.
- Cash flow from operating activities for the first quarter of fiscal year 2008 amounted to EUR 7.9 million which is in line with the corresponding period of 2007.
- Accounts Receivable and Payable for the quarter were EUR 77.9 and EUR 81.1 million respectively. Excluding net receivables and payables to key suppliers, these amounts are in line with Q4 given the increased sales revenue in the quarter.

Option Software Centre

Option, the wireless technology company, is a leading innovator in the design, development and manufacture of 3G HSUPA, HSDPA, UMTS, EDGE, and WLAN technology products for wireless connectivity solutions. Option has built up an enviable reputation for creating exciting products that enhance the performance and functionality of wireless communications. Option s headquarters are in Belgium (Leuven). The company has Research & Development in Belgium (Leuven), Germany (Düsseldorf and Adelsried), Sweden (Stockholm), and an ISO 9001 production engineering and logistics facility in Ireland (Cork). Option also has offices in Europe, US, Asia, Japan and Australia. For more information please visit www.option.com.

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