Option reports Second Quarter and First Half Year 2009 results

(PresseBox) ( Leuven, )
Option N.V. (EURONEXT Brussels: OPTI; OTC: OPNVY), the wireless technology company, today announced its results for the second quarter and the half fiscal year ended June 30, 2009. 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. 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. The company will be releasing its IAS 34 interim financial statements before the end of August.

Financial Highlights of the second quarter 2009

- Total revenues for the second quarter of 2009 were EUR 41.3 million compared with EUR 60.8 million realized in the second quarter of 2008.

- Gross margin in Q2 2009 was 20.0% on total revenues, compared with gross margin of 24.7% for Q2 2008. Gross margin would have been 20.9% excluding a one-off restructuring charge of EUR 385 thousand, attributable to the cost of product sold.

- Compared to Q2 2008, operating expenses decreased with EUR 3.4 million excluding restructuring charges in the second quarter of 2009 from EUR 21.6 million to EUR 18.2 million. These reductions are mainly due to a combination of cost reductions and lower sales related costs. The one-off restructuring charges taken in the second quarter 2009 and attributable to the operating expenses, are EUR 1.3 million.

- The quarterly EBIT amounted to EUR -11.3 million or -27.4% on total revenues compared with EUR -6.6 million or -10.9% during the corresponding period in 2008.

- Net result for the second quarter of fiscal year 2009 amounted to EUR -11.6 million, or EUR -0.28 per basic share. This compares with a net result of EUR -5.6 million, or EUR -0.14 per basic share. The Q2 2009 net result was positively impacted by taxes of EUR 4.2 million and negatively impacted by a financial result of EUR -4.5 million. EUR 3.7 million of the negative financial result was due to the weakening of the US dollar against the Euro creating unrealized losses on USD bank accounts and the mark to market value calculation of outstanding hedging contracts remaining for 2009.

- The Group's balance sheet includes EUR 28.2 million in cash and reduced inventory levels to EUR 21.6 million. Per June 2009 an amount of EUR 7 million has been drawn from the existing credit lines. The accounts payable and receivable positions decreased compared to year end 2008, and the average days outstanding on receivables decreased to an average of 49 days net of subcontracting parties.

Financial Highlights of the half fiscal year 2009

- First half year revenues were EUR 92.0 million, a decrease of 33% compared with EUR 137.6 million revenues realized during the first half year 2008.

- Gross margin for the first half year was EUR 21.5 million compared with EUR 41.6 million in 2008. Gross margin in the first half year 2009 was 23.4%, compared with a gross margin of 30.3% in 2008. Excluding a one-off restructuring charge of EUR 385 thousand in Q2 2009, the gross margin would have been 23.8%.

- EBIT decreased to EUR -20.4 million or -22.2% on total revenues during the first half year 2009, including the one-off restructuring charge of EUR 1.7 million, compared with and EBIT of EUR -3.5 million in 2008.

- Net result decreased to EUR -16.8 million, or EUR -0.41 per basic share. This compares with a net result of EUR -2.8 million, or EUR -0.07 per basic share in 2008. The 2009 net result was positively impacted by taxes of EUR 7.5 million and negatively impacted by a finance result of EUR -3.9 million.
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