init innovation in traffic systems AG

EANS-Adhoc: init innovation in traffic systems AG
init accelerates growth in Q3 2009 - Earnings multiplied

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9-month report


Karlsruhe, November 4, 2009. In the third quarter of 2009, init innovation in traffic systems AG managed to accelerate growth and to multiply its earnings on the previous year. According to the latest figures available, revenues of the leading global supplier of telematics and electronic fare payment systems for buses and railway were up by around 60% between July and the end of September to total EUR 20.5m, after EUR 12.7m in the previous year. Accumulated sales as of the end of September aggregated EUR 44.3m, corresponding to an increase of over 30% on the previous year (EUR 34.0m) to outperform prior projections quite considerably after the first three quarters of fiscal 2009.

The rate of growth in income proved even more dramatic. Due in part to the favorable currency trend of the US dollar and the Arab dirham in 2009 along with cuts in production costs, the gross profit on sales as at September 30 improved by 82% on the previous year, up from EUR 8.4m to EUR 15.3m.

In the same period, the earnings before interest and taxes (EBIT) more than trebled from EUR 2.3m in the previous year to EUR 7.2m. The consolidated surplus totaled EUR 5.2m (2008: EUR 1.2m), which corresponds to earnings per share of EUR 0.54 (2008: EUR 0.13).

While the general economic setting on the whole continues to be difficult, the growth prospects of init are still rated excellent. This is confirmed by a record order volume of EUR 149m (September 30, 2008: EUR 103m), which already extends well into 2012. In the short term, init is expecting further new and follow-up contracts from such countries as Germany, Europe and North America.

Since the fourth quarter traditionally delivers the strongest revenues at init, the Managing Board believes that the targets set for 2009, including sales of EUR 60m and an EBIT of EUR 8.6m, can most probably be achieved, if not exceeded.

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ots Originaltext: init innovation in traffic systems AG
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Further inquiry note:
Alexandra Weiß
Investor Relations
Telefon:  +49(0)721 6100-102

Branche: Semiconductors & active components
ISIN:      DE0005759807
WKN:        575980
Index:    CDAX, Prime All Share, Technologie All Share
Börsen:  Frankfurt / regulated dealing/prime standard
              Berlin / free trade
              Hamburg / free trade
              Stuttgart / free trade
              Düsseldorf / free trade
              Hannover / free trade
              München / free trade

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