Comrod - Report for first quarter of 2009
Highlights since Q4 reporting:
·Improved quarterly EBIT %
·Comrod UK secures order for UK Defence forces
·Strong development from business areas antennas and power
·First USA order for antenna control systems
·HF Loop antenna order to US Army HIMARS program
THE GROUP
Comrod Communication Group continues in Q1 the positive development from previous the quarters. The Company's main Business Area Antennas reaches all time high revenue.
The first HF Loop antenna order is secured to the US Army. There are high future expectations to this product. This is another international technology breakthrough.
During Q1 Business Area Masts has focused on the start up manufacturing for deliveries to the MIDS/Terre contract.
Revenues for Q1 of 2009 were MNOK 98.8 (MNOK 100). (Figures for corresponding period of 2008 will hereafter be shown in brackets).
Operating profit (EBIT) for Q1 was MNOK 11.5 (MNOK 11.0).
Financial results indicate that the Group has achieved the planned operational efficiency at the new and higher turnover level, thus generating sound financial results overall.
Business Area Antennas
Revenues for Q1 of 2009 were MNOK 74.6 (MNOK 72.5) which is at a higher level than the record Q1 of 2008. Operating Profit (EBIT) for Q1 was MNOK 13.8 (MNOK 11.9), while EBIT margin was 18.5% an increase from last years Q1 (16.4%).
OUTLOOK
The Board is satisfied with the revenues in Q1 and the positive EBIT development of the two Business Areas, Antennas and Power. The Board expects that the Business Area Masts will improve.
Revenue and EBIT-level variations between quarters can be expected also in 2009. The Board expects higher revenues and EBIT for the year 2009 compared to last year.
For further information please contact:
Niklas Hermansson, CEO, mobile phone +47 958 755 55 or nh@comrod.com
Kari Duestad, CFO, mobile phone +47 924 636 90 or kd@comrod.com
About Comrod Communication Group
Comrod Communication ASA is a Norwegian public limited company headquartered at Tau outside Stavanger in the south-western Norway. The company develops and manufactures tactical masts, antennas and antenna systems, power supply, battery chargers and commercial products. Comrod Communication`s main focus is on the defense market. The company sell and distribute its products under two brands, Comrod and Lerc. Its operations are mainly run from Tau in Norway and St. Amand Les Eaux in France. Comrod Communication has around 200 employees and had operating income of NOK 369 million in 2008.
