CORRECTION: YEAR-END REPORT 2009
(Thomson Reuters ONE) -
This is a correction of the announcement from 08:30 19.02.2010 CET. Reason for
the correction: Due to a printing mistake there are errors in the Swedish
version of the year-end report on the front page only. The English version is
correct. A corrected Swedish version is now distributed and will be available
shortly on our website.
Net Insight AB (publ), Corporate Reg. No. 556533-4397
Full year 2009
* Net sales of SEK 232.8 million (274.3).
* Software license and support revenue of SEK 62.7 (62.1).
* Improved gross margin at 76.4% (72.4).
* Operating margin of 14.6% (13.8)
* Earnings before tax of SEK 31.6 million (40.9).
* Total cash flow of SEK 0.3 million (23.5).
* Earnings per share of SEK 0.09 (0.18). Decrease on net income level affected
by larger capitalized loss carry forwards in 2008.
Fourth quarter 2009
* Net sales of SEK 52.2 million (70.2).
* Software license and support revenue of SEK 15.1 million (11.0).
* Gross margin of 74.1% (74.7).
* Operating margin of 4.2% (14.0)
* Earnings before tax of SEK 2.3 million (10.4)
* Total cash flow of SEK -3.8 million (18.8).
* Earnings per share of SEK 0.03 (0.10). Decrease on net income level affected
by larger capitalized loss carry forwards in 2008.
CEO comments
Our revenues have not been growing as planned during the year and I see three
main reasons for this. During 2009 the repeat business declined but remains
substantial, we had no large projects in the delivery phase and investment
decisions slipped in many markets during the year. The macro economic conditions
2009 are well known at this point and clearly had a negative effect on our
industry.
Despite that, we are able to report positive earnings and cash flow for the full
year, supported by a strong gross margin.
Much of our business is project based causing revenue fluctuations over time.
EMEA developed strongly but both Asia Pacific and the Americas are behind 2008.
We won new orders for Digital Terrestrial TV networks and our position is strong
among broadcasters and media centric network operators. During 2009 we have also
won new important business for both Cable TV and IPTV networks.
Another very positive development is that we added many new customers and six
new countries to our market reach. Brazil and India are two new and potentially
large markets for Net Insight where we have won business with leading
broadcasters and communications service providers. In the Middle East and China
we continued to deliver equipment to significant TV production, contribution and
distribution networks. An important step in our expansion strategy has also been
taken during the year as we won some initial business together with large global
system integrators.
The industry is preparing for the current global "explosion" of video network
traffic and Net Insight is able and ready to help customers effectively meet
that industry change. We often win business based on our well-proven ability to
always deliver 100% Quality of Service, lowest total cost of ownership and our
ability to combine IP and optical transport in a one-box solution. 2009
demonstrated that we are truly helping customers reduce complexity and operating
costs while enabling new revenue generating services.
Our new customer wins, the significantly enhanced IP offering and our healthy
financial position make us well prepared for the future.
I reiterate that Net Insight is well positioned and we continue to confidently
drive along our strategic direction for growth in the years ahead.
Stockholm, 19 February 2010
Fredrik Trägårdh
Chief Executive Officer
For more information, please contact:
Fredrik Trägårdh, CEO Net Insight AB,
Tel: +46 (0) 8-685 0400, fredrik.tragardh(at)netinsight.net
Thomas Bergström, CFO, Net Insight AB
Tel.: +46 (0) 8-685 04 00, email:thomas.bergstrom(at)netinsight.net
Net Insight AB (publ)
Box 42093
126 14 Stockholm
Tel +46 (0) 8 685 04 00
www.netinsight.net
Corporate Reg. No. 556533-4397
Full report is available in the pdf
[HUG#1386426]
pdf: http://hugin.info/130084/R/1386426/345108.pdf
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Datum: 19.02.2010 - 04:23 Uhr
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