Elektrobit releases first half report

"The operating result from the first half of 2012 was slightly positive and somewhat below our targets due to the costs related to collecting the receivables from TerreStar Companies, and due to the bigger than estimated project costs in both Business Segments," said EB'S CEO Jukka Harju. Harju said a settlement with TerreStar is expected to generate a positive cash flow approximately USD 13 million after estimated tax effects, and would result a non-recurring positive effect of approximately USD 1.6 million on the company's operating result. EB expects for the year 2012 that net sales and operating result will grow from the previous year (net sales of EUR 162.2 million, and operating loss of EUR -4.0 million in 2011). For the second half of 2012 EB expects that the net sales will grow clearly (EUR 86.1 million in 2H 2011) and operating result to be clearly positive (EUR 0.4 million in 2H 2011). Summary 2Q 2012 - Net sales of the period grew to EUR 48.0 million (EUR 39.7 million, 2Q 2011), representing an increase of 21.1 % year-on-year - Operating loss was EUR -0.4 million (EUR -0.5 million, 2Q 2011) - EBITDA was EUR 1.5 million (EUR 2.2 million, 2Q 2011). Automotive Business Segment's EBITDA was EUR 1.3 million and Wireless Business Segment's EBITDA was EUR 0.2 million. Summary 1H 2012 - Net sales of the period grew to EUR 96.6 million (EUR 76.1 million, 1H 2011), representing an increase of 26.9 % year-on-year - Operating profit was EUR 0.5 million (operating loss of EUR -4.4 million, 1H 2011), including EUR 1.2 million non-recurring costs related to collecting the receivables from TerreStar Companies (EUR 0.0 million, 1H 2011) - EBITDA was EUR 4.1 million (EUR 0.6 million, 1H 2011). Automotive Business Segment's EBITDA was EUR 3.2 million and Wireless Business Segment's EBITDA was EUR 0.9 million.