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Electronics Production | October 23, 2006

Record-High Order Backlog for VMETRO

Order backlog at the end of VMETRO's third quarter was a record-high NOK 115.7 million, up 28% compared to that at the same point in time in 2005 and order bookings for the third quarter 2006 were NOK 91.5 million, up 8% compared to that for the same period in 2005.

Order bookings for the first three quarters of the year were NOK 271.8 million, up 10% compared to that for the same period in 2005. "VMETRO leaves the third quarter with strong order bookings and the highest order backlog in the company's history. Meanwhile, the company has launched a range of newly developed products that has garnered VMETRO a more dominant position as a total systems supplier. Thus, we are ideally poised for future growth." says new CEO Christian Jebsen in VMETRO. VMETRO's operating revenues for the third quarter 2006 were NOK 70.8 million compared to NOK 76.3 million for the same period in 2005. Operating revenues for the first three quarters of the year were NOK 221.5 million compared to NOK 210.3 million for the same period in 2005. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the third quarter 2006 were NOK 6.8 million compared to NOK 7.3 million for the same period in 2005, and down by 7%. EBITDA for the first three quarters of the year were NOK 15.6 million compared to NOK 23.4 million for the same period in 2005, and down by 33%. "As mentioned in the previous quarterly report, some of VMETRO's customers in USA have indicated the deferments of orders for the bigger defense programs such that a major part of the projected growth will occur at the end of 2006. There is still a risk that some deliveries that are due in 2006 will be deferred over to 2007. Hence, for the year 2006 taken as a whole, operating revenues generated from VMETRO products will depend on the extent of invoicing on orders received in the fourth quarter." says Jebsen. Profit before taxes for the third quarter 2006 was NOK 0.7 million compared to NOK 7.9 million for the same period in 2005. Profit before taxes for the first three quarters of the year were NOK 9.0 million compared to NOK 22.4 million for the same period in 2005.
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