init innovation in traffic systems AG

euro adhoc: init innovation in traffic systems AG
quarterly or semiannual financial statement
init: Persistent growth - order volume rising to over 108 mio. EUR

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quaterly report/Figures Q1 2008


init innovation in traffic systems AG is well on its way to writing yet another successful business year. In the first quarter of 2008, the internationally operating system supplier of transportation telematics reported an increase in sales by 9.5 percent to 8.4 mio. EUR (2007: 7.7 mio. EUR), winning new con-tracts totaling some 14 mio. EUR. The order volume climbed to a new record level of over 108 mio. EUR (2007: 77.8 mio. EUR) and thus fell little short of twice the figure anticipated for 2008.

Traditionally, the first quarter is the weakest in the init fiscal cycle in terms of sales and earnings. In 2008, the first three months thus were dominated again by engineering services for ongoing large-scale projects in Europe, North America and the United Arab Emirates. Hardware deliveries will follow at a later point to increase in the latter half of the year, resulting in disproportionately rising sales and earnings.

In view of the scheduled implementation of these projects throughout the year and the continuing highly dynamic growth rate, the personnel capacities needed to be adjusted in the period under review. Consequently, the number of employees in the group rose by 20 percent on the previous year (210) to 251. Together with further advance performances, the production costs in the first quarter of 2008 thus grew at a proportionately faster rate than sales. The gross profit decreased on the previous year from 2.7 to 1.4 mio. EUR.

At -0.8 mio. EUR (2007: 0.4 mio. EUR), the earnings before interest and taxes (EBIT) fared as usual in the fiscal cycle of init to write a negative figure. As a result of this and of higher taxes on income, the first quarter ended with a loss of 1.2 mio. EUR (2007: +0.3 mio. EUR), which corresponds to earnings per share of -0.12 EUR (2007: +0.03 EUR). From the second quarter, and especially in the latter half of the year, init expects to see higher sales and above-average earnings due to the scheduled progress of the projects.

In terms of the whole year, the Managing Board continues to project an increase in sales to around 56 mio. EUR (2007: 46.8 mio. EUR) and an EBIT of some 8.4 mio. EUR (2007: 7.2 mio. EUR). The current level of orders forms the basis here for further dynamic growth in 2009.

end of announcement                               euro adhoc

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: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse Hannover / free trade
Börse München / free trade

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