init innovation in traffic systems AG

euro adhoc: init innovation in traffic systems AG
Financial Figures/Balance Sheet
init below plan in third quarter, but still on target for growth

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Preliminary figures Q3.2008


Karlsruhe, November 4, 2008. Although init innovation in traffic systems AG has ended the third quarter with sales and earnings below target, it remains on course for a new record year. From July to September 2008 sales by the internationally leading provider of telematics and fare collection systems for bus and rail reached EUR 12.7 million (previous year: EUR 15.1 million). Sales revenues in the nine-month period, of about EUR 34 million, are thus equal to the extraordinarily high level of the previous year (EUR 34.5 million).

The sales increase for the third quarter was delayed, until the fourth quarter due to clients changing their plans, as well as delays in deliveries. This also affects the share of earnings.

Based on the favorable order situation and the record level of orders as of the end of September totaling EUR 103 million (previous year: EUR 90 million) the Executive Board continues to assume that the sales target of some EUR 56 million for 2008 can be achieved.

In order to complete contracts on schedule while at the same time taking advantage of new growth opportunities in the market, init has expanded its personnel capacity in the current fiscal year to 260 staff (previous year: 218). Together with further preliminary expenses for development and production, this has created a disproportionate increase in production costs compared to the previous year. The gross profit from sales of EUR 8.4 million as of the end of September was therefore below the figure for the previous year (EUR 12.2 million).

init generated earnings before interest and taxes (EBIT) of EUR 1.4 million in the third quarter. On a nine-month basis, EBIT thus amounted to EUR 2.3 million (previous year: EUR 4.5 million). The results for the period thus total EUR 1.2 million (previous year: EUR 3.4 million). This corresponds to earnings per share of EUR 0.13 (2007: EUR 0.35).

The development of operative cash flow continues to be extremely positive. It increased during the third quarter improving by EUR 7.5 million, to EUR 5.3 million (2007: EUR -2.2 million) during the first nine months of 2008 in comparison to the previous year.

For the fourth quarter, init expects a new record figure for sales and earnings based on existing orders. The EBIT for 2008 is thus projected to exceed the previous year´s figure of EUR 7.2 million. Due to the somewhat extreme fluctuations in the financial and foreign exchange markets, a more precise projection in this regard has now been rendered impossible.

In the judgment of the Executive Board, the above-average growth perspectives in the medium term for init remain intact. Furthermore, bids on major projects will be decided upon in the next few weeks and months on four continents.

The complete report for the third quarter of 2008 will be published on 11 November 2008.

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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