init innovation in traffic systems AG

EANS-Adhoc: init innovation in traffic systems AG
init starts fiscal 2010 with strong growth

  ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
  adhoc with the aim of a Europe-wide distribution. The issuer is solely
  responsible for the content of this announcement.

3-month report


init starts fiscal 2010 with strong growth

Karlsruhe, 5 May 2010. init innovation in traffic systems AG started the 2010 financial year reporting strong growth. Sales and earnings in the first quarter rose above average, once again exceeding both the prior-year figures and the company´s targets. According to the preliminary figures now available, the global supplier of telematics, planning and electronic fare collection systems generated sales revenues of EUR 14.9m by the end of March 2010, up by 55 per cent on the previous year (EUR 9.6m). The most significant gains were due to numerous follow-up contracts both in Germany and in North America.

In terms of earnings before interest and taxes (EBIT), init was able in the first quarter to more than double the figure on the prior-year period, up from EUR 0.9m as at 31 March 2009 to EUR 2.5m. As a result, net earnings in the period totalled EUR 1.3m (31 March 2009: EUR 0.5m), which corresponds to earnings per share of EUR 0.14 (31 March 2009: EUR 0.05). The company benefitted from the favourable currency trend specifically relating to the US Dollar and the Arab Dirham. The operating cash flow proved exceptionally positive. Totalling EUR 3.8m as at the end of March (31 March 2009: EUR 0m), it is set to continue improving throughout the year, as payments are expected from various major projects.

The business trend in the init group remained highly resistant to the effects of the crisis. Orders worth some EUR 11.0m were added to the books, so that the volume of orders as at the end of March stood at around EUR 132m (31 March 2009: EUR 120m). On the whole, init currently is involved in global tenders worth well over EUR 100m.

Based on the highly positive trend in the first quarter, init innovation in traffic systems AG is geared for yet another very successful year. As a result, the Managing Board has confirmed the targets for 2010, with sales of EUR 72m and earnings (EBIT) of EUR 13m.

The full Q1 report for 2010 will be published on 11 May 2010.

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, Technology All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
Hannover / free trade
München / free trade

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