Basler AG

EANS-Adhoc: Basler AG
Profit turnaround reached - Growth in sales and positive result for 2010 in sight.

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3-month report

06.05.2010

-Profit turnaround reached sooner than expected -Demand for digital cameras increased reaching new record level -Short-time work ended -Incoming orders: EUR 12.2 million (previous year: EUR 7.1 million, +72 %) -Sales: EUR 9.3 million (previous year: EUR 8.0 million, +16 %) -Pre-tax earnings: EUR 0.4 million (previous year: EUR -2.0 million, EUR +2.4 million) -Cash flow: -0.2 Mio. EUR (previous year: EUR 2.2 million, EUR -2.4 million) -Forecast for 2010: growth in sales in the double-digit percentage range, positive earnings before taxes

Ahrensburg, May 06, 2010 - The first quarter of 2010 went better than expected for Basler AG. Incoming orders, sales, and pre-tax earnings were above the previous year's values and above the values in our budget. With positive pre-tax earnings, the profit turnaround was reached sooner than planned.

The group's sales amounted to EUR 9.3 million in the reporting period, exceeding the previous year's value of EUR 8.0 million by 16 %. Incoming orders for the group increased by 72 % reaching EUR 12.2 million (previous year: EUR 7.1 million). The gross results increased to EUR 3.6 million (previous year: EUR 2.8 million, +29 %). The gross margin reached 39 % corresponding to 4 percentage points above the previous year's value of 35 %. In the first quarter of 2010, Basler AG achieved a result before taxes (EBT) for the group of EUR 0.4 million. This corresponds to an increase of EUR 2.4 million above the previous year's value of EUR -2.0 million.

In the first three months, the operating cash flow amounted to EUR -0.2 million (previous year: EUR 2.2 million). The free cash flow calculated in the first quarter to EUR -2.2 million, declining by approximately EUR 2.5 million (previous year: EUR 0.3 million). Liquid assets amounted to EUR 4.9 million at the end of the reporting period and therewith were lower by EUR 2.8 million compared to the previous year (-36 %). Compared to December 31, 2009, funds available decreased by EUR 0.6 million (-11 %).

In the first quarter of 2010, Basler AG achieved in its "Components" business segment sales amounting to EUR 7.8 million. The revenue from industrial digital cameras and for video surveillance increased by 81 % (previous year: EUR 4.3 million), slightly exceeding the level reached in 2008. The gross margin increased due to decreased production costs and positive exchange rate effects. The segment result before interest and taxes amounted to EUR 1.6 million (previous year: EUR -1.1 million, EUR +2.7 million) and was thus clearly in the positive range. Incoming orders reached the new record level of EUR 10.8 million, nearly doubling the previous year's value of EUR 5.5 million (+96 %). The previously strongest incoming orders from Q2 of 2008 (EUR 8.8 million) were exceeded by 23 %. Demand developed positively across all regions and product lines. On the regional level, orders increased most strongly in Asia, followed by North America and Europe.

In the "Solutions" business segment revenues were realized in the first quarter of 2010 amounting to EUR 1.5 million (previous year: EUR 3.7 million, -59 %). The segment results before interest and taxes amounted to EUR -0.7 million. Losses decreased in comparison to the previous year by EUR 0.1 million (EUR -0.8 million) in spite of substantial declines in sales due to cost cutting measures implemented in 2009. Resulting from the less favorable product portfolio, the gross margin was below the previous year's value. The level of operating costs, having decreased by approximately one third compared to the comparison period, and increasing sales will result in distinctly improved earnings starting from the second quarter. The equipment investment in the LCD industry further increased in the reporting period. Demand for solar thin film inspection solutions still continued to be beak.

The economic general conditions improved in the first quarter of 2010. The economic research institutes currently expect the positive trend to continue at least until the end of the first half-year. There are still risks for a temporary slow down of the economic recovery in the second half-year. The German Engineering Federation (Verband Deutscher Maschinen- und Anlagenbau - VDMA) assumes in its current forecast for the German image processing industry growth in sales amounting to +5 % compared to the previous year.

The positive development of the first quarter confirms our projection for fiscal year 2010, as given in the annual report for 2009. Due to the increased capacity utilization, we suspended the short-time work, implemented in the beginning of 2009, at the end of the reporting period. In our current view, we expect sales to increase in the double-digit percentage range for the components business. We expect approximately stable sales revenues for our solutions business compared to the previous year. Based on the results of the first quarter and against the background of persistent macroeconomic risk for the second half-year, we expect for fiscal year 2010 sales to increase to a level between EUR 39 and 41 million (previous year: EUR 33.5 million). After a pre-tax loss of EUR 8 million in 2009, we are planning for earnings before taxes not below EUR 1.5 million for 2010.

end of announcement                               euro adhoc
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Further inquiry note:

Maren Schuster
Investor Relations
Telefon: +49(0)4102 463-100
E-Mail: ir@baslerweb.com

Branche: Semiconductors & active components
ISIN: DE0005102008
WKN: 510200
Index: CDAX
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade

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