Leuven, Belgium – April 30, 2009 – Option N.V. (EURONEXT Brussels: OPTI; OTC: OPNVY), the wireless technology company, today announced its results for the first quarter ended March 31, 2009. The financial information reported in this release is presented in Euros and has been prepared in accordance with the recognition and measurement criteria of IFRS as adopted by the European Union (IFRS). The accounting policies and methods of computation followed in the attached financial statements are the same as those followed in the most recent annual financial statements.
Financial highlights of the first quarter 2009
- Total revenues for the first quarter of 2009 were EUR 50.8 million compared with EUR 76.8 realized in the first quarter of 2008.
- Gross profit during the first quarter of 2009 amounted to EUR 13.3 million or 26.2% on total revenues, compared with a gross profit of EUR 26.6 million or 34.6% on total revenues in the first quarter of 2008.
- The quarterly EBIT amounted to EUR -9.1 million or -17.9% on total revenues compared with EUR 3.1 million or 4.0% during the corresponding period in 2008.
- During the 1st quarter 2009, another 1.183.650 warrants “V” were accepted by employees and other persons designated by name. The fair value of the accepted warrants “V” is calculated at EUR 270 thousand for the first quarter and is recognized in the operating expenses. Excluding this effect of the Warrants “V” the quarterly EBIT would have been EUR – 8.8 million.
- The financial result for the quarter was EUR 605 thousand. This result was impacted by a positive effect of the execution of hedging contracts during the quarter and existing hedging contracts which are marked to fair value.
- Net result for the first quarter of fiscal year 2009 amounted to EUR -5.2 million, or EUR -0.13 per basic and diluted share. This compares with a net profit of EUR 2.8 million or EUR 0.07 per basic and diluted share during the first quarter of 2008. The 1st quarter net result was positively impacted by taxes of EUR 3.3 million compared with EUR 87 thousand for the same period in 2008.
- The Group’s balance sheet includes EUR 24.7 million of cash and inventory levels which are slightly lower compared to the year end 2008 position (EUR – 609 thousand). The accounts payable and receivable positions decreased compared to year end 2008 as well as the average days outstanding which decreased from 65 days on average over 2008 to 62 days on average over the first quarter 2009.
- The Group has successfully negotiated revised terms and conditions of its existing credit line which has been amended and approved by its two banks for a total amount of EUR 12.5 million.
For the entire press release, including tables, click on the link below