Barco’s quarterly financial report shows growth in sales and gross profits for the first quarter in 2008 while orders, net profit, and per share earnings were down slightly. Highlights of first quarter operations in 2008 are as follows:
- The order book at the end of March 2008 amounted to $504.2 million compared to $523 million the previous year. Order intake totaled $308.2 million, down 10.3% compared to the same period in 2007 but up 6.4% versus 4Q07.
- Sales amounted to $257.5 million, an increase of 5.9%. At constant currencies growth was 14%.
- Gross profit rose by 3.1% to $98.5 million from $95.6 million the previous year.
- Earnings Before Interest and Taxes (EBIT) remained flat at $10.1. The EBIT margin was 3.9% compared to 4.2% in 1Q07. Currency evolution cost Barco $5.7 million in EBIT. At constant currencies EBIT would have grown 57%.
- Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was $32.3 million, a margin of 12.6%. In 1Q07 EBITDA was $39.3million, a margin of 12.1%.
- Net income was $10.3 million, down 12.8% from $11.7 million in 1Q07.
- Net earnings per share were $0.85 compared to $0.96 for the same period the previous year.
The simulation market had a higher order intake but lower sales in 1Q08. The presentation market saw a decline in order intake but a good growth in sales. The avionics market had a very good growth in order intake and in sales. Total orders totaled $149 million.
EBIT margin was (8.2%), down from (2.5%) in 1Q07, as the gross profit was unable to offset major investments in product development for the simulation and avionics markets.
The above figures were converted from euros to current dollars.
Source: Barco Corporate Press Release, April 23,2008.