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Option: Option reports Fourth Quarter and Full Year 2008 results

^{Published on 2009-03-05 08:16:33, Last Modified on 2009-11-04 08:09:50 - Market Wire}
 

LEUVEN, BELGIUM--(Marketwire - March 5, 2009) -

Option N.V. (EURONEXT Brussels: OPTI; OTC: OPNVY), the wireless technology company, today announced its results (regulated information) for the full fiscal year and fourth quarter ended December 31, 2008. 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. 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 fourth quarter result 2008

 * Total revenues for the fourth quarter of 2008 were EUR 70.2 million compared with EUR 69.9 million realized in the fourth quarter of 2007. * Gross margin in the fourth quarter 2008 was 24.1% on total revenues, compared with a gross margin of 19.1% of Q4 2007. * The quarterly EBIT amounted to EUR -19 million or -27.1% on total revenues compared with EUR -14 million or -20.1% during the corresponding period in 2007. The EBIT was heavily affected by a EUR 7.7 million impairment, reported in R&D expenses, and increases in license fees. * Net result for the fourth quarter of fiscal year 2008 amounted to EUR -13.3 million, or EUR -0.32 per basic and diluted share. This compares with a net result of EUR -8.5 million, or EUR -0.21 per basic and diluted share. The Q4 2008 net result was positively impacted by taxes of EUR 6.1 million compared with EUR 5.9 million for the same period 2007. * The Group's balance sheet includes EUR 33.3 million of cash and inventory levels of EUR 32.9 million. The inventory levels are down from the same period a year ago, however they rose versus Q3 due to the launch of the new products at the beginning of the quarter. Receivables also remained stable at an average of 65 days outstanding. 

Financial Highlights of the full fiscal year result 2008

 * The revenues for the full year 2008 were EUR 268.1 million, a decrease of 11% compared with EUR 301.5 million revenues realized during the comparable period in 2007. * Gross profit for the full year 2008 was EUR 74.6 million, a decrease of 16.3% compared with EUR 89.2 million in 2007. Gross margin year to date in 2008 was 27.8%, compared with a gross margin of 29.6% in 2007. * EBIT decreased to EUR -29.3 million or -10.9% on total revenues during the full year 2008 compared with EUR 2.5 million in 2007. * Net result decreased to EUR -19 million, or EUR -0.46 per basic and diluted share. This compares with a net profit of EUR 6.4 million or EUR 0.16 per basic and diluted share in 2007. The 2008 net result was positively impacted by taxes of EUR 10.8 million. 

For the entire press release in English or Dutch, including tables, click on the link below

[ http://hugin.info/133962/R/1295123/294026.pdf ]

Option rapporteert resultaten van het vierde kwartaal en het volledige jaar 2008: [ http://hugin.info/133962/R/1295123/294029.pdf ]

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

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