Ignis Reports Q4

OSLO -- Ignis Group reported revenue growth of 210 % to NOK 31.6 million in the fourth quarter 2008, compared to NOK 10.2 million in the fourth quarter 2007 and NOK 13.7 million in the third quarter 2008. The increase mainly reflects strong momentum in demand and deliveries of optical splitters.

On an isolated basis, Ignis Technology achieved an EBITDA of NOK 3.1 million (-9.2) in the fourth quarter, corresponding with an EBITDA margin of 9.9 percent. Group overhead costs and elimination amounted to NOK -2.6 million (-8.5).

Revenue was NOK 74.6 million for the full year, which was roughly on par with the previous year (76.4).

Ignis Group EBITDA improved sharply in the fourth quarter, and reached a positive NOK 0.5 million. This compares with NOK -17.7 million in the fourth quarter 2007 and NOK -9.5 million in the third quarter 2008. For the full year, the EBITDA loss was NOK 35.8 million (-58.5).

The net result 2008 for the group was NOK 41.3 million (-88.9), and NOK -5.2 million in the fourth quarter 2008 (-33.8).

Ignis believes that its supply agreement portfolio will generate strong revenue growth in 2009. The demand for Ignis’ products has so far not been significantly affected by the financial turmoil, and several countries have launched economic stimulus packages which include funds to improve broadband infrastructure. Higher volumes are expected to improve capacity utilization and lower unit costs. In combination with overall cost reductions and significantly less research expenses Ignis expects this to generate a positive operating profit in 2009.

Ignis ASA