Revenue for the first half of 2009 was US$ 183.2M, increasing 7.8% from the same period in 2008

August 6, 2009

2 Min Read

GENEVA -- Advanced Digital Broadcast Holdings S.A. (SIX: ADBN) reported today its unaudited consolidated financial results for the first-half of 2009.

Revenue for the first-half of 2009 was US$ 183.2 million, increasing 7.8% from the same period in 2008. The main drivers for growth were strong demand from cable and satellite segment, mostly in Europe. Gross profit increased to US$ 68.6 million, and gross margin reached 37.4% of revenue. This represents a return to more typical gross margin levels compared to the year before, and the development was according to the Group expectations. Operating expenses, including the costs for research and development, accounted for US$ 53.5 million in the first-half of 2009, representing a decrease of 10.1% year-on-year. Largest contributors to this development were greater operational efficiencies and cost control, combined with a favorable foreign exchange rate environment. Earnings Before Interest and Taxes rose to US$ 12.4 million or 6.8% of revenue during the first-half of 2009, compared to US$ 11.1 million or 6.5% of revenue for the same period in 2008, representing an increase of 11.5% year-on-year. Earnings per share were US$ 1.63, up from US$ 1.26 a year before, accounting for an increase of 29.4% year-on-year.

The Group net cash generation from operating activities during the first-half of 2009 exceededUS$ 20 million. As a result, the Group had a net cash position of US$ 58.3 million at the end of June, more than double compared to US$ 28.3 million at the end of June 2008. Total cash and cash reserves amounted to US$ 82.9 million, compared to US$ 67.7 million a year before and US$ 71.0 million at the end of the year 2008.

Mr. Andrew Rybicki, Chairman and CEO of ADB Group, commented: "I am pleased with our overall results during the first half of 2009. At the beginning of this year, there was a great deal of uncertainty with the overall macroeconomic situation. We were convinced that our business was resilient, but given the circumstances it was difficult to quantify this precisely. The first half of this year has justified our view. I am particularly pleased to note the vigilance to costs and operational efficiency which our staff is exercising, and for which I want to give full credit to them. This is an excellent starting point for the second half of 2009."

Advanced Digital Broadcast (ADB)

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like