Viscom AG / Final Results

30.03.2010 07:30

Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.

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- Current incoming orders show clearly positive trend - Crisis year 2009 used to adjust cost structure and streamline product     portfolio
- Revenue of EUR 20,874 thousand (previous year: EUR 49,915 thousand) and net loss for the period of EUR -13,717 thousand (previous year: EUR     -1,707 thousand) unsatisfactory as expected

Hanover, 30 March 2010 - Viscom AG (ISIN DE0007846867), European market leader for automatic optical inspection systems in the electronics industry, is once again seeing positive signs on the market after 2009's year of crisis. Incoming orders for the first two months of 2010 were up 70 % on the previous year. Particularly pleasing is the development of orders in Asia: By mid-March, the Company had already received more orders as it did for the entire 2009 financial year.

2009 was the worst financial year in the Viscom's 25 year history. The drastically reduced production seen in the automotive industry, one of the company's most important customer segments, had an enormous negative impact on the revenue of the inspection system manufacturer from Hanover. In 2009, Viscom AG achieved revenue of EUR 20,874 thousand, which amounts to a 58.2 % decline compared to the previous year (EUR 49,915 thousand). A slight recovery was seen in the fourth quarter of last year: The first three quarters of 2009 yielded revenue of EUR 13,600 thousand (previous year: EUR 41,116 thousand) - an extremely negative development. Thankfully, revenue for the fourth quarter 2009 rose back up to EUR 7,274 thousand (previous year: EUR 8,799 thousand).

Net loss for the period declined from EUR -1,707 thousand in the previous year to EUR -13,717 thousand due to the major drop in revenue. Along with the operational losses incurred from the drop in revenue, net profit was also burdened from write-downs: The low revenue figure led to increased inventory coverage and therefore also to increased write-offs for the inventory. The expenses for the 2007 acquisition of the MX product family from Phoseon Technology Inc., an American light source developer, also required unscheduled amortisation. Further losses were avoided thanks to strict savings measures enacted in every area of the Company. As part of the savings measures, global headcount was reduced by 139 employees in 2009.

Despite the high losses experienced in 2009, Viscom AG for the most part succeeded in keeping the liquidity of the Company intact. Cash and cash equivalents came in at EUR 25,322 thousand, almost equalling the previous year's figure of EUR 26,254 thousand. This was achieved by a resolute reduction of overall receivables and inventory.
 
'In an effort to reduce costs and therefore retain liquidity, we had to put everything under the microscope,' explains Ulrich Mohr, CFO at Viscom AG. 'We enacted wide-ranging restructuring measures to adjust to the changing market situations.'

Order backlog at the end of 2009 was EUR 5,255 thousand (previous year: EUR 6,198 thousand). At EUR 19,931 thousand, incoming orders for 2009 were significantly below the value of EUR 41,913 thousand for the previous year. 'Many regions, especially Asia, are showing signs of recovery,' points out Volker Pape, Executive Board member and co-founder of Viscom AG. 'The turning point has been reached, even if we still need to be careful with forecasts regarding the speed of the recovery.' Especially pleasing in this context is that the targeted efforts for gaining orders from outside of the automotive industry are showing their initial successes. Customers from both the communications sector as well as Electronic Manufacturing Services (subcontracted manufacturers) have put in orders for multiple systems.
It is also worth noting that the current successes are being seen mainly with our high-end system, the X7056RS. 'Our customers need this system for their production while performance comparisons with competitors show that Viscom is the technology leader in this field,' says Dr. Martin Heuser, Executive Board member and co-founder of Viscom AG. 'We also have an important technical introduction planned for 2010.'
The goal for 2010 is to return to a neutral earnings figure after the crisis-plagued year of 2009 and revenue should climb back up to EUR 30 million.

Insofar as this notice contains prognoses or expectations or concerns statements regarding the future, these statements may be marked by risk and uncertainty. Thus we cannot guarantee that the expectations will prove themselves correct. Actual events and developments may deviate significantly from the expectations and assumptions expressed herein. Among the factors which may cause deviation are changes in the general economic situation, the competitive situation, exchange rates, interest rates and changes in national and international laws, among others. Thus the Company assumes no responsibility to update the statements conveyed within this notice.

Key figures of Viscom AG

Group information

Key figures (KEUR) FY 2009 FY 2008 Revenue 20,874 49,915 EBIT -13,893 -1,586 Financial result 618 314 Income taxes -442 -435 Net profit for the period -13,717 -1,707 Earnings per share -1.54 EUR -0.19 EUR Number of shares 9,020,000 9,020,000 Number of weighted shares 8,885,060 8,895,078 Number of employees 273 412
Segment information 

Key figures (KEUR) FY 2009 FY 2008 Europe
Revenue 16,945 34,629 Segment result -12,348 -1,220 Asia
Revenue 1,470 6,643 Segment result -641 -767 Americas
Revenue 2,459 8,643 Segment result -904 392



Contact:
Viscom AG
Investor Relations
Sandra Göde
Carl-Buderus-Str. 9-15
30455 Hannover
Tel.: +49-511-94996-850
Fax:  +49-511-94996-555
sandra.goede@viscom.de




30.03.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      Viscom AG
              Carl-Buderus-Strasse 9-15
              30455 Hannover
              Deutschland
Phone:        +49 (0) 511 94 996 850
Fax:          +49 (0) 511 94 996 555
E-mail:       sandra.goede@viscom.de
Internet:     www.viscom.com
ISIN:         DE0007846867
WKN:          784686
Listed: Regulierter Markt in Frankfurt (General Standard), Hannover; Freiverkehr in Berlin, München, Düsseldorf, Stuttgart  
End of News DGAP News-Service  

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