OPTION REPORTS FOURTH QUARTER AND FULL YEAR 2007 RESULTS
Leuven, Belgium - February 28, 2008 - Option N.V. (EURONEXT Brussels:
OPTI; OTC: OPNVY), the wireless technology company, today announced
its results for the fourth quarter and the full fiscal year ended
December 31, 2007. 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 (IFRS). 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 full fiscal year and fourth quarter 2007
Full year revenues were EUR 301.5 million, an increase of 7.7%
compared with EUR 279.9 million revenues realized during the full year
Gross profit for the year was EUR 89.2 million, a decrease of 14.7%
compared with EUR 104.6 million in 2006. Gross margin in the full year
2007 was 29.6%, compared with a gross margin of 37.4% in 2006.
EBIT decreased to EUR 2.5 million or 0.8% on total revenues during the
full year 2007 compared with EUR 42.1 million in 2006.
Net profit decreased to EUR 6.4 million, or EUR 0.16 per basic share.
This compares with a net profit of EUR 35.3 million, or EUR 0.86 per
basic share in 2006. The 2007 net result was positively impacted by
taxes of EUR 3.8 million resulting from the adjustments posted.
Total revenues for the fourth quarter of 2007 were EUR 69.9 million
compared with EUR 63.4 realized in the last quarter of 2006. Excluding
adjustments not specifically related to Q4 2007, revenues would have
been EUR 73.8 million.
Gross margin in Q4 2007 was 19.1% on total revenues, compared with
gross margin of 32.9% of Q4 2006. Excluding adjustments not
specifically related to Q4 2007, gross margin was 33.5%.
The quarterly EBIT amounted to EUR -14.0 million or -20.1% on total
revenues compared with EUR 7.1 million or 11.2% during the
corresponding period in 2006. Excluding adjustments not specifically
related to Q4 2007, EBIT would have been EUR 453 thousand.
Net result for the fourth quarter of fiscal year 2007 amounted to EUR
-8.5 million, or EUR -0.21 per basic share. This compares with a net
profit of EUR 6.4 million, or EUR 0.16 per basic share. The Q4 2007
net result was positively impacted by taxes of EUR 5.9 million
resulting from the adjustments posted.
Cash flow for the year 2007 was positive EUR 266 thousand and EUR -1.1
million for the quarter.
For the entire press release in English or in Dutch, including tables
click on the link below:
Option reports fourth quarter and full year 2007 results
JP Ziegler, CFO
Tel +32 (0)16 317 411, E-mail: jpzieg...@option.com
Option, the wireless technology company, is a leading innovator in the
design, development and manufacture of 3G HSUPA, HSDPA, UMTS, EDGE,
and WLAN technology products for wireless connectivity solutions.
Option has built up an enviable reputation for creating exciting
products that enhance the performance and functionality of wireless
communications. Option's headquarters are in Belgium (Leuven). The
company has Research & Development in Belgium (Leuven), Germany
(Düsseldorf and Adelsried), Sweden (Stockholm), and an ISO 9001
production engineering and logistics facility in Ireland (Cork).
Option also has offices in Europe, US, Asia, Japan and Australia. For
more information please visit www.option.com.
BRUSSELS, Feb 28 (Reuters) - Belgian wireless data card maker Option
(OPIN.BR: Quote, Profile, Research)(OPNVY.PK: Quote, Profile,
Research)missed market expectations on Thursday with a fourth-quarter
operating loss and failed to give guidance about the year ahead.
Option, whose cards allow laptop users to surf the Internet at high
speeds, said in a statement that EBIT (earnings before interest and
tax) totalled minus 14.0 million euros (minus $21.14 million).
Without exceptionals, Option said the figure would have been a profit
of 0.5 million euros. A Reuters poll of five analysts had produced an
average forecast of plus 2.1 million euros.
Option posted a net loss of 8.5 million euros, while sales came to
69.9 million euros, slightly above the average forecast.
Option said in a trading update in January that fourth-quarter
revenues would be 67 million to 70 million euros and that EBIT would
be "below expectations".
The company, once a darling of the Brussels stock market, has
disappointed investors for over a year.
Chief Executive Jan Callewaert said the company had taken steps
necessary to restore its competitive position.
"I believe these changes will enable Option to turn the page on the
past year, reinvent itself for the future and position Option to once
again participate in the dynamic growth of our market," he said.
Option, which has an 80 percent share of the laptop data card market
in Europe, has been trying to push into a growing market for modules
already built into the computer, rather than cards that plug in.
It has also said mobile phone operators were rolling out higher-speed
products at a slower rate than previously indicated.
It had said in October that it planned a review of its business. The
company faces the prospect of a market with higher volumes and lower
margins. (Reporting by Julien Ponthus; Editing by Dale Hudson)
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