Analytik Jena in the First Quarter with a Stable Business Development
Strong growth in Life Science
With sales of EUR 21.6 m, Analytik Jena AG has made a solid start to the new financial year, maintaining its position well despite an ongoing difficult market environment. This was the statement made by the Thuringia-based company during the presentation of its three-months figures.
Sales and Earnings
In the first quarter of the 2009/2010 financial year, Analytik Jena achieved consolidated revenue of EUR 21.6 m and, including the acquired subsidiaries Cybio and Biometra, accordingly recorded sales growth of 25.7 %. In operating results Analytik Jena recorded a slight fall. With an EBIT margin of 9.0 %, earnings before interest and taxes (EBIT) amounted to EUR 1.9 m, down 14.5 % year on year. Earnings per share were EUR 0.21.
"Altogether the Company recorded stable business development. In view of the first three months of the 2009/2010 financial year as expected Analytik Jena could considerably grow in the business unit Life Science", said Klaus Berka, CEO of Analytik Jena AG. "The operating results are below the record quarter of the previous year, but considering the overall economic conditions and some special effects they are a good starting position to continue our growth in the current financial year ", Berka added.
Alongside the positive influence of major projects in the previous year, the significantly weaker dollar together with a negative balance of financial expenses to financial income, special amortization from the acquisitions and the unexpectedly large drop in Optics sales would also need to be taken into account when comparing the quarters year on year.
Above all in the important growth field of Life Science the Company made important progress in setting the course in the first quarter. This is also reflected in the results of this segment. Altogether the Group achieved sales in this segment of EUR 8.1 m, up by 488.9 % year on year. Both CyBio AG and Biometra GmbH contributed significantly to the sales of this business unit. The business unit also increased its sales organically by 30.8 %. For the first time Analytik Jena made a positive operating result in this business unit of EUR 0.5 m EUR compared to EUR -0,2 m in the same period of the previous year.
The business unit Analytical Instrumentation noted a slight sales decrease. In view of the investment restraint due to the economic situation and the fact that several major orders in the same period of the previous year had to be compensated, the sales fell slightly by 9.1 % and came to EUR 12.4 m. The operating results (EBIT) were accordingly down 33.4% from EUR 1.9 m to EUR 1.3 m.
The segment Optics achieved sales in the first three months of the financial year of EUR 1.1 m and was therefore 50.6 % down on the previous year. The increasing competitive pressure in the consumer segment throughout the entire sector was felt most sharply in this business unit. The operating result was EUR 0.2 m related to EUR 0.6 m in the same period of the previous year.
Balance Sheet and Cash Flow
The Group's total assets remained virtually unchanged as of December 31, 2009, at EUR at EUR 75.2 m compared to EUR 75.5 m as of September 30, 2009. Equity increased to EUR 39.7 m (September 30, 2009: EUR 38.4 m). This corresponds to an equity ratio of 52.9 %. The level of cash and cash equivalents rose to EUR 11.4 m as at the end of the reporting period related to EUR 10.4 m as of September 30, 2009.
Outlook
As before, Analytik Jena expects to continue its positive development in the current financial year. Stable incoming orders in the key business unit Analytical Instrumentation, that are slightly above average of the previous financial year, make Analytik Jena confident to close the current sales gap in this segment by the end of the financial year or even to exceed the revenue of the previous financial year. Especially the "analytica" in March 2010 in Munich is certain to act as a indicator for the further development in the second half of the year. A variety of new products are supposed to further expand the business.
"For the current second quarter we expect a slight further sales growth in the business unit Life Science and for the first time again in Optics as well. In Analytical Instrumentation we will still be slightly down year on year. This will also be reflected in the operating results with a comparatively moderate increase. The revival of the US dollar over the past few weeks serves to support our business model", Berka emphasizes.
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