BLOM 2nd Quarter 2009 Results published

13 August 2009, 12:22pm

August 13th 2009 - Blom presented the 2nd quarter 2009 results. The presentation was webcast live.

The company’s operating revenues in the 2nd quarter totaled NOK 225 million, compared with NOK 241 million for the corresponding quarter in 2008. The EBITDA for the quarter was NOK 49 million, compared with NOK 50 million for the corresponding quarter in 2008. This corresponds to an EBITDA margin of 22.0 per cent, compared with 20.6 per cent in the 2nd quarter 2008. Operating profit was NOK 27.9 million.

The operating revenues for the respective segments totaled NOK 191.6 million for Geo Engineering and NOK 33.4 million for Information Services. Geo Engineering continues the growth in relation to the corresponding quarter in 2008. Performance is according to plan and the results follow the normal seasonal development.

The consumer electronics market is weak now, and this has impacted the earnings of the Information Services segment. The main focus for the segment’s turnover in 2009 is based on Blom’s oblique images and 3D models for navigation. 3D models are a new product to be launched in 2009. Due to the situation in the market, our partners have postponed the launch. Despite of the delay our partners maintain the estimates that 3D models will be important elements in the future navigation services.

Revenues for the 1st half year were NOK 375 million, down NOK 67 million from 2008. The company is expecting higher revenues in the 2nd half year. The company is experiencing an economic climate in which the general conditions for several of our costumers continue to be challenging.

The company had a positive cash flow from operational activities of NOK 24.8 million for the 2nd quarter. Accounts receivable was further reduced in 2nd quarter, while, as expected there was a seasonal build-up of WIP. The rate of investment was reduced in the first half year, and the company will adjust the investments in the second half year based on the customer’s demands.

Blom ASA

Geo: International