Wayfinder Systems AB Interim Report 1 Jan - 30 Jun

20 August 2008, 2:28pm

For Wayfinder Systems AB (NGM:WAYF):

Net sales grew by 105% to SEK 29 million

• Net sales for the first six months of 2008 amounted to SEK 29.0 (14.2) million, an increase of 105%.

• Service revenue, Wayfinder's core business, for the first six months of 2008 totalled SEK 19.3 (11.9) million, an increase of 62%.

• Loss after tax for the first six months of 2008 was SEK -40.2(-35.4) million.

• Earnings per share for the first six months of 2008 were SEK -2.02(-2.58).

• The user-base expanded by 117% to 2,055,000 (949,000). The number of paying users rose by 161% to 284,000 (109,000).

• Towards the end of the second quarter, Sony Ericsson began selling two mobile handsets with embedded GPS, the W760i and the C702. Wayfinder Navigator is factory-installed on both handsets. The up-coming GPS handset C905 will also come with Wayfinder Navigator factory-installed.

• Early indications from the launch of GPS phones are that Wayfinder navigation activation rates, depending on phone model, operator and geography are ranging between 30%-50%, which is substantially higher than expected.

• Further market achievements include an encouraging response to the launch of Power Search, our first iPhone application, and after the close of the period, the receipt of the first order from Hutchison 3G Australia, which will include 12 months navigation in recently launched GPS handsets.

• After the close of the period, Wayfinder's financial position was strengthened with up to 60 MSEK through a combination of a loan facility and a factoring line of credit to support the growth ambitions.

www.wayfinder.com

Geo: International