Wayfinder Systems AB announces Half-year Results

24 August 2007, 8:27am

Wayfinder AB (NGM:WAYF) Interim Report for 1 January to 30 June 2007 is announced.

The user-base increased by 182% to 949,000

· Net sales for the first six months of 2007 amounted to MSEK 14.2 (11.6), an increase of 22%. Service revenue totalled MSEK 11.9 (6.6) MSEK, an increase of 80%.

· Net loss after tax was MSEK -35.4 (-39.2).

· Earnings per share were SEK -2.58 (-3.16).

· The user-base increased by 182% to 949,000 (337,000). The number of paying users increased by 98% to 109,000 (55,000).

· After the close of the period, Wayfinder acquired the Finnish navigation company, Navicore Oy.

· After the close of the period, Wayfinder won two major orders worth MSEK 39 in total, with delivery and revenue recognition in the third quarter of 2007. Also, after the close of the period, Wayfinder closed an agreement to launch its services in India with Airtel, the leading Indian operator. The launch is based on the three-year exclusive map agreement between Wayfinder and MapmyIndia. Starting in Q3, Wayfinder navigation services will be part of a combined offering with Sony Ericsson on selected markets in connection with the introduction of the latest Symbian phone, P1, from Sony Ericsson.

· Strengthened balance sheet. During the second quarter, Wayfinder implemented a new issue, which provided the company with MSEK 74.7 before issue expenses.

or more information, please contact:

Magnus Nilsson, President, Wayfinder Systems
Tel; +46 707 90 90 60
E-mail; magnus.nilsson@wayfinder.com

Per Grönwall, CFO, Wayfinder Systems
Tel; +46 8 555 176 00
E-mail; per.gronwall@wayfinder.com

Source: Wayfiner AB Press Release

www.wayfinder.com

Geo: International