Atea reports earnings growth in third quarter of 2009
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ Atea ASA, the largest supplier of IT infrastructure products andservices in the Nordicand Baltic region, today announced third quarter 2009 results with arevenue of MNOK 2,890.2 and EBITDA of MNOK 107.6 up 10% from lastyear and an EBITDA margin of 3.7%.In the first three quarters of 2009 Atea generated revenue of MNOK10,179.5 and a revenue growth of 1.2%. EBITDA for the first threequarters ended at MNOK 315.8 and cash flow from operations increasedto MNOK 192.9 from MNOK 190.1 last year."In view of the distressed world economy and the latest marketforecasts saying that the total Nordic IT infrastructure market willdecline by 3.8% in 2009, we are of course pleased with our ownperformance during the first three quarters of 2009 and that ourattacking approach combined with high cost consciousness in ourorganization are creating strong results during a challengingperiod," says Claus Hougesen, CEO in Atea.In third quarter of 2009 revenue ended at MNOK 2,890.2 down 6.1% fromMNOK 3,078.6 last year and EBITDA ended at satisfying MNOK 107.6 upapproximately 10% compared to last year. The earnings in thirdquarter are positively affected by the cost reduction programlaunched in the beginning of the year which is materializing in thirdquarter and will have full effect in fourth quarter of 2009.Atea is strengthening the existing business and is growing newbusiness areas during the economic crisis both organically andthrough acquisitions.In third quarter Atea in Denmark acquired the leading IP surveillanceand security company AC Sikring with estimated revenue of MNOK 32.9and EBITDA of MNOK 3.5 in 2009. This acquisition will strengthen theIP surveillance and IT security business, and the conversion frombeing analogue to IP based in the fast growing surveillance market iscreating a significant market and cross sale potential for Atea inthe coming years. The acquisition will enable Atea to offer a broadrange of IP surveillance equipment combined with IT services andinfrastructure equipment to existing and new customers and this willdifferentiate Atea from competitors.Atea assess Windows7 to be a significant business opportunity andrevenue generator in the coming years. Atea is today launching ajoint project with Microsoft called Atea7 design which is developedto ensure an effective and optimized model supporting customers withthe Windows 7 upgrade process. Windows 7 has been praised by manyanalysts to be one of the most promising products released fromMicrosoft in the recent years. IDC expects that out of the world's400 million Windows installed workstations, 170 million will convertto Windows 7 before end of 2011.Atea maintains the financial strength during the economic crisis dueto a strong and stable cash flow. Net interest bearing debt ended atMNOK 709.4 and cash reserves including unutilized facilities wereMNOK 1,001.2."Going forward Atea's main focus will be to continue deliveringstable revenues and solid profits and we will continue to focusstrongly on gaining market shares during the economic crisis. Everyday I can see that we are building an even stronger platform forstrong revenue growth after the crisis and every day new businessopportunities are evolving within our industry, as for example thelaunch of Windows 7 and high growth within Unified Communication. Alltogether this will make it possible for us to reach our ambitioustarget of NOK 20 billion in revenue in 2011," says Claus Hougesen.Atea is clearly focused on reaching the corporate target 20:11:1 -which means that Atea expects to reach NOK 20 billion in revenue andNOK 1 billion in EBITDA in 2011.The quarterly report and presentation is available atwww.atea.com/reportsThe press conference is available through webcast atwww.atea.com/webcastThe Stock Exchange Announcement is available at www.atea.com/oseFor further information, please contact:Claus Hougesen, CEO Atea ASA, mobile + 45 3078 1200Rune Falstad, CFO Atea ASA, mobile + 47 906 14 482About AteaAtea is the leading Nordic and Baltic supplier of IT infrastructurewith approximately 4300 employees. Atea is present in 72 cities inNorway, Sweden, Denmark, Finland, Lithuania, Latvia and Estonia. TheGroup deliver IT products from leading vendors and assist ourcustomers with specialist competencies within IT infrastructureservices. Atea has an annual revenue approximately NOK 15 billion andis listed on Oslo Stock Exchange. www.atea.comhttp://hugin.info/85/R/1349342/325145.pdf --- End of Message ---Atea ASAPB. 6472 Etterstad Oslo NorwayWKN: 884578 ; ISIN: NO0004822503; ;
Datum: 22.10.2009 - 08:55 Uhr
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