Strong EBITDA and return to pre-tax profit despite challenging economic environment
SYDNEY, Australia, 24 August, 2009 – Electronics design software company Altium Limited (ASX:ALU) has announced its final financial results for the three months ending 30 June 2009, and for the financial year ending 30 June 2009.
Altium reports a final EBITDA for the full financial year of US$4.8 million on sales of US$51.3 million, compared to an EBITDA of US$576,000 a year ago.
The company also reports a return to profit before tax of US$224,000, compared to a loss a year ago of US$3.7 million.
Operating cash flow improved 75% to US$5.3 million year on year. Operating costs for the full financial year also decreased 10% to US$48.8 million. Cash balance as at 30 June 2009 was US$3.5 million.
Comments from Nick Martin, CEO of Altium
“Although we delivered strong growth in sales in the first half of the financial year, as expected the difficult worldwide economic conditions slowed things down somewhat during the second half of the financial year.
“Our response has been on three levels: firstly, we have tightened up our costs, which allowed us to improve our profitability even in this difficult environment. This also positions us strongly for the year ahead.
“Second, we are pushing our products into a lower, more mainstream price position. It was encouraging to see the effects of this in the fourth quarter, with the number of licences and upgrades sold in the fourth quarter being more than double that of the corresponding period a year ago.
“Third, we have intensified our product development efforts. In difficult economic times, electronics designers are looking at all of their options, including rethinking their product development environments. As a supplier of tools to facilitate product development, it’s important that we do our best to assist them in this process.”
Altium Limited (ASX:ALU) provides next generation electronics design software that breaks down the barriers to innovation. Altium’s unified electronics design environment links all aspects of electronics product design into one process, in a single application.This helps electronics designers harness the latest devices and technologies, manage their projects across broad design ‘ecosystems’, and create connected, intelligent designs.
Founded in 1985, Altium has headquarters in Sydney, sales offices in the United States,Europe, China, and resellers in all other major markets. For more information, visit www.altium.com.
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