Strong growth in EBIDTA and cash flow
SYDNEY, Australia – February 26, 2007 – Altium Limited (ASX: ALU), industry-leading developer of unified electronic product development solutions, has announced its results for the half year ending December 31, 2006.
For the six months ending December 31, 2006 the company has achieved revenues of AU$23.5m, up 22% from AU$19.3m reported for the previous corresponding half year. Results were driven by a robust 32% increase in product sales growth across all regions – Americas delivered 38% growth, Asia-Pacific 60%, Europe 14% – for the 6-month period ending December 31, 2006.
As a result of the revenue growth, the company reported an increase in EBIDTA (adjusted for share based payments) of 192% to AU$2.1m and a reduction in its loss after tax from AU$2.5m in the half year to December 31, 2005 to AU$0.5m in the half year to December 31, 2006. Cash flow from operations increased to AU$3.8m for the six months to December 31, 2006, from AU$0.5m in the previous corresponding period. After accounting for a AU$3.5m dividend payment during the period, the company reported a 61% increase in its cash position at the end of the period compared to the previous half year.
In addition, the company reported a correction to a prior period relating to foreign currency translation of subsidiaries. The primary effect of the correction is to increase consolidated profit for the year to 30 June 2006 by $0.1m. Further detail can be found in note 2 of the half year report.
Commenting on these results, Nick Martin, founder and CEO, Altium Limited said “We’re clearly seeing the impact of our product development strategies of the past five years flow through to our financial performance. Our unique unified approach to electronics design is resonating with customers and prospects, and as a result we are delivering improved revenues and operating performance.”
Altium Limited (ASX:ALU) is the leading developer of electronic product development solutions dedicated to unifying the different design disciplines involved in electronics product development. Altium products ensure all electronic engineers, designers, developers, and their organizations, take maximum advantage of emerging design technologies to bring smarter products to market faster and easier. Founded in 1985, Altium has headquarters in Sydney, Australia, sales offices in the United States, Europe, Japan, China, and resellers in all other major markets. For more information, please visit www.altium.com.
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