SOURCE: Option

March 05, 2009 01:09 ET

Option reports Fourth Quarter and Full Year 2008 results

LEUVEN, BELGIUM--(Marketwire - March 5, 2009) -


Option N.V. (EURONEXT Brussels: OPTI; OTC: OPNVY), the wireless technology company, today announced its results (regulated information) for the full fiscal year and fourth quarter ended December 31, 2008. The financial information reported in this release is presented in Euros and has been prepared in accordance with the recognition and measurement criteria of IFRS as adopted by the European Union. The accounting policies and methods of computation followed in the attached financial statements are the same as those followed in the most recent annual financial statements.

Financial Highlights of the fourth quarter result 2008

  * Total revenues for the fourth quarter of 2008 were EUR 70.2
    million compared with EUR 69.9 million realized in the fourth
    quarter of 2007.

  * Gross margin in the fourth quarter 2008 was 24.1% on total
    revenues, compared with a gross margin of 19.1% of Q4 2007.

  * The quarterly EBIT amounted to EUR -19 million or -27.1% on total
    revenues compared with EUR -14 million or -20.1% during the
    corresponding period in 2007. The EBIT was heavily affected by a
    EUR 7.7 million impairment, reported in R&D expenses, and
    increases in license fees.

  * Net result for the fourth quarter of fiscal year 2008 amounted to
    EUR -13.3 million, or EUR -0.32 per basic and diluted share. This
    compares with a net result of EUR -8.5 million, or EUR -0.21 per
    basic and diluted share. The Q4 2008 net result was positively
    impacted by taxes of EUR 6.1 million compared with EUR 5.9
    million for the same period 2007.

  * The Group's balance sheet includes EUR 33.3 million of cash and
    inventory levels of EUR 32.9 million. The inventory levels are
    down from the same period a year ago, however they rose versus Q3
    due to the launch of the new products at the beginning of the
    quarter.  Receivables also remained stable at an average of 65
    days outstanding.

Financial Highlights of the full fiscal year result 2008

  * The revenues for the full year 2008 were EUR 268.1 million, a
    decrease of 11% compared with EUR 301.5 million revenues realized
    during the comparable period in 2007.

  * Gross profit for the full year 2008 was EUR 74.6 million, a
    decrease of 16.3% compared with EUR 89.2 million in 2007. Gross
    margin year to date in 2008 was 27.8%, compared with a gross
    margin of 29.6% in 2007.

  * EBIT decreased to EUR -29.3 million or -10.9% on total revenues
    during the full year 2008 compared with EUR 2.5 million in 2007.

  * Net result decreased to EUR -19 million, or EUR -0.46 per basic
    and diluted share. This compares with a net profit of EUR 6.4
    million or EUR 0.16 per basic and diluted share in 2007. The 2008
    net result was positively impacted by taxes of EUR 10.8 million.

For the entire press release in English or Dutch, including tables, click on the link below

http://hugin.info/133962/R/1295123/294026.pdf

Option rapporteert resultaten van het vierde kwartaal en het volledige jaar 2008: http://hugin.info/133962/R/1295123/294029.pdf


This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.



Copyright © Hugin AS 2009. All rights reserved.

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Jan Callewaert
    Founder & CEO

    JP Ziegler
    CFO

    Gaston Geenslaan 14
    B-3001 Leuven, Belgium
    TEL: +32 (0) 16 31 74 11
    FAX: +32 (0) 16 31 74 90
    E-mail: Email Contact