euro adhoc: init innovation in traffic systems AG / Financial Figures/Balance Sheet / init below plan in third quarter, but still on target for growth

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Preliminary figures Q3.2008

04.11.2008

Karlsruhe, November 4, 2008. Although init innovation in traffic
systems AG has ended the third quarter with sales and earnings below
target, it remains on course for a new record year. From July to
September 2008 sales by the internationally leading provider of
telematics and fare collection systems for bus and rail reached EUR
12.7 million (previous year: EUR 15.1 million). Sales revenues in the
nine-month period, of about EUR 34 million, are thus equal to the
extraordinarily high level of the previous year (EUR 34.5 million).

The sales increase for the third quarter was delayed, until the
fourth quarter due to clients changing their plans, as well as delays
in deliveries. This also affects the share of earnings.

Based on the favorable order situation and the record level of orders
as of the end of September totaling EUR 103 million (previous year:
EUR 90 million) the Executive Board continues to assume that the
sales target of some EUR 56 million for 2008 can be achieved.

In order to complete contracts on schedule while at the same time
taking advantage of new growth opportunities in the market, init has
expanded its personnel capacity in the current fiscal year to 260
staff (previous year: 218). Together with further preliminary
expenses for development and production, this has created a
disproportionate increase in production costs compared to the
previous year. The gross profit from sales of EUR 8.4 million as of
the end of September was therefore below the figure for the previous
year (EUR 12.2 million).

init generated earnings before interest and taxes (EBIT) of EUR 1.4
million in the third quarter. On a nine-month basis, EBIT thus
amounted to EUR 2.3 million (previous year: EUR 4.5 million). The
results for the period thus total EUR 1.2 million (previous year: EUR
3.4 million). This corresponds to earnings per share of EUR 0.13
(2007: EUR 0.35).

The development of operative cash flow continues to be extremely
positive. It increased during the third quarter improving by EUR 7.5
million, to EUR 5.3 million (2007: EUR -2.2 million) during the first
nine months of 2008 in comparison to the previous year.

For the fourth quarter, init expects a new record figure for sales
and earnings based on existing orders. The EBIT for 2008 is thus
projected to exceed the previous year´s figure of EUR 7.2 million.
Due to the somewhat extreme fluctuations in the financial and foreign
exchange markets, a more precise projection in this regard has now
been rendered impossible.

In the judgment of the Executive Board, the above-average growth
perspectives in the medium term for init remain intact. Furthermore,
bids on major projects will be decided upon in the next few weeks and
months on four continents.

The complete report for the third quarter of 2008 will be published
on 11 November 2008.

end of announcement euro adhoc
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ots Originaltext: init innovation in traffic systems AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Alexandra Weiß

Investor Relations

Telefon: +49(0)721 6100-102

E-Mail: aweiss@initag.de

Branche: Semiconductors & active components
ISIN: DE0005759807
WKN: 575980
Index: CDAX, Prime All Share, Technologie All Share
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