DGAP-Adhoc: init innovation in traffic systems AG: Based on the preliminary figures for the first quarter, init confirms its full-year forecast for 2013

init innovation in traffic systems AG / Key word(s): Quarter Results

06.05.2013 13:32

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Karlsruhe, 6 May 2013. init innovation in traffic systems AG has confirmed
its full-year forecast for 2013 in light of the currently available
first-quarter figures. The global provider of telematics, planning and
electronic fare collection systems for public transport continues to expect
a rise in revenues to EUR 105m, with earnings before interest and taxes
(EBIT) in excess of EUR 18m.

Although quarterly revenues were slightly below expectations at EUR 17m (Q1
2012: EUR 19.6m) due to a decline in hardware deliveries, incoming orders
continued to improve, rising to EUR 15.9m (previous year: EUR 14.9m). As a
result, order backlog stood at EUR 178m at the end of March, up 43 per cent
against the previous year's period (EUR 124m).

Despite the year-on-year drop in quarterly revenues, gross profit totalling
EUR 5.4m boosted the gross margin by 2 percentage points (previous year:
EUR 5.8m). Sales and administrative expenses remained virtually unchanged
at EUR 4m (Q1 2012: EUR 4.1m), while earnings before interest and taxes
(EBIT) recorded a marked drop to EUR 1.1m (Q1 2012: EUR 2.8m) due to lower
revenues.

Consolidated quarterly net profit amounted to EUR 0.7m, down EUR 1.1m over
the previous year (Q1 2012: EUR 1.8m), thereby corresponding to earnings
per share of EUR 0.08 (Q1 2012: EUR 0.20).

In contrast, total comprehensive income increased in the first quarter of
2013 to EUR 2.4m due to EUR 0.8m of unrealized gains on currency
translation in the first quarter of 2012.

As the first quarter tends to be the weakest in init AG's financial year,
the Managing Board expects revenues and income to rise significantly over
the rest of the year. The long-term growth trend in the market for
transportation systems and electronic fare collection systems remains
intact. In the absence of any unexpected developments, init AG should thus
be able to meet its targets for 2013.

The full interim report for the first quarter of 2013 will be published on
10 May 2013.

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Language: English
Company: init innovation in traffic systems AG
Käppelestraße 4-6
76131 Karlsruhe
Germany
Phone: +49 (0)721 6100 0
Fax: +49 (0)721 6100 399
E-mail: ir@initag.de
Internet: www.initag.de
ISIN: DE0005759807
WKN: 575980
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart

End of Announcement DGAP News-Service

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