(Oslo, February 9, 2010): Ignis reports strong revenue growth, higher gross margin and improved operational results for 2010. Revenue for the full year increased 51 percent to NOK 275 million, whereas gross profit more than doubled to NOK 71 million. EBITDA increased to NOK 5.6 million in 2010 from NOK -23.2 million in 2009 and net profit improved to NOK -0.4 million from NOK -47.0 million in 2009.
The improvements were driven by revenue growth and margin improvements for all product groups, notably splitters and tunable lasers, combined with high operational leverage. The net profit includes positive tax effects, in part explained by the acquisition of SmartOptics towards the end of the year.
On a proforma basis, including the acquisition of SmartOptics, the company had revenue of NOK 349 million, gross profit of NOK 103 million, EBITDA of NOK 19.6 million and a net profit of NOK 5.5 million for the full year.
For the fourth quarter isolated, Ignis reports revenue of NOK 68 million, with a gross profit of NOK 21 million in reflection of continued margin improvement. EBITDA increased to NOK 3.1 million from NOK -4.6 million in the fourth quarter 2009. Due to the positive tax effects net profit was a positive NOK 13.9 million in the fourth quarter, up from a net loss of NOK 14.6 million in the fourth quarter 2009.
Going forward, Ignis believes it is well positioned to capitalize on growth opportunities for its Optical Components business, with tunable lasers as the main growth driver with higher capacity in a rapidly growing market.
The company also expects continued growth in the new business segment Optical Network Solutions that is being established as a result of the acquisition of SmartOptics. New product launches are expected to accelerate the growth rate of this business area from 2011.
Ignis believes the EBITDA profitability shown in 2010 is sustainable and that the acquisition of SmartOptics will further strengthen operational earnings.
Please find enclosed the full interim report for the fourth quarter and full year 2010. The results will be presented at Felix Conference Center, Aker Brygge at 08:30 CET.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act).