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Second quarter 2009 results

Continued strong performance in Collection Technology Deposit. Improved outlook in Industrial Processing Technology with increased order back log.

15 July 2009

Revenues of 818 MNOK (874 MNOK in second quarter 2008). Gross margin stable, except for California. Operating expenses of 235 MNOK (228 MNOK in second quarter 2008). Operating profit of 80 MNOK (122 MNOK in second quarter 2008). Cash flow from operations of 24 MNOK (minus 8 MNOK in second quarter 2008).

Collection Technology - Deposit Solutions

Revenues in the segment equaled 458 MNOK in the second quarter, up from 409 MNOK in second quarter last year. Adjusted for currency change, revenues were flat. Gross margin remains stable at 47%, equal to last year. Adjusted for currency and severance pay, operating expenses were down 8% compared to second quarter last year. Operating profit increased to 98 MNOK compared to 81 MNOK in second quarter 2008.

Materials Handling

Revenues in the business area were 227 MNOK in second quarter, equal to last year. In USD, revenues were down 22%. Gross margin was 15%, down from 21% same period last year. The decrease is a result of the commodity price impact on the California operation. Second quarter saw the beginning of the high volume season and as a result the losses of 18 MNOK in first quarter 2009 have turned into a profit of 3 MNOK during the second quarter.

Industrial Processing Technology

Revenues in the quarter decreased to 118 MNOK from 204 MNOK last year. Revenues were significantly down in all three units within the segment.  Despite challenging market conditions, gross margin improved from 50% in 2008 to 53% in 2009.

Collection Technology - Non-deposit Solutions

Revenues in the second quarter amounted to 15 MNOK, mainly coming from the installation of 6 ARCs and 6 CITY machines at Tesco. Gross margin was 20 percent compared to 26 percent in second quarter 2008. Operating expenses were 9 MNOK, down from 23 MNOK in second quarter 2008. The business area had an operational loss of 6 MNOK in the second quarter compared to a loss of 14 MNOK same period last year.

Asker, 15 July 2009

Tomra Systems ASA