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Third quarter 2009 results

Strong performance in Collection Technology Deposit. Improved performance and outlook in Industrial Processing Technology. California negatively influenced by reduced handling fees.

15 October 2009

Revenues of 856 MNOK (881 MNOK in third quarter 2008).Down 11% after adjustment for currency change.

Operating expenses of 198 MNOK (223 MNOK in third quarter 2008). Down 7% after adjustment for currency change and one-time costs in 2008. Operating profit of 132 MNOK (137 MNOK in third quarter 2008 after exclusion of one-time charges). Strong cashflow from operations of 194 MNOK (106 MNOK in third quarter 2008).

Collection Technology - Deposit Solutions

Revenues in the segment equaled 481 MNOK in the third quarter, up from 420 MNOK in third quarter last year. After adjusting for currency change, revenues were up 8 percent. Gross margin increased to 48% up from 45% last year, fueled by stronger USD and EUR as well as increased operational efficiencies. Operating profit increased to 129 MNOK from 76 MNOK (91 MNOK before restructuring charges) in third quarter 2008.

Materials Handling

Revenues in the business area were 236 MNOK in third quarter 2009, down from 274 MNOK last year. In USD, revenues were down 25%. Gross margin was 13%, down from 21% same period last year. The decrease was a result of the impact of lower commodity prices as well as lower handling fees in California.

Industrial Processing Technology

Revenues in the quarter decreased to 126 MNOK from 181 MNOK last year. Revenues were down significantly in all three units within the segment.  Despite the challenging market conditions, gross margin improved from 50% in third quarter 2008 to 53% in same period in 2009. Order intake improved in all three companies and the order book in the segment increased from 122 MNOK to 134 MNOK during third quarter 2009.

Collection Technology - Non-deposit Solutions

Revenues in third quarter 2009 amounted to 13 MNOK, mainly coming from installation of ARCs and CITY machines at Tesco. Gross margin was 23 percent compared to 33 percent in third quarter 2008. Operating expenses were 9 MNOK, down from 24 MNOK in third quarter 2008. The business area had an operational loss of 6 MNOK in the third quarter compared to a loss of 22 MNOK same period last year.

Asker, 15 October 2009

Tomra Systems ASA