•First quarter 2010 net sales were MSEK 47 (62)
•The first quarter gross margin was 75% (65) and the gross profit was MSEK 35
(40)
•Earnings before depreciations and amortizations (EBITDA) in the first quarter
2010 were MSEK -3 (5)
•The result after tax for the period was MSEK -7 (2)
•Earnings per share for the first quarter 2010 were SEK -0.06 (0.02)
•The cash flow during the quarter amounted to MSEK 5 (23)
First Quarter 2010 Summary
•Positive cash flow during the first quarter of MSEK 5 (23)
•Substantial improvement of gross margin to 75 % (65)
•Acco Brands launched digital flipcharts with Anoto technology
•Deliveries of digital pens to TStudy, South Korea were started
•Aurora Investment Ltd, South Korea presented a partial cash offer
corresponding to 20 % of the shares to Anoto shareholders
Comments from the CEO
An improved gross margin and positive cash flow during the first quarter
Technology & Licensing continue to develop well and increased its sales by 24 %
up to MSEK 21. We started deliveries of digital pens to TStudy in South Korea
during the quarter.
Our recruitment of partners and the activities within Anoto Products continue
to be positive. Our new AFS 2.0 platform that was launched during the quarter
has not generated any large sales volumes as yet. However, it has generated
positive signals from old and new partners.
Net sales during the first quarter amounted to MSEK 47 (62) and the net result
was MSEK -7 (2). The deviation compared to last year refers to delays in
deliveries within C Technologies and lower sales of components, ASICs, which I
expect us to recover later this year.
Lower royalties due to decreased sales from a US partner within Technology &
Licensing are a disappointment.
Sales of components, ASICs, only reached MSEK 3, compared to MSEK 12 last year.
However, component sales can vary a lot over time, and so we expect to reach
the same level as last year.
A larger rate of license fees and royalties has given a gross margin of 75 %,
one of the highest during the last few years.
Our cash flow improved by MSEK 5 during the first quarter and at the end of the
period it was MSEK 85. Operating activities had a positive cash flow of MSEK
10.
The South Korean company T Stone Ltd through their subsidiary Aurora Investment
Ltd made a partial cash offer to Anoto shareholders corresponding to 20 % of
the total number of shares at a price of SEK 5.40 per share. The offer
represented a premium of nearly 20 % over the latest traded price. Mid April
Aurora Investment Ltd announced that they had acquired very close to 15 % of
the shares in Anoto and thus become the largest owner of the company.
For complete report, see attached file.
Anoto Group AB may be required to disclose the information provided herein
pursuant to the Securities Markets Act. The information was submitted for
publication at 08.30 on May 5, 2010.
For more information
Please contact:
Anders Widesjö Anoto Group AB (publ.), Corp. Id. No. 556532-3929
CFO Box 4106, SE-227 22 Lund, Sweden
+46 46 540 12 34 Phone: +46 46 540 12 00
www.anoto.com
