Rælingen, Norway, 7 May 2009: PSI Group had operating revenues of NOK 129.4 million in the first quarter of 2010, compared with NOK 147.2 million in the first quarter last year. Operating profit before depreciation and amortization (EBITDA) in the quarter came to NOK 0.2 million compared with NOK 16.9 million in the first quarter last year. EBITDA in the first quarter 2010 was negatively influenced by a weak quarter for Cash Management CIT/ATM business area. Measures to improve profit are implemented and non-recurring costs related to lay-offs totaling NOK 2.8 million has been booked in the quarter.
Cash Management CIT/ATM comprises development, production and sale of cash security solutions for ATM manufacturers and cash in transit operators. The business area is characterised by volatility both in revenues and profit. Based on weak performance, PSI Group has implemented measures to improve profit. These measures include a reduction in headcounts by 16 man-years. The downsizing is expected to produce annual cost savings of NOK 8 million, with effect from the second quarter 2010.
- Operating revenues and profit are affected by weak performance in one of our business areas due to low order intake around the turn of the year. However, we have taken necessary measures and Cash Management CIT/ATM is expected to report a positive EBITDA in the second quarter, says Jørgen Waaler, president and CEO of PSI Group ASA.
- In March 2010 Retail Solutions renewed its agreement with NorgesGruppen. PSI has so far delivered about 4,500 CashGuard systems to NorgesGruppen. The renewed agreement involves an expanded product spectre, including opportunities to upgrade to newer systems with extra functionality..
Operating profit (EBIT) for the first quarter were a negative of NOK 6.2 million, compared with NOK 10.7 million in the same period of 2009. Diluted earnings per share were a negative of NOK 0.35 for the quarter, compared with NOK 0.26 in the first quarter 2009.
For more information, please contact:
Jørgen Waaler, CEO PSI Group ASA, Tel +47 905 90 010
About PSI Group
PSI Group is a leading global provider of closed and secure cash handling solutions in the society and provider of retail technology for improving the efficiency of price, goods and consumer information in selected geographical areas.
PSI Group is head quartered at Rælingen (Norway) and has about 345 employees in Scandinavia and Europe. The company is listed on the Oslo Stock Exchange and Nasdaq OMX in Stockholm.
For more information, visit www.psi-asa.com
