* Third Quarter Pro Forma Revenues of EUR 160.0 million, a 28.9%
increase from Q3 2007. Third Quarter Organic Growth of 18.2%
* Nine-month Pro Forma Operating Margin and EPS improved
* New Order Bookings of EUR 148.9, a 42.6% increase from Q3 2007
MADRID, Spain, Nov. 20, 2008 (GLOBE NEWSWIRE) -- Telvent GIT, S.A. (Nasdaq:TLVT), the IT company for a sustainable and secure world, announced today its unaudited financial results for the third quarter and nine-month periods ended September 30, 2008.
Pro forma revenues for the third quarter 2008 were EUR 160.0 million, an increase of 28.9% (18.2% organic), from EUR 124.1 million in the third quarter of 2007. Pro forma revenues for the first nine months of 2008 were EUR 444.4 million, compared to EUR 391.1 million in the first nine months of 2007.
Pro forma gross margin was 25.1% for the third quarter of 2008, compared to 24.3% in the third quarter of 2007. Pro forma gross margin for the first nine months of 2008 was 25.3%, compared to 23.9% in the same period of 2007.
Pro forma operating margin for the third quarter 2008 was 7.7%, compared to 8.1% in the third quarter 2007. Pro forma operating margin was 7.1% for the first nine months of 2008, compared to 6.9% in the first nine months of 2007. Pro forma income from operations increased by 22.8% and 17.2% in the third quarter 2008 and the first nine months of 2008, respectively, compared to the same periods of the prior year.
U.S. GAAP net income for the third quarter 2008 increased by 65.5%, compared to the same period of 2007, while U.S. GAAP net income for the first nine months of 2008 increased by 17.1%, compared to the same period of 2007.
Pro forma net income for the third quarter 2008 was EUR 6.1 million, compared to EUR 5.8 million in the third quarter 2007. Pro forma EPS for the third quarter 2008 was EUR 0.21, compared to EUR 0.20 in the third quarter 2007. Pro forma net income for the first nine months of 2008 was EUR 17.9 million, versus EUR 17.3 million during the first nine months of 2007. Pro forma EPS for the first nine months of 2008 was EUR 0.61, versus EUR 0.59 for the same period in 2007.
New order bookings (or new contracts signed) during the third quarter of 2008 totaled EUR 148.9 million, showing an increase of 42.6% (33% organic) from EUR 104.3 million in the third quarter 2007. The accumulated bookings year-to-date were EUR 476.9 million, compared to 446.9 million in the same period of 2007.
Backlog (representing the portion of signed contracts for which performance is pending) was EUR 573.0 million as of September 30, 2008, reflecting an 11.1% growth over the EUR 515.7 million in backlog at the end of September 2007. In addition, soft backlog (representing pending performance on multi-year frame contracts for which there is no contractual obligation on the part of the client to fulfill the full contract amount) was EUR 146.4 million as of September 30, 2008.
Pipeline, measured as management's estimates of opportunities for the following twelve months, is expected to approximate EUR 3.2 billion.
As of September 30, 2008, cash and cash equivalents were EUR 71.4 million and total debt (including EUR 114.5 million of net credit line due to related parties) amounted to EUR 200.3 million, resulting in a net debt position of EUR 128.9 million.
For the first nine months of 2008, cash used in operating activities was EUR 102.5 million compared to EUR 71.3 million used in the same period last year. Cash provided by investing activities in the first nine months of 2008 amounted to EUR 29.9 million, compared to EUR 20.1 million provided in the same period of 2007.
Manuel Sanchez, Telvent's Chairman and Chief Executive Officer, said, "I am satisfied to say we have closed a solid quarter despite the unprecedented market environment worldwide. We have achieved double-digit revenue growth in the quarter, most of which came from our core organic business. Our strong bookings and backlog put us in a favorable position to look into the rest of fiscal year 2008 and into 2009. In addition, we continue to achieve commendable improvements in gross and operating margins, in line with our plan to increase our portfolio of value-added solutions.
"I would also like to point out how particularly pleased I am with the closing of the DTN acquisition, which we completed in October. I strongly believe in the synergies between the two companies, which we have started to work on already. We are convinced that this acquisition will significantly benefit our clients, as we are now able to introduce a new information technology delivery model, with more and new higher value-added products and solutions," he concluded.
Business Outlook
As a result of the DTN acquisition, the increase in capital and the results achieved to September 30, 2008, we are updating our guidance for the fiscal year 2008. Organic revenue growth is expected to be between the range of 8% and 10% (from a previous range of 12% to 14%). Gross margin is expected to be between the range of 24% and 26%, while operating margin between 8.5% and 9.5% (from previous ranges of 23% to 25% and 8% to 9%, respectively). Finally, pro forma diluted EPS is expected to be in the range of EUR 1.18 to EUR 1.23. Pro forma diluted EPS were determined by using an expected weighted average number of shares issued and outstanding in the year of 30,096,995 shares.
Business Highlights
Energy
Some of the most relevant projects signed during the third quarter of 2008 were as follows:
-- Contract signed with Petroproduccion, in Ecuador, to implement
Telvent's SCADA OASyS system in Petroproduccion's main control
center and production centers located in the Amazon district. Use
of the SCADA OASyS system in the main control center will allow
Petroproduccion centralized and real-time monitoring and control
of its operations, as well as enable detection and remedial action
associated with potential leaks and enhanced security levels for
information access. This is expected to result in greater
efficiencies in the extraction, transportation and production of
crude oil, as well as overall security improvements. Telvent will
also be in charge of the geographical information applications and
personnel training.
-- Contract with TransCanada Corporation to supply a central control
system solution for its new Keystone Pipeline. Telvent will
provide its industry-leading OASyS(r)DNA 7.5 SCADA and SimSuite
modelling systems, along with integrated Telvent Liquids Suite
applications and a third-party (OSIsoft PI) Engineering Historian.
Telvent will also provide an Operator Training Simulator, which is
planned to be available one year prior to commercial operations of
the pipeline, allowing Keystone operations personnel the ability
to train on the Central Control System well before the pipeline is
in operation.
-- Contract signed with Abener to supply the DCS for the solar plant
power station in Algeria. This contract covers not only control
system supply, but plant-managed engineering, programming and
system start-up services as well.
Transportation
During the third quarter, some of the significant contracts signed were:
-- Contract to implement an E-ZPass toll collection system on the
Newport-Pell Bridge by the Rhode Island Turnpike and Bridge
Authority (RITBA). The project involves the design, development,
installation and maintenance of an EZPass electronic toll
collection system. The conversion of the existing RITBA token
system to the electronic E-ZPass system will increase patron
convenience and improve traffic flow, reducing traffic congestion
and vehicular emissions that cause pollution. Telvent will install
a complete electronic toll collection system on 10 toll lanes,
including hardware and software, and provide a central host
computer system to process, store and report RITBA toll
transactions and revenue.
-- Contract with Acciona, in Brazil, to supply, install and
start up an ITS system made up of CCTV subsystems, speed control
and a control center. The CCTV subsystem will have 84 digital
television cameras located along the 200 km of highway. The speed
control subsystem will have 10 speed metering points equipped with
radar systems capable of 2-lane speed calculations, and will
record images of cars exceeding the speed limit. All units will be
connected to a control center located in the city of Vassouras.
-- Contract signed with the Hawaii Department of Transportation in
the U.S. to develop, manage, and promote a pilot demonstration of
Hawaii's freeway service patrol program. Telvent will develop and
demonstrate freeway service patrols on the Island of Oahu, with
the goal of expanding the current monitoring and management
freeway system. Specifically, patrols will control six segments or
"beats" of the two most congested freeways in the Honolulu area.
These efforts will solve the high and increasing levels of
congestion, especially during incidents. Telvent will provide a
fleet of trucks, train operators, set up the administration of the
program, and provide an on-going promotional program.
Environment
During the third quarter, significant contracts signed were:
-- The Macro-Project for Water Supply to Libya. Telvent has been
selected to develop the PCCS (Permanant Control and Communication
System) package of Phase 4 (the Ghadames - Az Zawiyah - Zwara
phase) of the Great Man-Made River (GMMRA) project of
the government of Libya, which is intended to supply water to the
entire coast of Libya. The project is expected to resolve the
issue associated with lack of water resources in the region and
to ensure 24-hour-a-day water supply to the population, without
interruptions due to shortages. It will be implemented over a two-
year period and is entrusted to Telvent for a total of 25.5
million euros. Telvent will handle the installation of the total
equipment necessary for controlling the water pipeline that is
currently under construction.
-- Renewal of the contract with the Council for the Environment of
the Regional Government of Andalusia, in Spain, for maintenance of
the Andalusian Environmental Quality Monitoring and Control
Network. Telvent will handle maintenance and operation of over 200
points for measuring environmental quality, including private
networks that support Andalusian Administration and those of the
Control Center.
DTN Acquisition
On September 15, 2008, Telvent reached an agreement, closed on October 28, 2008, to acquire, for $445 million, U.S.-based business information services provider DTN Holding Company, Inc. (DTN). The acquisition of DTN marks another important strategic step in Telvent fulfilling its vision to help build a sustainable world, by adding an important new segment - agriculture - and by strengthening its existing energy, transportation and environment segments. In addition, this acquisition reinforces Telvent's U.S. base and secures a significant position in the growing information services sector. The synergies between the two companies should enable Telvent to deliver new higher value-added services to our customers worldwide, which is expected to result in new growth, more recurrent revenues and improved operating margins for Telvent.
Use of Non-GAAP Financial Information
To supplement our consolidated financial statements presented in accordance with U.S. GAAP, we use certain non-GAAP measures, including pro forma net income and EPS. Pro forma net income and EPS are adjusted from GAAP-based results to exclude certain costs and expenses that we believe are not indicative of our core operating results. Pro forma results are one of the primary indicators management uses for evaluating historical results and for planning and forecasting future periods. We believe pro forma results provide consistency in our financial reporting, which enhances our investors' understanding of our current financial performance, as well as our future prospects. Pro forma results should be viewed in addition to, and not in lieu of, U.S. GAAP results.
Pro forma net income excludes the amortization of intangible assets from the purchase price allocations in our acquisitions, stock compensation plan expenses and mark-to-market hedging, that Telvent believes are not indicative of its core performance or results. Reconciliation between U.S. GAAP, pro forma net income and EPS is provided in this release in a table immediately following the condensed consolidated financial statements.
Conference Call Details
Manuel Sanchez, Chairman and Chief Executive Officer, and Barbara Zubiria, Chief Financial Reporting Officer and Head of Investor Relations, will conduct a conference call to discuss the third quarter 2008 results, which will be simultaneously webcast at 1:00 P.M. Eastern Time / 7:00 P.M. Madrid Time on Thursday, November 20, 2008.
To access the conference call, participants in North America should dial (800) 374-0724 and international participants +1 (706) 634-1387. A live webcast of the conference call will be available at the Investor Relations page of Telvent's corporate website at www.telvent.com. Please visit the website at least 15 minutes prior to the start of the call to register for the teleconference webcast and download any necessary audio software.
A replay of the call will be available approximately two hours after the conference call is completed. To access the replay, participants in North America should dial (800) 642-1687 and international participants should dial +1 (706) 645-9291. The passcode for the replay is 71451227.
About Telvent
Telvent (Nasdaq:TLVT) is a unique global company listed on the NASDAQ Stock Exchange and a component of the CleanTech Index(tm) -the first and only stock market index of leading clean technology ("cleantech") companies.
Telvent, the IT Company for a sustainable and secure world, specializes in high-value-added products, services and integrated solutions in the Energy, Transportation, Environmental and Public Administration industry segments, as well as Global Services. Its innovative technology and proven experience help ensure secure and efficient management of the operating and business processes of the world's leading companies. (www.telvent.com)
The Telvent GIT S.A. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3116
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often are proceeded by words such as "believes," "expects," "may," "anticipates," "plans," "intends," "assumes," "will" or similar expressions. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Telvent's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Some of the factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the "Risk Factors" described in Telvent's Annual Report on Form 20-F for the year ended December 31, 2007, filed with the Securities and Exchange Commission on March 10, 2008, and updated, if applicable, on Telvent's Quarterly Reports on Form 6-K for the quarters ended March 31, 2008, and June 30, 2008, filed with the Securities and Exchange Commission on May 22, 2008 and September 26, 2008, respectively.
Consolidated Balance Sheets
(In thousands of Euros, except share and per share amounts)
As of As of
Sept. 30, Dec. 31,
2008 2007
(Unaudited) (Audited)
------- -------
Assets:
Current assets:
Cash and cash equivalents 71,410 73,755
Restricted cash -- 8,590
Other short-term investments 785 461
Derivative contracts 2,402 3,544
Accounts receivable (net of allowances of EUR
556 as of September 30, 2008 and EUR 639 as
of December 31, 2007) 120,159 143,261
Unbilled revenues 265,152 196,307
Due from related parties 14,321 38,773
Inventory 26,779 21,194
Other taxes receivable 11,878 9,309
Deferred tax assets 7,505 2,399
Other current assets 5,261 3,476
------- -------
Total current assets 525,652 501,069
Deposits and other investments 7,258 7,103
Investments carried under the equity method 6,685 219
Derivative contracts 665 --
Property, plant and equipment, net of
accumulated depreciation of EUR 35,467 as of
September 30, 2008 and EUR 45,915 as of
December 31, 2007 55,589 52,975
Long-term receivables and other assets 8,584 8,605
Deferred tax assets 15,642 16,529
Other intangible assets, net of accumulated
amortization of EUR 19,735 as of September 30,
2008 and EUR 16,373 as of December 31, 2007 30,361 22,381
Goodwill 52,008 64,638
------- -------
Total assets 702,444 673,519
======= =======
Liabilities and shareholders' equity:
Accounts payable 201,846 255,608
Billings in excess of costs and estimated
earnings 24,839 35,501
Accrued and other liabilities 17,117 10,684
Income and other taxes payable 15,029 21,452
Deferred tax liabilities 4,804 2,546
Due to related parties 128,222 25,315
Current portion of long-term debt 1,123 3,488
Short-term debt 49,863 63,998
Short-term leasing obligations 7,702 7,075
Derivative contracts 3,133 3,686
------- -------
Total current liabilities 453,678 429,353
Long-term debt less current portion 12,818 12,230
Long-term leasing obligations 19,544 22,959
Other long term liabilities 10,518 8,198
Deferred tax liabilities 5,406 6,361
Unearned income 1,501 409
Derivative contracts 923 --
------- -------
Total liabilities 504,388 479,510
------- -------
Consolidated Balance Sheets
(In thousands of Euros, except share and per share amounts)
As of As of
Sept. 30, Dec. 31,
2008 2007
(Unaudited) (Audited)
-------- --------
Minority interest 4,306 3,889
Commitments and contingencies
Shareholders' equity:
Common stock, EUR 3.005 nominal par value,
29,247,100 shares authorized, issued and
outstanding, same class and series 87,889 87,889
Additional paid-in-capital 42,249 42,072
Accumulated other comprehensive income (6,256) (5,294)
Retained earnings 69,868 65,453
-------- --------
Total shareholders' equity 193,750 190,120
-------- --------
Total liabilities and shareholders' equity 702,444 673,519
======== ========
Unaudited Consolidated Statements of Operations
(In thousands of Euros, except share and per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- ----------------------
2008 2007 2008 2007
---------- ---------- ---------- ----------
Revenues 169,669 128,643 457,604 406,602
Cost of revenues 128,034 97,953 343,620 312,857
---------- ---------- ---------- ----------
Gross profit 41,635 30,690 113,984 93,745
---------- ---------- ---------- ----------
General and
administrative 17,091 10,529 46,244 36,946
Sales and marketing 5,054 4,569 17,091 12,816
Research and
development 4,648 4,105 13,740 13,864
Depreciation and
amortization 2,883 2,360 8,485 7,523
---------- ---------- ---------- ----------
Total operating
expenses 29,676 21,563 85,560 71,149
---------- ---------- ---------- ----------
Income from
operations 11,959 9,127 28,424 22,596
Financial income
(expense), net (2,929) (4,192) (9,262) (9,116)
Income from
companies carried
under the equity
method 183 -- 309 --
---------- ---------- ---------- ----------
Total other income
(expense) (2,746) (4,192) (8,953) (9,116)
---------- ---------- ---------- ----------
Income before income
taxes 9,213 4,935 19,471 13,480
Income tax expense
(benefit) 1,999 1,033 3,273 1,266
---------- ---------- ---------- ----------
Net income before
minority interest 7,214 3,902 16,198 12,214
---------- ---------- ---------- ----------
Loss/(profit)
attributable to
minority interests (1,256) (302) (1,832) 50
---------- ---------- ---------- ----------
Net income 5,958 3,600 14,366 12,264
========== ========== ========== ==========
Earnings per share
Basic and diluted
net income per
share 0.20 0.12 0.49 0.42
========== ========== ========== ==========
Weighted average
number of shares
outstanding
Basic and diluted 29,247,100 29,247,100 29,247,100 29,247,100
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands of Euros, except share and per share amounts)
Nine Months Ended
September 30,
------------------
2008 2007
-------- --------
Cash flows from operating activities:
Net income 14,366 12,264
Adjustments to reconcile net income to net cash
provided by operating activities 12,572 7,263
Change in operating assets and liabilities, net
of amounts acquired (129,164) (85,592)
Change in operating assets and liabilities due
to temporary joint ventures (323) (5,200)
-------- --------
Net cash provided by (used in) operating
activities (102,549) (71,265)
-------- --------
Cash flows from investing activities:
Restricted cash - guaranteed deposit of long
term investments and commercial transactions 8,590 8,045
Due from related parties 34,115 22,917
Acquisition of subsidiaries, net of cash (738) (6,997)
Purchase of property, plant & equipment (5,790) (4,152)
Investment in intangible assets (1,284) --
Disposal /(acquisition) of investments (4,945) 260
-------- --------
Net cash provided by investing activities 29,948 20,073
-------- --------
Cash flows from financing activities:
Proceeds from long-term debt 1,331 2,193
Repayment of long-term debt (1,187) (4,942)
Proceeds from short-term debt 66 25,712
Repayment of short-term debt (21,556) (15,756)
Due to related parties 102,658 52,824
Dividend paid (9,951) ((8,774)
Dividend paid to minority interest (1,163) --
Proceeds (repayments) of long term liabilities (191) (711)
-------- --------
Net cash provided by financing activities 70,007 50,546
-------- --------
Net increase (decrease) in cash and cash
equivalents (2,594) (646)
Net effect of foreign exchange in cash and cash
equivalents 249 (273)
Cash and cash equivalents at the beginning of
period 68,409 60,997
Joint venture cash and cash equivalents at the
beginning of period 5,346 8,235
-------- --------
Cash and cash equivalents at the end of period 71,410 68,313
======== ========
Non-cash transactions:
Capital leases 2,101 2,546
Reconciliation between GAAP and Pro Forma Income and EPS
(In thousands of Euros, except share and per share amounts)
Three months ended
September 30, 2008
------------------------------------
GAAP Adjustments Pro forma
---------- ---------- ----------
Revenues 169,669 (9,714)(1) 159,955
Cost of revenues 128,034 (8,260)(1) 119,774
---------- ---------- ----------
Gross profit 41,635 (1,454) 40,181
---------- ---------- ----------
General and administrative 17,091 (452)(2) 16,639
Sales and marketing 5,054 5,054
Research and development 4,648 4,648
Depreciation and amortization 2,883 (1,413)(3) 1,470
---------- ---------- ----------
Total operating expenses 29,676 (1,865) 27,811
---------- ---------- ----------
Income from operations 11,959 411 12,370
Financial (expense), net (2,929) (1,500)(4) (4,429)
Income from companies under
equity method 183 (183)(1) --
---------- ---------- ----------
Total other income (expense) (2,746) (1,683) (4,429)
---------- ---------- ----------
Income before income taxes 9,213 (1,272) 7,941
Income tax expense (benefit) 1,999 (310)(5) 1,689
---------- ---------- ----------
Net income before minority
interest 7,214 (962) 6,252
---------- ---------- ----------
Loss/(Profit) attributable to
minority interests (1,256) 1,146 (1) (110)
---------- ---------- ----------
Net income 5,958 184 6,142
========== ========== ==========
Earnings per share
Basic and diluted net income
per share 0.20 0.21
========== ==========
Weighted average number of
shares outstanding
Basic and diluted 29,247,100 29,247,100
========== ==========
Nine months ended September 30, 2008
------------------------------------
GAAP Adjustments Pro forma
---------- ---------- ----------
Revenues 457,604 (13,240)(1) 444,364
Cost of revenues 343,620 (11,848)(1) 331,772
---------- ---------- ----------
Gross profit 113,984 (1,392) 112,592
---------- ---------- ----------
General and administrative 46,244 (1,356)(2) 44,888
Sales and marketing 17,091 17,091
Research and development 13,740 13,740
Depreciation and amortization 8,485 (3,089)(3) 5,396
---------- ---------- ----------
Total operating expenses 85,560 (4,445) 81,115
---------- ---------- ----------
Income from operations 28,424 3,053 31,477
Financial (expense), net (9,262) 176 (4) (9,086)
Income from companies under
equity method 309 (309)(1) --
---------- ---------- ----------
Total other income (expense) (8,953) (133) (9,086)
---------- ---------- ----------
Income before income taxes 19,471 2,920 22,391
Income tax expense (benefit) 3,273 564 (5) 3,837
---------- ---------- ----------
Net income before minority
interest 16,198 2,356 18,554
---------- ---------- ----------
Loss/(Profit) attributable to
minority interests (1,832) 1,191 (1) (641)
---------- ---------- ----------
Net income 14,366 3,547 17,913
========== ========== ==========
Earnings per share
Basic and diluted net income
per share 0.49 0.61
========== ==========
Weighted average number of
shares outstanding
Basic and diluted 29,247,100 29,247,100
========== ==========
Adjustments to reconcile GAAP with Pro forma:
(1) Joint ventures
(2) Stock/Variable compensation plan expenses
(3) Amortization of intangibles
(4) Mark to market derivatives
(5) Fiscal effect of previous adjustments
Reconciliation between GAAP and Pro Forma Income and EPS
(In thousands of Euros, except share and per share amounts)
Three months ended
September 30, 2007
------------------------------------
GAAP Adjustments Pro forma
---------- ---------- ----------
Revenues 128,643 (4,549)(1) 124,094
Cost of revenues 97,953 (4,035)(1) 93,918
---------- ---------- ----------
Gross profit 30,690 (514) 30,176
---------- ---------- ----------
General and administrative 10,529 (691)(2) 9,838
Sales and marketing 4,569 4,569
Research and development 4,105 4,105
Depreciation and amortization 2,360 (767)(3) 1,593
---------- ---------- ----------
Total operating expenses 21,563 (1,458) 20,105
---------- ---------- ----------
Income from operations 9,127 944 10,071
Financial (expense), net (4,192) 1,626 (4) (2,566)
Income from companies under
equity method -- -- --
---------- ---------- ----------
Total other income (expense) (4,192) 1,626 (2,566)
---------- ---------- ----------
Income before income taxes 4,935 2,570 7,505
Income tax expense (benefit) 1,033 721 (5) 1,754
---------- ---------- ----------
Net income before minority
interest 3,902 1,849 5,751
---------- ---------- ----------
Loss/(Profit) attributable to
minority interests (302) 346 (1) 44
---------- ---------- ----------
Net income 3,600 2,195 5,795
========== ========== ==========
Earnings per share
Basic and diluted net income
per share 0.12 0.20
========== ==========
Weighted average number of
shares outstanding
Basic and diluted 29,247,100 29,247,100
========== ==========
Nine months ended September 30, 2007
------------------------------------
GAAP Adjustments Pro forma
---------- ---------- ----------
Revenues 406,602 (15,506)(1) 391,096
Cost of revenues 312,857 (15,371)(1) 297,486
---------- ---------- ----------
Gross profit 93,745 (135) 93,610
---------- ---------- ----------
General and administrative 36,946 (2,072)(2) 34,874
Sales and marketing 12,816 12,816
Research and development 13,864 13,864
Depreciation and amortization 7,523 (2,315)(3) 5,208
---------- ---------- ----------
Total operating expenses 71,149 (4,387) 66,762
---------- ---------- ----------
Income from operations 22,596 4,252 26,848
Financial (expense), net (9,116) 2,677 (4) (6,439)
Income from companies under
equity method -- -- --
---------- ---------- ----------
Total other income (expense) (9,116) 2,677 (6,439)
---------- ---------- ----------
Income before income taxes 13,480 6,929 20,409
Income tax expense (benefit) 1,266 2,008 (5) 3,274
---------- ---------- ----------
Net income before minority
interest 12,214 4,921 17,135
---------- ---------- ----------
Loss/(Profit) attributable to
minority interests 50 90 (1) 140
---------- ---------- ----------
Net income 12,264 5,011 17,275
========== ========== ==========
Earnings per share
Basic and diluted net income
per share 0.42 0.59
========== ==========
Weighted average number of
shares outstanding
Basic and diluted 29,247,100 29,247,100
========== ==========
Adjustments to reconcile GAAP with Pro forma:
(1) Joint ventures
(2) Stock/Variable plan expenses
(3) Amortization of intangibles
(4) Mark to market derivatives
(5) Fiscal effect of previous adjustments
Segment Information
(In thousands of Euros, except share and per share amounts)
Three months ended Nine months ended
September 30, September 30,
2008 2007 2008 2007
---------------------------------------------------------------------
Revenues
Energy 46,291 52,470 126,545 164,842
Transportation 77,064 50,948 183,765 155,174
Environment 8,701 6,957 26,597 26,454
Public Administration 5,512 7,226 23,525 29,283
Global Services 32,101 11,042 97,172 30,849
--------- --------- --------- ---------
169,669 128,643 457,604 406,602
--------- --------- --------- ---------
Gross Margin
Energy 25.7 % 23.5 % 23.8 % 21.6 %
Transportation 22.2 22.3 23.3 21.9
Environment 6.1 21.3 22.6 25.8
Public Administration 4.9 19.0 10.8 16.4
Global Services 36.7 37.3 33.4 40.5
--------- --------- --------- ---------
24.5 % 23.9 % 24.9 % 23.1 %
--------- --------- --------- ---------
CONTACT: Telvent
Investor Relations Contact
Barbara Zubiria
+34 902 335599
barbara.zubiria@telvent.com
Grayling Global
Investor Relations Contact
Lucia Domville
+1 646 284 9416
ldomville@hfgcg.com
Abengoa
Communication Contact
Patricia Malo de Molina
+34 954 93 71 11
comunicacion@abengoa.com
|
| Symbol: |
TLVT |
| Last Trade: |
30.75
(11/20/2009 ET)
|
| Change: |
-0.06
(-0.194742%)
|
| Day's Range: |
30.19 -
30.9275 |
| Open: |
30.44 |
| Previous Close: |
30.81 |
| TSO: |
33,723,000 |
| Market Cap: |
1.04B |
| Day's Volume: |
37,044 |
|
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