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Gemalto posts Q3 results

22 October 2009  |  1470 views  |  0 Source: Gemalto

Gemalto (Euronext NL0000400653 - GTO), the world leader in digital security today announced its revenue for the third quarter of 2009.

Olivier Piou, Chief Executive Officer, commented: "Thanks to our continuous improvement in operating efficiency we are confident in our ability to expand our adjusted operating income to around € 180 million for the full year. This quarter's revenue is the reflection of a more cautious market place in preparation of year-end commercial campaigns, and more focus on inventory management and cash optimization. We continue to increase the share of software and services in our revenue. As we accomplish our 2006-2009 long-range plan, focused on margin improvement and establishing a solid foundation for our future, we are now ready for our next phase of development which we will present on November 19th."

Third quarter 2009

Total revenue for Q3 2009 was € 401 million, lower than Q3 2008 by 5% at constant exchange rates and by 4% at historical exchange rates. Revenue for the first nine months of the year was € 1 201 million, essentially unchanged when compared with the previous year. Demand this quarter was softer in the Americas when compared to last year, and Identity and Access Management activity in Europe contracted as enterprises postponed projects. Gemalto confirmed its leadership in Government Programs, winning two large-scale national projects, and continued to record additional wins in mobile communication service contracts.

Gemalto further strengthened its net cash position, with € 59 million of net cash generated during this quarter.

€ 35 million were used for acquisitions, € 19 million used for the share buy-back program and € 20 million received from the exercise of options by employees. As a result, the Company's net cash position was

€ 347 million at the end of the third quarter 2009, compared with € 322 million at June 30, 2009.

Read the full statement here.


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