Trading Update
July 07 2009 - 1:00AM
UK Regulatory
TIDMVSC
DATE: Tuesday, July 7, 2009
Visonic Limited ("Visonic" or the "Group")
Trading Update
Visonic (LSE: VSC.L; TASE: VSC.TA), the international developer and
manufacturer of electronic security systems (alarms) and home management
systems, announces the following trading update:
Sales in the first half of this year reached US$42.7 million (2008 first half:
US$44.6 million).
The Group's operating profit in the first half of 2009 is expected to improve
in comparison with the corresponding period in 2008. Measures to increase
efficiency have been implemented by the Group to improve profitability and the
depreciation of the NIS against the US Dollar has also contributed to
operational profit. However, the weakness of the Euro and Sterling has had a
detrimental effect.
In addition, as previously announced on 26 January 2009, in response to the
current economic climate the Group has continued to focus on building a strong
balance sheet. In the first half of 2009 cash flow was strong, with financial
assets at the end of the half-year of over US$20 million, compared to US$15.5
million as at 31 December 2008.
The Group's Interim Results for the first half of 2009 will be announced on 25
August 2009 and not on 24 August (as previously notified in the Group's Annual
Report).
Commenting, Dr. Avigdor Shachrai, CEO and President of Visonic, said:
"We are proud and delighted to report the results achieved during the first
half of this year, despite the world-wide economic crisis. With sales
performance at almost the same level as the corresponding period last year,
together with an expected improvement in operational profit and improved cash
flow, we continue to focus on maintaining a strong Balance Sheet."
- END -
FORWARD LOOKING STATEMENTS
This announcement contains certain forward-looking statements within the
meaning of Israeli applicable law relating to future events or our future
performance, such as statements regarding trends, demand for our products and
expected revenues, operating results and earnings.
Such forward-looking statements usually contain language such as "believe",
"estimate" and the like.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause our actual results, levels of activity,
performance or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or implied in those
forward-looking statements.
These risks and other factors include but are not limited to: changes affecting
currency exchange rate, including the New Israeli Shekel /US Dollar and the New
Israeli Shekel/EURO exchange rate; payment default by any of our major clients;
the loss of one of more of our key personnel; changes in laws and regulations,
including those relating to the electronic security (alarms) industry and the
home management industry and inability to meet and maintain regulatory
qualifications and approvals for our products; termination of arrangements with
our suppliers; loss of one or more of our principal clients; increasing levels
of competition in markets in which we do business; changes in economic
conditions in Israel, including in particular economic conditions in the
Company's core markets; our inability to predict accurately consumption of our
products; and risks associated with product liability claims.
We cannot guarantee future results, levels of activity, performance or
achievements. We do not assume any obligation to update the forward-looking
information contained in this announcement.
For further information please contact:
Visonic Limited
Dr. Avigdor Shachrai (President & Tel: + 972 3 645 6797 Fax: +972 3
CEO) 6456788
Yair Naaman (CFO) www.visonic.com
Adi Enav (Investor Relations) Address: P.O.B. 13132, Tel-Aviv 69710,
Israel
adie@visonic.com
HudsonSandler
Alistair Mackinnon-Musson/ Nathan Tel: + 44 (0)20 7796 4133
Field
visonic@hspr.com
Arbuthnot Securities
Edward Gay/ Richard Johnson + 44 (0)20 7012 2000
END
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