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Datalogic (Star: DAL.MI): profitability recovery trend confirmed in the third quarter of 2009

EBITDA of  € 7.1 million – 9.3% on sales – in the third quarter (+64% vs. € 4.3 million in the second quarter of 2009) and EBITANR1 of € 4 million (€ 629 thousand in the second quarter 2009).

Cash flow positive for over € 7 million in the third quarter.

Bologna 13th November 2009 –  The Board of Directors of Datalogic S.p.A. - a company listed in the Star segment of the Milan Stock Exchange and a leader in the market for barcode readers, data collection mobile computers, RFID (radio frequency identification) systems and photoelectric devices – today approved the quarterly interim report as of 30th September 2009.

Mauro Sacchetto, Chief Executive Officer of Datalogic SpA, commented: “Despite substantial stability of revenues in the previous quarters of 2009, we implemented a balanced and effective costs reduction policy that allowed us to achieve positive EBITDA already in 2Q2009 and to considerably improve in 3Q2009. We are confident that our improvement curve will also have a positive impact on FY results ”.

Consolidated sales revenues in the first nine months of the year totally amounted to € 225.1 million (mn), down by 21% vs. € 284.3 mn in the same period in the previous year.
The group's consolidation structure has changed with respect to 2008, as 2009 revenues include the sales of Datasensor SpA, acquired and consolidated as from October 2008.

EBITDA (including non-recurring costs) amounted to € 10.9 mn (€ 37.4 mn at 30th September 2008) and EBITANR positive by € 582 thousand (€ 28.8 mn for the same period in previous year).

The consolidated business result for the period showed a net loss of € 14 mn (net profit of € 16.6 mn at 30th September 2008).

In the third quarter of the year, in consideration of revenues in line with the previous quarters, the Group achieved a very significant improvement in profitability: EBITDA of € 7.1 mn vs. € 4.3 mn in the second quarter. This result has been reached thanks to the reduction costs plan launched during 2009 and for which € 7.9 mn have been accrued.

The separate business Division sales (including intersegment sales) and segment results (before non-recurring costs/revenues and depreciation and amortization due to acquisitions) at 30th September 2009, are listed below:

Divisions   Sales   Segment results
Datalogic Mobile    46.2    (0.6) 
Datalogic Automation   48.3    (5.8) 
Datalogic Scanning   108.6   1.9 
Informatics   22.4    2.5 
Datalogic S.p.A.   9.9    3.5 
Adjustment   (10.3)    (0.9)
January - Sept. 2009   225.1   0.6 





At 30th September 2009, the net financial position of Datalogic was negative by € 113 mn, an increase in comparison to its position at 31st December 2008 (negative by € 106.9 mn) but a net improvement on its position at 30th June 2009 (negative by € 120 mn).

It should be highlighted that, in the first nine months of the year, dividends and extraordinary costs were paid for approx. € 2 mn and € 1.9 mn, respectively.

Lastly, a relevant contribution to the financial debt reduction, during the third quarter, came from the trade working capital reduction that moved from € 76 mn at 30th June 2009 to € 69.2 mn at 30th September 2009.

Please note that the Quarterly Report at 30th September 2008 is unaudited and it can be consulted on the Company’s web site www.datalogic.com (Investor Relations section).

The manager responsible for preparing the company’s financial reports - Dott. Marco Rondelli – declares, pursuant to paragraph 2 of Art. 154-bis of the Testo Unico della Finanza, that the accounting information contained in this press release corresponds to the document results, books and accounting records.