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Datalogic (Star: DAL.MI). Board of Directors approves interim financial statements at 31st march 2010. Growth continued also in the first quarter of 2010: the trend of profitability recovery confirmed by the results of four consecutive quarters!

Growth continued also in the first quarter of 2010: the trend of profitability recovery confirmed by the results of four consecutive quarters.
Net profit of 4.1 million Euro (4.6% of sales) in Q1 2010 vs. loss of 5.5 million Euro recorded in Q1 2009.
Sales revenue of 89.5 million Euro in Q1 2010, +22.5% vs. 73.1 million recorded in the same period last year.  
EBITDA of 10.6 million Euro in Q1 2010 (11.8% of sales), vs. EBITDA negative by 0.5 million Euro at 31st March 2009.
Net financial position negative by 97.684 million Euro, a clear improvement on 116.656 million Euro at 31st March 2009.

Bologna, 10th May 2010 -  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 interim financial statements for the quarter ending on 31st March 2010.

Mauro Sacchetto, CEO of Datalogic S.p.A. commented: "The results of the first quarter of 2010 are the outcome of specific decisions implemented to react promptly and effectively to the 2009 economic crisis which have returned EBITDA to 11.8% with cash flow in clear recovery. With revenue growth of 22.5% Datalogic has definitely managed to invert the negative trend of the first quarter of 2009. These results, alongside signs of moderate improvement in the worldwide economy, and backed by the positive performance of purchase orders, make us hopeful that we will manage to fully exploit all future growth opportunities".

The first quarter of 2010 closed with consolidated sales revenue of 89.5 million Euro (up by +22.5% vs. 73.1 million recorded in the same period last year). With constant Euro/USD exchange rates, growth would have been approx. equal to 25.7%

Recovery in profitability has been very significant: Group EBITDA is 10.6 million Euro, corresponding to 11.8% of sales thus recording an increase of 11.1 million Euro vs. EBITDA negative by 515,000 Euro at 31ST March 2009).

The group's net profit, which at March 31st, 2010 was 4.1 million Euro, has improved impressively compared to the loss of 5.5 million Euro in the first quarter of the previous year.
Cost rationalization actions implemented in 2009 enabled the Group to improve its EBITDA, already in the second quarter of 2009. Furthermore, the selectivity with which these actions were decided allowed the Group to benefit from the increase in demand immediately (especially in the last two quarters).

The first quarter of 2010 is (in terms of EBITDA) the fourth consecutive quarter of growth with percentage profitability very close to the results achieved by the Group prior to the crisis.

All results of the first quarter 2010 have improved as compared to the previous quarter: total sales at 31st March 2010 of 89.5 million Euro (growth of +3.1% vs. 86.8 million Euro of the fourth quarter of 2009); EBITDA grew by 20.9% vs. the fourth quarter of 2009 (from 8.7 million Euro to 10.6 million Euro) and EBITANR  recorded strong growth of 36.4% (from 5.6 million Euro in the fourth quarter of 2009 to 7.7 million Euro in the first quarter of 2010).

All operating Divisions of the Group recorded impressive growth in the first quarter of 2010 compared to the results of the same period last year. In particular, Datalogic Mobile, specialized in the production of Mobile Computers, recorded the highest growth: +28%.
Datalogic Scanning, specialized in the production of bar code readers for the retail market and hand held scanners, recorded growth of +21%. Datalogic Automation, specialized in the production of automatic identification solutions and photoelectric devices recorded growth of + 21% and Informatics, specialized in the online sale of barcoding solutions recorded an increase of 19%.

As to the geographical areas, growth was especially significant in the emerging markets of Asia and South America recording an increase of over 50% in the first quarter of 2010 vs. the same period last year (from 13.8 million Euro to 20.9 million Euro), over 25% in North America (from 19.5 million Euro to 24.5 million Euro) and over 10% in Europe (from 39.8 million Euro to 44.1 million Euro).

The separate business Divisions sales (including intersegment sales) and segment results (before non-recurring costs/revenues and depreciation and amortization due to acquisitions) at 31st March, 2010 are listed below (in millions of Euro).

Divisions   Sales   Segment results
Datalogic Mobile*   20.7
  2.0
Datalogic Automation   19.0
  0.4
Datalogic Scanning   42.1
  4.0
Informatics   7.9   1.0
Datalogic S.p.A.   3.3
  0.7
Adjustment   (3.5)
  (0.4)
January- March 2010
  89.5   7.7


At 31st March 2010 the net financial position of Datalogic was negative by 97.684 million Euro. This is a significant improvement compared to its position at 31st March 2009 (negative by 116.656 million Euro).

Please note that the Quarterly Report at 31st March 2010 is unaudited and is available in the Investor Relation section of Datalogic Group website www.datalogic.com.

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.

 

• EBITANR - Earnings before interest, taxes, acquisition and non recurring - Risultato operativo ordinario prima dei costi e ricavi non ricorrenti e degli ammortamenti derivanti da acquisizioni.

* Includes revenue of the business unit EBS.