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New software licenses & CAD/CAM equipment orders up at Lectra
02
May '11
Lectra's Board of Directors, chaired by André Harari, reviewed the unaudited consolidated financial statements for the first quarter of 2011.

(Detailed comparisons between 2011 and 2010 are like-for-like.)

First-quarter 2011 orders and earnings confirm that the sales dynamics are ongoing and that the operating and financial ratios-which had already significantly strengthened in 2010-are continuing to improve.

Continuation of the Strong Sales Dynamics Recorded in 2010

At a total of EUR 21.9 million, orders for new software licenses and CAD/CAM equipment were up 25% compared to Q1 2010.

Despite their strong rebounds recorded in 2010 and again in 2011, orders were still down 11% compared to Q1 2007, as activity in many industrialized countries remains yet to recover pre-crisis levels.

Geographically, the situation reveals certain contrasts. Orders rose 48% in Europe (led by Germany and Eastern Europe) and 33% in Asia-Pacific, but they dropped 5% in the Americas and 18% in the rest of the world (North and South Africa, Turkey, the Middle East, etc.). Orders in emerging countries (45% of total orders) advanced 17%, while in developed countries (55% of total orders), which had grown more moderately in 2010, they were up 32%. Compared to 2007, they still lag behind by 8% and 14%, respectively.

The market sectors revealed the same contrast. Fashion remained essentially stable (-2%), whereas the automotive sector continued to show its vigor (+115%). Furniture advanced 43%, and the other industries were down 17%. Sales of spare parts and consumables, up 14% at EUR 10.4 million, registered new, strong gains, resulting from the combined effect of the increasing number of installed CAD/CAM systems and the continuing recovery in customers' production volumes.

These variations over a single quarter cannot, of course, allow for an extrapolation of trends for the coming quarters.

Strong Growth in Operating Margin

Revenues totaled EUR 49.8 million, up 14% relative to Q1 2010-up 16% at actual exchange rates. Revenues from new systems sales (EUR 23.5 million) were up 30%. Recurring revenues (EUR 26.3 million) rose by 3%.

At March 31, 2011, the order backlog (EUR 19.2 million) increased by EUR 0.7 million relative to December 31, 2010, and by EUR 4 million relative to March 31, 2010.

Fixed overheads costs (EUR 26.5 million) were up 2%. Variable costs (EUR 3.4 million) increased 51%, reflecting the growth in sales activity and earnings.

Income from operations was EUR 5.5 million. Like-for-like, it amounted to EUR 5.3 million, an increase of EUR 2.3 million (+77%) relative to Q1 2010. There were no non-recurring items in the first quarters of 2011 or 2010.

The operating margin was 11%. Like-for-like, it worked out to 10.8% and increased by 3.9 percentage points compared to Q1 2010 (6.9%).

After an income tax charge of EUR 1.6 million, net income was EUR 3.7 million (EUR 1.6 million in Q1 2010).

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