LYNDHURST, New Jersey, April 29, 2010 /PRNewswire-FirstCall/ --
- Net Profit: $1.3m / Net Margin: 12.8%
- Visibility and Growth in H1 2010
StreamWIDE (Alternext Paris: ALSTW), the specialist in next generation, value-added telephony solutions for telecom carriers, announced yesterday its audited consolidated annual results for 2009.
SIMPLIFIED INCOME STATEMENT
In thousands of dollars* 2009 2008
Revenue 10,012 8,428
Operating profit 649 -2,583
Net profit 1,285 -698
Revenue: + 18.8%
StreamWIDE's consolidated revenue totaled $10m in 2009, up 18.8% on the previous year. The seasonal effect on second-half sales, which was absent in 2008, returned in 2009, notably in the final quarter. StreamWIDE's revenue for the second half of 2009 thus came to $5,7m, an increase of 34.8% compared to the second half of 2008 and of 35.3% compared to the first half of 2009.
Net Margin: +12.8%
As announced in the first half of the year, StreamWIDE will apply IFRS accounting standards for the publication of its 2010 annual results. As a consequence, the Group wrote down its R&D costs of $2.9m as intangible assets for the first time in its 2009 accounts**. The $2.9m is included in the Operating Income which equals $12.9m.
Operating costs came to $12,4m, up 11.3% compared to 2008. This limited increase was due to an active cost-cutting program that enabled the Group to reduce its breakeven point between the start and the end of 2009. This evolution can essentially be explained by:
- Other purchases and external costs, which fell 21.2% as a result of the
cost-cutting program initiated in 2008,
- Personnel costs, which grew by 22.0%. This increase is due to the
Group's internationalization, with an increase in the Chinese and
American subsidiaries' workforces. StreamWIDE keeps on significantly
strengthening its presence and R&D capacities in North America and
China. In France, the average headcount was cut from 49 to 42 between
2008 and 2009.
Subsequently, operating profit reached $0.7m in 2009, versus -$2,6m in 2008.
Including a research tax credit of $1.1m (a similar sum to the previous year), net profit totaled $1.3m, giving a net margin of 12.8%.
Strengthened Financial Structure
StreamWIDE thus ended 2009 with a strengthened balance sheet: shareholders' equity of $11.8m (versus $10.4m a year earlier) and no debt.
Strategy and Outlook
In 2009, StreamWIDE's activity saw a return to positive growth. The Group saw its sales and technological efforts rewarded, and its rationalization program has enabled it to significantly reduce its breakeven point. StreamWIDE has also benefited from its overseas sites, which have begun to generate significant business and have pursued product development under favorable conditions.
In 2010, the Group intends to continue controlling its costs and to make the most of the first signs of an economic recovery, that will contribute to an improved vision of the Group's activity growth.
StreamWIDE therefore anticipates an increase in both revenue and profit in the first half of 2010.
* all figures in the release have been converted into US dollars using a conversion rate of 1EUR = 1,39$, corresponding to the average exchange rate in 2009. Source= http://france.usembassy.gov/irs-euro.html
** StreamWIDE applies benchmark treatment because it has an IT tool enabling it to reliably determine flows
About StreamWIDE - (FR0010528059 - ALSTW) - Alternext by NYSE Euronext Paris
Headquartered in Paris (France), with subsidiaries in the USA, China, and Romania, StreamWIDE is fully dedicated to developing value-added services for mobile and fixed-line telecommunication operators, including Unified and Convergent Messaging, Online Charging Services, IVVR Service Creation Environment, Ringback Tones and Proxy solutions, all constructed with the help of a revolutionary service creation environment. Thanks to its innovative next-generation software technology, StreamWIDE enables telecom operators to deploy on-demand applications, to increase revenue, and to significantly reduce total cost of ownership and time to market. StreamWIDE is listed on Alternext by NYSE Euronext Paris (FR0010528059 - ALSTW).
For further information, go to: http://www.streamwide.com
SOURCE StreamWIDE
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