Moscow, Russia – June 2, 2010 – JSC SITRONICS (‘SITRONICS’ or ‘the Group’) (LSE: SITR), the leading provider of technology solutions in Russia and the CIS, today announced its unaudited consolidated US GAAP financial results for the three months ended March 31, 2010.
- Consolidated revenues up 22% year on year to US$ 190.8 million
- Information Technologies revenues up 73% year on year to US$ 33.5 million; Microelectronics revenues up 54% year on year to US$ 44.6 million; and Telecommunication Solutions revenues up 2% year on year to US$ 107.5 million – all three divisions reported OIBDA profits
- US$ 14.3 million positive year on year swing in OIBDA* profitability to profit of US$ 7.4 million, with an OIBDA margin of 3.9%
- 38% year on year reduction in net loss attributable to SITRONICS to US$ 25.0 million
- Total assets up 6% year on year to US$ 1 855.1 million
- US$ 126.0 million of contracts secured since the announcement of fourth quarter financial results on April 22, 2010 and US$ 1.1 billion of contracts secured since the beginning of 2009, with approximately US$ 636.0 million of the pipeline expected to be booked in 2010
Sergey Aslanian, President of SITRONICS, commented: “We continued to capitalize on our market leading positions and solid relationships with both public and private sector customers across a range of industries and geographies in the first quarter, generating healthy year on year sales growth and adding further to our substantial forward contract pipeline. Each of our three business divisions reported OIBDA profits and the Group delivered a 4% OIBDA margin in the seasonally weakest period of the year. Although the macroeconomic environment remains challenging our business is stable and we have continued to win further contracts helping us to drive sales growth.
We have approved an updated business strategy for the three year period, which will allow us to strengthen our presence in the key markets by participating in building of an efficient and innovative economy and the raising of living standards using modern technology.”
SITRONICS management will host a conference call today at 4.00 PM Moscow local time, 1.00 PM London local time and 8.00 AM New York local time to present and discuss these results.
Participants may dial the following numbers in order to access the call:
UK/ International: + 44 20 7190 1595
US: + 1 480 629 9770
A replay facility will be made available for 7 days after the call. To access the replay, please dial:
UK/ International: +44 207 154 2833
US: +1 303 590 3030
The replay access pin code is 4309448#