EANS-Adhoc: init innovation in traffic systems AG / Successful start to 2009 for init: first-quarter revenue and earnings above plan

ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.


Karlsruhe, May 5, 2009. Karlsruhe-based init innovation in traffic systems AG (ISIN DE 0005759807), an internationally leading provider of telematics and electronic fare collection systems in the public transport sector in particular, is reporting a successful start to the year 2009. As of 31 March 2009, the group had generated cumulative revenue of EUR 9.6 million (prior year: EUR 8.4 million). International activities accounted for approximately 70.8 percent (prior year: 78.1 percent) of this amount. The gross profit of EUR 2.8 million as of the end of March is also considerably higher than in the corresponding prior-year period (EUR 1.4 million). In the first quarter of 2009, init generated earnings before interest and taxes (EBIT) amounting to EUR 0.9 million (prior year: EUR -0.8 million).

This equates to a quarterly profit of EUR 0.5 million, compared to a loss of EUR -1.2 million in the prior-year period. The earnings per share amount to EUR 0.05 (prior year: EUR -0.12).

Operating cash flow increased by around EUR 0.1 million compared to the prior year and was balanced in the first quarter. However, it is going to improve considerably in the course of the year, as init expects major payments from various large projects. As of 31 March 2009, equity amounted to EUR 32.4 million (prior year: EUR 25.3 million). Compared to the prior year, the equity ratio went up from 52.8 percent to 55.7 percent. For the entire financial year 2009, the init group is targeting sales revenues of EUR 60 million and an EBIT of EUR 8.6 million.

In contrast to the generally gloomy economic forecasts for the current year, init is expecting lasting positive growth thanks to ongoing international tenders and the current record order volume of approximately EUR 120 million. Incoming orders in the first quarter totalled EUR 3.5 million from Germany, EUR 9.0 million from Europe, and USD 4.3 million from North America. Moreover, init anticipates new and follow-up orders that will secure further growth in 2010. Unlike the general trend in the employment market, the positive business performance resulted in an increase in the number of init employees in the current financial year to 272 (prior year: 251).

The current order volume and the orders expected in the remaining part of the year form a solid basis for further dynamic growth for init in 2009.

end of announcement euro adhoc

emitter: init innovation in traffic systems AG Käppelestrasse 6 D-76131 Karlsruhe phone: +49(0)721 6100-0 FAX: +49(0)721 6100-399 mail: info@initag.de WWW: http://www.initag.de sector: Semiconductors & active components ISIN: DE0005759807 indexes: CDAX, Prime All Share, Technologie All Share stockmarkets: regulated dealing/prime standard: Börse Frankfurt, free trade: Börse Berlin, Börse Hamburg, Börse Stuttgart, Börse Düsseldorf, Börse Hannover, Börse München language: English

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