InTiCa Systems AG: Year-on-year rise in operating result in first quarter despite lower sales

CONTACT Walter Brückl | CEO
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Consolidated sales declined 18% year-on-year to EUR 8.9 million

EBITDA was around the year-back level at EUR 1.3 million (2011: EUR 1.4 million)

EBIT increased to EUR 0.3 million (2011: EUR 0.2 million)

Positive pre-tax profit of EUR 0.13 million (2011: EUR 0.11 million)

Board of Directors confirms the forecasts for 2012

Passau, May 22, 2012 - InTiCa Systems AG (Prime Standard, ISIN DE0005874846, symbol: IS7) today publishes the interim report for Q1 2012. Despite a drop in sales, InTiCa Systems' operating result was higher than in the first quarter of the previous year. Automotive Technology was the top-performing segment in terms of sales and earnings.

Sales and earnings position
Overall, sales fell 18% year-on-year, from EUR 10.9 million to EUR 8.9 million. The Automotive Technology segment grew sales 44% to EUR 4.6 million (Q1 2011: EUR 3.2 million). However, this strong rise did not fully offset the declines registered by the Communication Technology and Industrial Electronics segments. The Communication Technology segment reported sales of EUR 1.2 million in Q1 2012 (Q1 2011: EUR 2.2 million) while the Industrial Electronics segment reported sales of EUR 3.0 million (Q1 2011: EUR 5.5 million). In the Industrial Electronics segment there were signs of an uptrend compared with the fourth quarter of 2011 (Q4 2011: EUR 2.7 million).

Thanks to a clear improvement in the material cost ratio (from 68% to 60%) EBITDA was around the year-back level at EUR 1.3 million.

Group EBIT increased year-on-year to EUR 0.3 million in Q1 2012 (Q1 2011: EUR 0.2 million). The EBIT margin increased from 2.2% to 2.9%. The main reason for this was the very good performance of the Automotive Technology segment, which reported EBIT of EUR 0.31 million in Q1 2012 (Q1 2011: EUR 0.25 million). The Industrial Electronics segment posted EBIT of EUR 0.02 million (Q1 2011: EUR 0.35 million). In the Communication Technology segment, EBIT was only slightly negative at minus EUR 0.07 million (Q1 2011: minus EUR 0.36 million).

In the first three months of 2012, the financial result was unchanged from Q1 2011 at minus EUR 0.1 million (Q1 2011: minus EUR 0.1). Group net income was EUR 0.06 million (Q1 2011: EUR 0.14 million), giving earnings per share of EUR 0.01 (Q1 2011: EUR 0.03). Including the currency translation gains of EUR 0.5 million from the translation of foreign business operations, comprehensive income was EUR 0.6 million in Q1 2012.

The equity ratio improved to 55% in the reporting period (December 31, 2011: 52%). Moreover, current liabilities to banks were reduced by EUR 1.1 million to EUR 1.2 million. The operating cash flow was clearly positive at EUR 0.5 million and the positive liquidity situation was further boosted by the scheduled repayment of a bonded loan totaling EUR 1.5 million.

Outlook
For the whole of 2012, assuming at least moderate economic growth despite the difficult situation in the German solar industry and the continued economic uncertainty, especially in the euro zone, the Board of Directors currently expects sales to decline slightly, while the earnings trend should be stable. It also assumes that the Group will achieve an improvement in liquidity in the low single-digit millions range.

The interim report for Q1 2012 is available at Investor Relations/Publications on the company's website at www.intica-systems.de.

InTiCa Systems AG

The Board of Directors

About InTiCa Systems:

InTiCa Systems is a European leader in the development, manufacture and commercialization of inductive components, passive analogue switching technology and mechatronic assemblies. It operates in the Automotive Technology, Communication Technology and Industrial Technology segments and has ca. 410 employees at its sites in Passau (Germany) and Prachatice (Czech Republic).

The Automotive Technology segment focuses on innovative products that raise the comfort and safety of cars, improve the performance of electric and hybrid vehicles and reduce carbon emissions. InTiCa Systems' Communication Technology segment is the German market leader in splitters for the transmission of broadband signals, while the Industrial Electronics segment develops and manufactures mechatronic assemblies for the solar industry and other industrial applications.

Forward-looking Statements and Predictions

This press release contains statements and forecasts referring to the future development of InTiCa Systems AG which are based on current assumptions and estimates by the management that are made using information currently available to them. If the underlying assumptions do not materialize, the actual figures may differ substantially from such estimates. Future developments and results are in fact dependent on a large number of factors; they contain different risks and imponderables and are based on assumptions that may not be accurate. We neither intend nor assume any obligation to update forward-looking statements on an ongoing basis as these are based exclusively on the circumstances prevailing on the date of publication.