Altium reports first-half results: growth in sales, revenue, return to profit

Declares an interim unfranked dividend of 2 Australian cents per share

(PresseBox) ( Sydney,Australia, )
Altium Limited (ASX: ALU), the electronics design industry's leading developer of unified electronic product development solutions, has reported results for the half-year ending 31 December 2008.

Half Year highlights

- Sales of USD 27.2m, an increase of 18% compared to the same period a year ago
- Revenue of USD 26.7m, an increase of 14% compared to the same period a year ago
- EBITDA of USD 3.7m compared to a negative EBITDA of USD 0.6m a year ago
- Net profit after tax of USD 740,000, compared to a loss of USD 1.9m a year ago
- Cash balance of USD 9.2m, up from USd 4.2m as at 31 December 2007
- Greater China (including Hong Kong & Taiwan) grew 55% compared to the same period a year ago
- Interim unfranked dividend to shareholders of 2 Australian cents per share

"We are pleased to report a return to profitability, and to be able to declare an interim unfranked dividend to shareholders based on these half-year results," said Nick Martin, CEO.

"Although we are seeing some slow down in customers' purchasing decisions connected to uncertainty created by the general economic outlook over the next 6-12 months, we anticipate a continued positive contribution to our profitability from a weaker Australian dollar.

"In light of managing costs in line with sales growth, we have taken steps to restructure our organization, which include lowering our costs in some lower performing regions and central operations, and directing that investment in the growth regions that include China, Asia and Eastern Europe.

"Based on Altium's strong cash position, Altium's board of directors has declared an interim unfranked dividend to shareholders of 2 Australian cents per share. The record date for entitlements is 10 March 2009 with a payment date of 24 March 2009."

A reclassification of foreign exchange movements has been made, resulting in a change to the tax provision for the half year, compared to the provisional results issued on 15 January 2009. This accounting change to income tax expenses has not affected the net assets of the company.
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