Barco confirms expectations for 4Q03 in preliminary information on the results
Kortrijk, Belgium, January 26 - Barco (Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) today announced that it has met its targets for 4Q03 results, despite a 19% year-over-year depreciation of the US dollar. The high level of orders over 4Q03 is especially noteworthy, and led to a book-to-bill ratio of 1.05 over 2003.
4Q03 Financial Highlights:·Orders up 19% to euro 188.3 million, at the high end of the expected range of euro 175 and 190 million. The book-to-bill ratio was 1.08, up from 0.8 in 4Q02.
·Sales at euro 174.7 million, down 10% year-over-year, and at the lower end of the expected range of euro 173 to 183 million. At constant exchange rates sales declined approximately 3%.
·EBITA before restructuring charges of euro 2.5 million above euro 25 million, close to the middle of the expected range of between euro 23 and 29 million.
·Excluding the impact of currency fluctuations, EBITA would have been approximately euro 7 million higher.
Fiscal Year 2003 Financial Highlights:
·Orders declined 3% to euro 662.5 million year-over-year, but would have increased by 5% at constant exchange rates. The book-to-bill ratio was 1.05 compared to 1.01 in 2002.
·Sales reached euro 629.0 million, a 6% year-over-year decline. At constant exchange rates, sales would have increased by 2%.
·EBITA before restructuring charges of euro 2.5 million declined slightly year-over-year to above euro 68 million. EBITA margin was slightly higher than the 10.6% margin posted in 2002.
·Excluding the impact of currency fluctuations, EBITA would have been higher by more than euro 20 million.
Net income before restructuring charges, goodwill and extraordinary charges was approximately euro 54 million, comparable to euro 54.4 million in 2002. Net income for 2003 reflects the positive impact of a lower than anticipated tax rate.
Net result was approximately euro 46 million. In 2002 net result was much lower at euro 17.7 million due to extraordinary charges resulting from the reduction on the participation in the graphic activities. In 2003, the full exit from the graphic activities had no negative impact on the extraordinary results after taxes.
The above are preliminary and non-audited final results. Barco will release the final results of 4Q03 and FY 2003 on February 19, 2004.
About Barco
Barco, an international company headquartered in Kortrijk, Belgium, is active in three key areas of imaging technology. Barco designs and develops solutions for large screen visualization, display solutions for life-critical applications, and systems for visual inspection. Barco has a network of subsidiaries, distributors and agents in almost 100 countries. Barco is quoted on Brussels/Euronext and is a BEL 20 and a Next 150 company.
For more information, please contact
