Telit publishes preliminary results for year 2010

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Telit publishes preliminary results for year 2010

Revenues increase organically by 48%, net profit of $8.4 million

Telit Communications PLC announces its preliminary results for the year ended 31 December 2010:

Financial highlights:

• Revenue increased by 48.2% to $131.7 million (2009: $88.8 million)
• Revenue in H2-2010 increased by 20.9% to $72.1 million (H1-2010: $59.6 million)
• Gross profit increased by 24.0% to $52.9 million (2009: $42.7 million)
• Operating profit for the year of $6.6 million (2009: loss of $3.0 million)
• Adjusted EBITDA for the year of $12.4 million (2009: $5.8 million)
• Profit before tax of $6.4 million (2009: loss of $4.1 million)
• Profit for the year of $8.4 million (2009: loss of $4.2 million)
• Net debt down $3.2 million to $7.2 million (2009: $10.4 million)

Operational highlights:

• The transfer of the principal manufacturing facility to China was successfully completed in Q1 2010
• Continued successful expansion of the product portfolio, including the development of products to address the growing demand for energy efficient and wireless smart metering modules
• Strengthening of position in Eastern Europe with the opening of an office in St Petersburg, Russia
• Continued strong growth in the Americas region
• Telit launches world’s first online technical support forum for m2m
• Complete the acquisition of Motorola m2m in 1 March 2011 – integration is progressing well and in line with management expectations.

Commenting on the results, Oozi Cats, Chief Executive, said: “2010 and the subsequent months have been very important for the development of Telit. Through 2010 itself, we achieved strong organic growth successfully capitalising on the returning growth in the m2m industry which is emerging from the economic downturn. Our rate of organic growth was higher than the relative increase in growth of the m2m market itself and our major competitors, which illustrates the quality of our product portfolio, our customer relationships and the strength of our sales and distribution network.

Our hard work over the past few years at building a market leading platform to capitalise on the exciting opportunities within the m2m market is paying off and we are encouraged by the fact that Telit has continued to increase its market share in 2010. With the aim of strengthening our strong market position, we completed the acquisition of Motorola m2m in March 2011. We are very excited about the opportunities this significant acquisition will deliver and the Board is confident that Telit is now even better placed to achieve its objective of becoming the leading provider of m2m solutions worldwide.

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