HOOFDDORP, Netherlands, August 21 /PRNewswire/ -- CEVA Group Plc today
announced its results for the second quarter of 2008. With total revenue of
EUR 1.7 billion for the quarter, both the Contract Logistics and the Freight
Management operations continue to show increasing growth momentum. At 2007
exchange rates, revenue grew by 9.4 % over the same quarter of the previous
year on a pro-forma basis(1).
Table: Key Financials Q2 2008
Three months ended 30 June 2008 2007 Growth
Revenue EUR 1,595 m EUR 907 m 75.9 %
EBITDA before specific items EUR 89 m EUR 59 m 50.8 %
% Revenue 5.6 % 6.5 %
EBITDA excludes the impact of specific items which are significant
non-recurring items such as restructuring and integration costs, re-branding
and separation costs, costs related to the acquisition of EGL and certain
legal expenses.
Table: Pro-forma Key Financials Q2 2008 (at 2007 constant exchange rates)
Three months ended 30 June 2008 2007 Growth
Revenue EUR 1,709 m EUR 1,562 m 9.4 %
EBITDA before specific items EUR 96 m EUR 93 m 3.2 %
% Revenue 5.6 % 6.0 %
The above table is based on Q2 2007 exchange rates, primarily including
an adjustment to 2008 for the weakening of the US dollar and the British
pound.
Commenting on the results, CEVA CEO John Pattullo said:
"Just 12 months after the acquisition of EGL, it is a pleasure to
announce this solid set of results. They are a credit to the hard work of all
our employees. In recent months we have realigned our organizational
structure into four geographical regions in order to create a more customer
focused and responsive structure. We have also developed a very clear set of
strategies and plans to shape the future direction of CEVA. Our customers are
reacting positively to these changes and we have experienced a number of
significant wins during the quarter. Although trading conditions are
challenging, we believe that CEVA's current momentum will allow sustained
progress."
(1) assuming the acquisition of EGL was on 1 January 2007
CEVA. Making Business Flow
CEVA Logistics is a leading global supply chain management company. We
provide end-to-end design, implementation and operational solutions in
contract logistics and freight forwarding to large and medium-sized national
and multinational companies. CEVA employs 56,000 people and runs an extensive
global network with facilities in over 100 countries. Following the
acquisition of EGL in August 2007, the new combined company had pro forma
sales of EUR 6.3 billion. For more information, please visit
http://www.cevalogistics.com
Safe Harbor Statement Under the Private Securities Litigation Reform Act
of 1995:
The statements included in this news release, and other statements that
are not historical facts, may contain forward-looking statements. In addition
to the assumptions specifically mentioned in the above paragraphs, there are
a number of other factors that could cause actual results and developments to
differ materially from those expressed or implied by these forward-looking
statements. These factors include, but are not limited to, the process of
combining EGL and CEVA, the actual effects of recent and future regulatory
changes and technological developments, globalization, levels of spending in
major economies, the economic climate in Asia and the US, levels of marketing
and promotional expenditure, actions of competitors and joint venture
partners, employee costs, future exchange and interest rates, changes in tax
rates, unexpected costs of integrating recently acquired businesses and
future business combination or dispositions and other factors detailed in
risk factors and elsewhere in CEVA and EGL's most recent Annual Reports,
including but not restricted to the EGL Annual Report on Form 10-K. Further
information concerning the Company and its business, including factors that
potentially could materially affect the Company's financial results, is
contained in the Company's filings with the Securities and Exchange
Commission. Should one or more of these risks or uncertainties materialize
(or the consequences of such a development worsen), or should underlying
assumptions prove incorrect, actual outcomes may vary materially from those
forecasted or expected. EGL and CEVA disclaim any intention or obligation to
update publicly or revise such statements, whether as a result of new
information, future events or otherwise.
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