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Simrad Optronics positioned for new growth

Simrad Optronics ASA, the Norwegian defense products company, experienced reduced revenue and profitability in the third quarter. However for 2007 as a whole, the Company saw considerable growth and maintained profitability. Simrad Optronics saw a steady order flow in the third quarter, the order backlog increased by 70 per cent to NOK 610 million. New contracts secure additional growth for Simrad Optronics going forward.

Simrad Optronics ASA, the Norwegian defense products company, experienced reduced revenue and profitability in the third quarter. However for 2007 as a whole, the Company saw considerable growth and maintained profitability. Simrad Optronics saw a steady order flow in the third quarter, the order backlog increased by 70 per cent to NOK 610 million. New contracts secure additional growth for Simrad Optronics going forward.
 
For the first nine months of 2007 Simrad Optronics' revenue amounted to NOK 333.9 million, a 23% increase over the same period last year. EBITDA was up NOK 5.0 million to NOK 48.1 million. Simrad Optronics' EBITDA margin was slightly down from 15.9% in the first nine months of last year to 14.4% this year. For the first nine months profit before taxes was NOK 3.8 million (2006: NOK -4.0 million).
 
Simrad Optronics revenue in the third quarter decreased by 23 per cent compared to last year's third quarter and came in at NOK 68.5 million. The Company reports an EBITDA of NOK 3.1 million for the third quarter, down from NOK 15.8 million. Profit before taxes was NOK -12.1 million in the third quarter (2006: NOK -0.4 million).
 
"We had a reduced turnover the third quarter, but we are currently producing at full capacity in most product areas. We have also increased our manufacturing capacity through our new plant in the United States, which was finalized in Q3 and the ramp up of production has started. Simrad Optronics has also successfully become part of US Army's renewal program for Remote Weapon Systems as a sub supplier to Kongsberg Defence and Aerospace, which will provide a substantial increase in our revenue going forward," said CEO Jon Asbjørn Bø.

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