Michael Fontana
July 30th, 2009, 03:11 AM
Press release from Jenoptik (http://www.jenoptik.com/cps/rde/xchg/SID-26EE34DB-74C69B46/jenoptik/hs.xsl/4582_6824.htm):
"Jena, 29. Juli 2009
A positive group operating result before one-off effects is expected both for the 2nd quarter as well as for the full year 2009.
As a result of the insolvency of the supplier Franke & Heidecke plus the significant deterioration in the business potential for mid format cameras (high-end), the Group has decided to withdraw from this sustainably negative business, and to carry out the associated reorganization of its locations and portfolios at home and abroad. Existing supply commitments have been terminated by mutual agreement with the customer.
With this measure Jenoptik is continuing to focus on its core business areas. In the short term however it will affect 2nd quarter earnings. The resultant one-off effects, most of which will be non-cash due to impairments, total 7.9 million euros and were completely included in the Group EBIT in the 2nd quarter 2009. The Group EBIT before this one-off effect in the 1st half 2009 will be positive at about 3 million euros (March 31, 2009: 0.4 million euros). This sum includes current losses of this business area of about 1 million euros, which will not arise again in the future.
The market for high-end camera modules has been hit very hard by the current economic environment and is having a negative effect on the business development of the market participants. This is also affecting Jenoptik which has consequently decided to withdraw from the mid format camera business.
The mid format camera business is concentrated within the Swiss company SINAR AG. SINAR AG will continue to provide in full warranty and after-sales services for mid format camera system and market professional analog and digital specialist camera solutions. The business of SINAR AG will be continued outside Jenoptik.
Jenoptik's digital imaging activities to continue in full
The topic of digital image processing is and will remain one of Jenoptik's core compentencies for the areas of medical technology, life sciences and traffic safety technology through to military reconnaissance. Jenoptik will continue and expand these activities.
Anticipated positive Group operating result before one-off effects in 2009.
As a result of the stable contribution from the Defense & Civil Systems division and its presence in various markets, Jenoptik anticipates a positive group operating result before one-off effects in the full year 2009.
The Jenoptik Group will publish the detailed figures for the 2nd quarter and 1st half 2009 on August 13, 2009."
I'm seduced to say that I expected it. Jenoptik gets rid of Sinar and the Hy-6 - Sinar might have a Management-Buy-Out - who will produce the Sinar backs in the future?
Hopefully, Sinar will find some calmer waters.
"Jena, 29. Juli 2009
A positive group operating result before one-off effects is expected both for the 2nd quarter as well as for the full year 2009.
As a result of the insolvency of the supplier Franke & Heidecke plus the significant deterioration in the business potential for mid format cameras (high-end), the Group has decided to withdraw from this sustainably negative business, and to carry out the associated reorganization of its locations and portfolios at home and abroad. Existing supply commitments have been terminated by mutual agreement with the customer.
With this measure Jenoptik is continuing to focus on its core business areas. In the short term however it will affect 2nd quarter earnings. The resultant one-off effects, most of which will be non-cash due to impairments, total 7.9 million euros and were completely included in the Group EBIT in the 2nd quarter 2009. The Group EBIT before this one-off effect in the 1st half 2009 will be positive at about 3 million euros (March 31, 2009: 0.4 million euros). This sum includes current losses of this business area of about 1 million euros, which will not arise again in the future.
The market for high-end camera modules has been hit very hard by the current economic environment and is having a negative effect on the business development of the market participants. This is also affecting Jenoptik which has consequently decided to withdraw from the mid format camera business.
The mid format camera business is concentrated within the Swiss company SINAR AG. SINAR AG will continue to provide in full warranty and after-sales services for mid format camera system and market professional analog and digital specialist camera solutions. The business of SINAR AG will be continued outside Jenoptik.
Jenoptik's digital imaging activities to continue in full
The topic of digital image processing is and will remain one of Jenoptik's core compentencies for the areas of medical technology, life sciences and traffic safety technology through to military reconnaissance. Jenoptik will continue and expand these activities.
Anticipated positive Group operating result before one-off effects in 2009.
As a result of the stable contribution from the Defense & Civil Systems division and its presence in various markets, Jenoptik anticipates a positive group operating result before one-off effects in the full year 2009.
The Jenoptik Group will publish the detailed figures for the 2nd quarter and 1st half 2009 on August 13, 2009."
I'm seduced to say that I expected it. Jenoptik gets rid of Sinar and the Hy-6 - Sinar might have a Management-Buy-Out - who will produce the Sinar backs in the future?
Hopefully, Sinar will find some calmer waters.