“Leica Camera AG back in the profit zone”

Great news: the latest financial report form Leica got officially published today and the results are better than expected - here is the full press release:

Annual financial statements 2009/2010: Leica turnaround exceeds expectations

New products and a successfully completed restructuring project have brought Leica Camera AG back in the profit zone. The figures of the Company’s annual financial statements for the reporting period April 1, 2009 to March 31, 2010 are above expectations: at € 158.2 million, sales of the Company are € 24 million or 18 % above the prior year. The operating result (EBIT) increased to € 7.4 million, after a loss of € 1.3 million in fiscal 2008/2009. The Group net income amounts to € 3.2 million (previous year: net loss of € –5.2 million).

Read the rest of the press release after the break:

The figures prove the positive growth and profit trends noticed since the third quarter of fiscal 2009/2010 and accelerated in the fourth quarter. A sequence of new products has led to a clear increase in order intake since September 2009. The new professional camera S2, the M9 – the world’s smallest digital system camera with full format sensor – and the handy reporting camera X1 have met with very positive international market reception. Additional innovations in sport optics, such as the Leica CRF 1600 laser rangefinder presented at the IWA 2010, further emphasised the Company’s course for innovation. Currently, products younger than nine months account for more than 50 % of Leica’s sales.

The improved result is also based on a sigificant contribution made by a restructuring project, which comprised the reduction of purchasing cost and of other operating expenses, as well as modified distribution structures.

With a view to the current development of business the Chairman of the Board of Management, Rudolf Spiller underlined the Company’s development potential: »Leica is back again. Innovative

Page 1 of 2 Reprints free of charge – Please send voucher copytechnical solutions, outstanding product quality and distinct design under the sign of the red point – this is what attracts and enthuses an increasing number of consumers worldwide. With its clear course for innovation and its powerful and efficient structure Leica has set the course for a successful turnaround. The success has been based on the readiness of both employees and management to support and structure the changes necessary to attain our shared objectives.«

Andreas Lobejäger, the Board member responsible for finance, confirms the Company’s positive perspectives: »The combination of strong sales growth and significantly increased efficiency gives Leica greater scope of action in financial terms. Leica has markedly improved its working capital, cash flow and equity base.«

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