Leica with record sales in Q3, best since the company’s IPO in 1996

Leica Camera AG announced their best quarterly and nine months results since its IPO in 1996. Products younger than two years account for 67 % of the total sales in the current fiscal year. The reported sales showed a 73.2% increase compared to the same period from previous year. The number of Leica employees increased from 1,062 to 1,112.

In an interview with AP, Leica's CEO Alfred Schopf said that staff have worked "voluntary overtime" and promised to improve the delivery time of cameras.

Full press release:

Leica Camera AG’s third-quarter figures and nine-months results in fiscal year 2010/2011 show the best sales since the Company’s IPO in 1996

Leica Camera Group closed the third quarter of the current 2010/2011 fiscal year with sales of € 75,532 thousand (previous year: € 48,102 thousand). Sales of the current fiscal year until third-quarter end (April 1 until December 31, 2010) amount to € 186,378 thousand (previous year: € 107,610 thousand). This corresponds to a 73.2 % increase as compared to the same period in the previous fiscal year. The Company thus registered the best quarterly and nine-months results since its IPO in 1996.

This confirms the course for innovation and growth followed by Leica Camera AG since its successful turnaround – products younger than two years account for 67 % of sales in the current fiscal year.

The increase in sales on the prior year is due to the continuing strong demand registered for all of the Company’s product categories – sales in the Photo product group more than doubled with the Leica M system, the professional S system and the digital Leica compact cameras. Sales in the Sport optics product group also exceed prior-year figures.

In the third quarter success drivers were, in particular, the products newly presented at the photokina in September 2010 – Leica D-Lux 5, V-Lux 2, the new black design variant of the Leica X1, the limited special series Leica M9 Titan, as well as the exclusive binoculars line, Leica Silverline.

In terms of regional range, the increase in sales saw contributions from all regions, with Europe and Asia registering especially strong increases exceeding 100 %. The operating result (EBIT) after the third quarter (€ 28,877 thousand) rose by € 29,160 thousand on the comparable period in the previous year (previous year: € –0,283 thousand). In the third quarter of the current fiscal year the Company posted EBIT of € 15,020 thousand
(previous year: € 6,896 thousand).

The improvement of results is primarily due to the growth in sales. As a result of the high demand cost of materials and personnel expenses are above the prior-year level. The number of employees in the Leica Camera Group increased from 1,062 in the previous fiscal year to 1,112 in the current fiscal year.

Total assets grew by € 36,926 thousand or 35.4 % on the third quarter of the previous fiscal. This is mainly due to the increase in liquid funds and inventories. The equity and liabilities side saw an increase due to the rise in equity on the basis of the improved earnings situation.

For fiscal year 2010/2011 the Company’s Board of Management expects sales to significantly exceed prior-year figures and have a corresponding effect on EBIT.

Source

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