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(TCM.L) Telit Communications PLC Buy/Sell
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| 06-10-09 | AFX UK Focus |
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LONDON, Oct 6 (Reuters) - Telit Communications Plc:
communication modules ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 06-10-09 | RNS |
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RNS Number : 2745A Telit Communications PLC 06 October 2009 Telit Communications Plc ("Telit" or the "Company") Telit and ASL Holdings intensify cooperation Telit Wireless Solutions, a leading international company for Machine-to-Machine (M2M) communication and a subsidiary of Telit Communications PLC, and ASL Holdings Ltd (ASLH), British No.1 provider of M2M solutions for the energy industry, have declared that they will intensify their cooperation in the development of Advanced Metering communication modules. ASL Holdings Ltd put its trust in the GC864-C2 and GE864-QUAD modules from Telit that are integrated into ASLH's telemetry application, the Delta Plus Mobile AMCM Wireless Modem (ASLH358). The Telit modules were designed specially for the most rigorous demands in Automated Meter Reading (AMR). Customers benefit from optimised cost efficiency in terms of the procurement and further processing of consumption data. The Delta Plus Mobile AMCM Wireless Modem from ASL Holdings Ltd was especially developed for use in the utility industry and allows the automatic remote access to applications for data capture. The modem makes automated bi-directional communication between energy meters and supply companies easier. The transferred data does not just relate to meter readings, but also includes information on consumption, tariffs, operating reports and additional services. To date, ASLH has sold 148,000 products to leading energy companies in the United Kingdom, including energy providers such as PRI Ltd (part of Secure Meters of India), the Elster Group and Landys+Gyr. Maximum compatibility and user-friendliness The AMCM wireless modem was developed for OEM integration into any metering and telemetry product. Remote operation is carried out via the cellular mobile radio networks. The system can switch between the CSD/GSM/GPRS and SMS data transfer modes for various measurement, control and alarm functions. For maximum compatibility and user-friendliness, the device works just like a conventional modem. When operating in GPRS mode, the modem acts like a normal IP connection. The system also supports SMS AMR for specific metering applications, so that SMS alarm messages can be triggered in an emergency. GC864-C2 and GE864-QUAD: Ideal for AMR solutions The central basis for reliable data transfer lies in the GC864-C2 and GE864-QUAD modules from Telit that are integrated into ASLH's telemetry application. Both modules come with a small form factor, 30 x 36 mm (GC864-C2) and 30 x 30 mm (GE864-QUAD), and an extended temperature range from -40°C to +85°C. In view of their low energy consumption and minimal maintenance requirements, the hardware platforms are particularly suitable for use in the energy management sector. Its quad-band compatibility means that the GE864-QUAD can be used seamlessly on any global GSM network. The GC864-C2 and GE864-QUAD, like all Telit modules, also support Telit Infinita Services, which include the premium FOTA management service. The service ensures that any changes to the mobile radio network that influence the M2M application's performance can be corrected without major additional input. Strong partnership In 2006 ASLH chose Telit as its supplier when the company completely redesigned its entire product portfolio, achieving full RoHS conformity. ASLH chose two Telit modules and subjected its applications, with support from the technical team of experts at Telit, to a critical evaluation. For the development of their own firmware, the engineers at ASLH were able to rely upon the support provided by technical engineers at Telit's research and development centre in Trieste. "Of particular note for us was Telit's outstanding service. Our customers' tight deadlines meant that rapid and efficient customer service was particularly important to us. Telit's support team responded with tremendous flexibility to our wishes and adapted the solution accordingly in a very short space of time. None of our wishes went ungranted," says Bill Berry, Managing Director at ASL Holdings Ltd. Stepping up the cooperation To date, ASLH has already integrated around 100,000 of Telit's modules, and this number is growing thanks to the successful cooperation. "The introduction of Telit's GSM modules into our product portfolio has made us the market leader thanks to the solution's innovative strength, performance and cost efficiency," reports Berry. ASLH and Telit are therefore planning to step up their successful cooperation in the coming years. This will also include the use of the latest extension of the GE product range from Telit, the GE865 module. This GSM/GPRS module, the world's smallest of its kind, features an extremely compact form factor and is a particularly strong performer. "Telit and ASLH have been working together closely and on a mutually-trusting basis for a few years now. We are keen to step up this relationship even further over the next few years. The AMR field offers tremendous potential for this," concludes Berry. About ASL Holdings Ltd The team at ASL Holdings Ltd (ASLH Ltd) has been designing and selling innovative communications technology for the past 25 years and the company is the largest supplier of communication product and services to the electricity industry, in particular the code of practice business and smart metering. ASLH's business continues to develop with key suppliers such as Telit Wireless Solutions offering leading edge technology and reliability. Additionally, ASLH Ltd is an O2 M2M Centre of Excellence Partner able to provide exceptional Machine to Machine expertise thus ensuring end to end customer satisfaction is maintained. Their Research and Development team not only continue to improve/upgrade their range of equipment but are constantly working on their new exciting 'to be released' products. Further information about ASLH and its products can be found at www.aslh.co.uk. ASLH contact: Bill Berry Managing Director ASL Holdings Ltd The Oaks, Springhill Office Park, Harborough Road, Pitsford, Northants NN6 9AA - United Kingdom Tel.: +44 (0)1604 883880 Fax: +44 (0)1604 883881 E-Mail: bill.berry@aslholdings.co.uk About Telit Telit Wireless Solutions is an internationally leading specialist in wireless machine-to-machine (M2M) technology. Telit is the only company worldwide to offer communications modules for all of the various wireless technologies: it develops, produces and markets modules for GSM/GPRS, UMTS/WEDGE/HSDPA, CDMA/EVDO and Short-Range RF applications. M2M applications rationalise business processes by enabling machines, equipment and vehicles to communicate with each other via mobile networks. Telit products are used all over the world and marketed via Telit's offices in Brazil, China, Denmark, France, Germany, Israel, Italy, Korea, Spain, the Republic of South Africa, Taiwan, Turkey, the UK and the USA. Telit's global distributor network comprises specialists in wireless technologies and enhances the customer experience in over 56 countries worldwide. Telit Communications PLC is listed on AIM (ticker: TCM). Further information about Telit and its products can be found at www.telit.com. Telit contacts: Alexander Bufalino VP Global Marketing Wireless Solutions Telit Communications PLC Via San Nicola da Tolentino 1/5 00187 Rome - Italy Tel.: +49-160-96 00 46 13 Tel.: +39-335-87 45 345 E-Mail: alexander.bufalino@telit.com Veronika Ott Maisberger GmbH Kirchenstra? 15 81675 Munich - Germany Tel.: +49-89-41 95 99 51 Fax: +49-89-41 95 99 12 E-Mail: veronika.ott@maisberger.com This information is provided by RNS The company news service from the London Stock Exchange END
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| 22-09-09 | RNS |
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RNS Number : 4267Z Telit Communications PLC 22 September 2009 Telit Communications Plc ("Telit" or the "Company") Change of Nominated Adviser and Broker Telit Communications (AIM:TCM), a global leader in machine-to-machine (m2m) communications, is pleased to announce the appointment of Astaire Securities Plc as the Company's nominated adviser and broker with immediate effect. For further information please visit www.telit.com or contact:
Shane Gallwey This information is provided by RNS The company news service from the London Stock Exchange END
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| 15-09-09 | RNS |
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RNS Number : 0243Z Telit Communications PLC 15 September 2009
Press Release 15 September 2009 Telit Communications PLC ("Telit" or "the Company") Interim Results for the six months ended 30 June 2009 Rome, Italy, 15 September 2009 - Telit Communications PLC (AIM: TCM), a global leader in machine-to-machine (m2m) communications, is pleased to announce its interim results for the six months ended 30 June 2009. Financial & Business Highlights:
1 Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization and share based payments from continuing operations.
Commenting on the results, Oozi Cats, Chief Executive of Telit, said: "The first six months of the year have been challenging in terms of revenues but positive for Telit in terms of improved operating results and number of units sold, which showed a substantial improvement."
Below are the key financial performance for H1 2009 compared to H1 2008 and FY 2008: H1 2009 H1 2008 FY 2008
1 Excluding share based payments
For further information:
Introduction I am pleased to present Telit's unaudited interim results for H1 2009. We are pleased to report on strong progress made in the first six months of 2009 in improving the Company's EBIT and EBITDA while more than halving the net loss, especially in the current global economic situation. The first half of the year has been a successful period in terms of new client wins in the APAC and Americas region where Telit is showing strong growth, which were offset by the decline in revenues in EMEA. Many of the wireless M2M module vendors differentiate themselves by focusing on specific technology standards. Telit is one of the very few players that support GSM/GPRS, CDMA and UMTS networks, while entering the arena of short range RF technologies such as WiFi, Zigbee, and Bluetooth and GPS Technology. Telit delivers strong and sustainable growth and is ranked by market research firm Beecham Research (May 2009) as the third largest M2M module supplier worldwide in terms of sales with an increase of approximately 50% in its market share in 2008. Beecham research report, released in May 2009 analyzes the latest market developments in all regions around the world and forecasts that the market is promising continuous and increasing growth over the coming years, in spite of the current economic downturn. Beecham research believes that m2m network connections will exceed 50 million by 2013, with a CAGR of 20% over 2008 figures. Financial Results The results for the first six months reflect the current global economic situation, mainly in Europe, but despite the decline in the revenues during the period, the EBIT and EBITDA are better than those achieved in the first half of 2008. The majority of revenue continues to come from repeat business with existing customers. In addition to the development of existing customer relationships, Telit has increased the number of direct customers during the period to decrease its dependency on the distribution channels which now reflect about 50% from the total sales. H1 2009 gross profit decreased only slightly to EUR12.7 million, compared to EUR12.9 million in H1 2008, in spite of the decline in revenue, resulting in an overall margin of 45.8% compared to 43.0% for H1 2008. Research and development expenses, excluding share-based payments, were EUR5.4 million, including the new R&D centre in Sofia Antipolis which was acquired in November 2008, compared to EUR5.2 million in H1 2008. Sales and marketing expenses, excluding share-based payments, were EUR5.2 million, compared to EUR6.3 million in H1 2008. General and administrative expenses, excluding share-based payments, were EUR3.9 million, compared to EUR3.8 million in H1 2008. The H1 2009 expenses include general and administrative expenses of the new entities in France and Brazil which were not included in H1 2008. Share based compensation charges were EUR0.3 million in H1 2009 compared to EUR0.2 million in H1 2008. The overall net operating expenses were EUR14.3 compared to EUR15.5 in H1 2008 resulting in an operating loss for the period of EUR1.6 million, a significant improvement from a loss of EUR2.6 million in H1 2008, especially considering the decline in revenue. Loss before tax was EUR2.1 million, compared to a loss of EUR3.5 million in H1 2008, due to the decrease in operating losses of EUR1.0 million and lower net financing costs of EUR0.4 million. Net loss for the period was EUR2.0 million compared to a net loss of EUR4.2 million in H1 2008. Total basic and diluted loss per share from continuing operations was 4.4 Euro cents for the period compared to a 6.9 Euro cents loss per share in H1 2008. The total continuing and discontinued basic and diluted loss per share was 4.4 Euro cents, compared to a 9.2 Euro cents loss per share in H1 2008. Regional Information The continued development of Telit's global outreach can be seen by the geographical division of revenues for H1 2009. While the majority of revenue continues to come from the EMEA region, we fully expect that the APAC and Americas regions will continue to increase the weightings of their contribution to total revenue performance in 2009 and beyond. The split of revenue on a geographical basis for the six months ended 30 June 2009 and 2008 and for full year 2008 is as follows:
(MEUR) (MEUR)
The performance in the APAC region has improved during the period and the revenues from this region are expected to increase during the rest of 2009 and beyond. Telit Americas showed significant growth during the period and is expected to continue to increase its weighting within Telit's total revenues during the rest of 2009 and beyond. The number of employees on a geographical basis as at 30 June 2009, 2008 and for full year 2008 is as follows:
2009 2008
EMEA 275 213 268
APAC 74 70 76
AMERICAS 20 14 21
The majority of the increase in the headcount between H1-09 to H1-08 derives from the acquisition of Telit RF and the investments in Telit Brazil and Telit South Africa in the second half of 2008. Effects of Foreign Exchange 40% of Telit's revenue in the period ended 30 June 2009 was generated in Euros (52% in H1 2008), with the remaining generated in, or linked to, U.S. dollars and other currencies. However, a substantial part of the Company's purchased materials cost is denominated in U.S. dollars, therefore, despite the negative impact of the depreciation in the value of the U.S. dollar and other currencies against the Euro on Telit's top line in H1 2009 compared to H1 2008 exchange rates, there is no material impact on the gross profit in the period. Business Performance & sales During H1 2009 the following major developments took place that contributed to the overall performance of the Company and will contribute to the Company's future results:
In 2009, Telit introduced the GE865, the latest extension to its GE product range. The innovative BGA module with a form factor of just 22 x 22 x 3 mm is based on a single-chip solution from Infineon Technologies. This makes it the smallest globally available GSM/GPRS module. The GE865 can be incorporated perfectly into high-volume M2M applications in which the module size and low energy consumption play a key role. The first shipment of this product is expected in the fourth quarter of 2009 with a significant ramp-up in 2010.
Major R&D Developments The R&D performance during the period was in line with our expectations. Telit is committed to continued investment in R&D and new technologies, which are the basis for the Company's growth in the future. The major R&D developments during the period include:
Update on the Strategic alliance with Bartolini After Market Electronics Services s.r.l. ("BAMES") In June 2007 BAMES invested EUR9 million in the share capital of the company's subsidiary, Telit Wireless Solutions Srl. (TWS), the first installment of a EUR16 million investment in TWS' share capital. Under the terms of the transaction, BAMES invested the second sum of EUR7 million, in TWS' share capital in December 2008, after Telit met certain milestones. In July 2009 the Company signed an agreement with BAMES to convert the manufacturing agreement with SEM (the Vimercate, Italy based manufacturing arm of BAMES) to be non-exclusive. As a result of the cancellation of the exclusivity, SEM is entitled to a compensation of EUR2.75-3.50 million. In addition, manufacturing costs will remain fixed through the end of the year. Telit and SEM will continue to cooperate in various projects and SEM will continue to provide specific manufacturing services to Telit, such as manufacturing of prototypes, on a non-exclusive basis. Telit has begun parallel manufacturing with a new, leading, manufacturer in China and expects that a majority of its products will be manufactured in China starting from 2010. The new manufacturing arrangements will allow Telit to improve its competitive position within the m2m market and to maintain the current level of profitability in the next years. Outstanding Shares In August 2009 the Company completed the transaction announced on 14 July 2009, according to which the Company allotted to Boostt B.V., a significant shareholder of the Company, 1,500,000 new shares of 1 pence each to Boostt B.V. at 29p per share. The net consideration received by the Company was £435,000. Following the completion of the abovementioned transaction, the Company's total issued share capital consists of 46,014,281 ordinary shares of 1p each with one voting right per share. There are no shares held in treasury. Board changes In February 2009 Boostt B.V. nominated Mr. Massimo Testa, aged 51, as a non-independent, non-executive Director, to the Board of Directors to the Company. Mr. Testa is currently a director and shareholder of Techvisory S.A. ("Techvisory") and Wireless Solution Management S.L. ("WSM"), which are corporate parents of Boostt B.V., a significant shareholder of the Company. Mr. Testa is the brother of Mr. Enrico (Chicco) Testa, Chairman of the Board of Directors of the Company. Also in February 2009, Mr. Maurizio Gasparri, an independent non-executive director, resigned from the Board due to an increased workload from his other commitments. Outlook The outlook for the rest of 2009 looks positive for Telit, and despite the challenges in the m2m market we expect to be back on track with renewed growth despite the decline in revenue in the first half. We are well positioned to take advantage of the opportunities ahead, are confident in our strong position within our industry and look forward to continue gaining more market share. We are constantly seeking further expansion opportunities through new technologies or by gaining access to new territories and new market segments. We are also continuously working on rationalising the Company's cost base, and the effects of the work done to date are reflected in the improved EBIT and EBITDA of our operations during the first half of the year and will continue to have a positive effect on our results in the second half of the year and beyond. In addition, we expect that the EMEA region will improve substantially during the second half of the year based on the current backlog we have in hand. The improvements in our costs base and in the EMEA operations, coupled with the additional cost savings from the move of manufacturing to China, will serve to improve our business results, in the top line as well as in the EBIT, EBITDA and net profit lines. Telit intends to continue to take advantage of the considerable opportunities arising in this growing global market. I look forward to providing further news of the Company's progress over the coming months. Appreciation Telit's management's main focus is and will continue to be to expand and strengthen our position as one of the world's premier m2m technology providers, while striving to anticipate and respond to market conditions that are beyond our control, such as the effects of the global downturn on our financial results. The hard work and dedication of Telit's staff across the globe is, and will continue to be, crucial to Telit's success. I would like to thank the company's management team, directors and employees for their commitment to the company and its success. Their dedication is an invaluable asset, indeed the core asset of the company. At the end of this period I very much believe that it is apparent that all the efforts we have invested, and are still investing, have created a solid business platform, the benefits of which our customers, shareholders and other stakeholders can enjoy. Oozi Cats Chief Executive CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2008 2008
2009
expenses
expenses
undertakings
disposal of subsidiary
taxes
Loss for the period from
discontinued operations
the period
Attributable to:
parent
Basic and diluted loss per
share (in euro cents)
discontinued
equity shares in issue . CONSOLIDATED STATEMENT OF FINANCIAL POSITION
2009 2008 2008
ASSETS
Non-current assets
Current assets
LIABILITIES AND SHAREHOLDERS' EQUITY
Shareholders' equity
Non-current liabilities
Current liabilities
lenders
CONSOLIDATED STATEMENT CASH FLOWS
2008 2008
2009
CASH FLOWS - OPERATING
ACTIVITIES
operations
discontinued operations
operating activities
CASH FLOWS - INVESTING
ACTIVITIES
shares in subsidiary to a
third party
intangible assets
and equipment
continuing operations
operations
investing activities
CASH FLOWS - FINANCING
ACTIVITIES
banks and others
continuing operations
discontinued operations
financing activities
and cash equivalents
equivalents-balance at
beginning of period
differences
equivalents-balance at end of period
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Six months ended 30 June 2009 (Unaudited)
Total comprehensive income for
the period
Other comprehensive income
the period
Transaction with owners,
recorded directly in equity
Contributions by and
distributions to owners
Six months ended 30 June 2008 (Unaudited)
Total comprehensive income for
the period
Other comprehensive income
the period
Transaction with owners,
recorded directly in equity
Contributions by and
distributions to owners
Year ended 31 December 2008 (Audited)
Total comprehensive income for
the period
Other comprehensive income
the period
Transaction with owners,
recorded directly in equity
Contributions by and
distributions to owners
interests in subsidiaries
NOTES TO THE INTERIM FINANCIAL STATEMENT
AT 30 JUNE 2009 (UNAUDITED)
2. The interim financial statements include the results of operations and the financial position of the Company and its subsidiaries (together the "Group") as at and for the six months ended 30 June 2009. The Group is engaged in the development, manufacture and sale of wireless communications (primarily cellular) modules - products for transmitting electronic data designed for the m2m telecom market, and services entailing the development and licensing of cellular technology to third parties based on the Company's technological property. The consolidated interim financial statements of the Company have been prepared in accordance with the recognition and measurement criteria of IFRS and the disclosure requirements of the AIM Rules using the accounting policies set out in the Group's 31 December 2008 statutory accounts. The AIM Rules do not require compliance with the requirements of IAS 34 "Interim Financial Statements" and these consolidated interim financial statements have not been prepared in compliance with the disclosure requirements of that standard. The consolidated interim financial statements have not been audited or reviewed and do not constitute the company's statutory accounts within the meaning of Section 240 of the Companies Act 1985. The financial information for the year ended 31 December 2008 is derived from the statutory accounts for that year, which have been delivered to the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 237(2) or (3) of the Companies Act 1985. 3. The Directors have not declared an interim dividend. 4. On 29 January 2009 the Company's remuneration committee, following the waiver by Messers. Oozi Cats and Enrico Testa of 1,625,000 options over ordinary shares, approved the granting of 3,100,000 options over ordinary shares in the capital of the Company to Messers. Cats and Testa, and to Mr. Michael Galai, directors in the Company. This grant was authorized as part of a group-wide waiver of options by the existing employees, officers, consultants and directors, and a subsequent grant of new options to the waiving optionholders and to employees who joined the Telit group during the past 18 months, at an exercise price closer to the then current market price of the Company's shares. The total number of options waived is 2,972,666 and the total number of options granted is 6,057,000. The Remuneration Committee determined that the current economic downturn has created exceptional circumstances whereby the proposed grant is imperative for the continued incentivisation and retention of executives and key employees. The grant benefits the participants of the plan by offering options over the ordinary shares in the Company at an exercise price of 20p (12.5% above the average price of the shares in the 2-week period before the date of the grant, and 8.1% above the closing price of the shares on the date of the grant) which is more representative of the share's current market value. 5.During July 2009 the Company signed an agreement with BAMES in order to convert the agreement with SEM, a leading global electronics service provider, (the Vimercate, Milan based manufacturing arm of BAMES), to be non-exclusive. The agreement provided for SEM to produce all of Telit's m2m modules (with some exceptions) for a five year period starting from March 12, 2007. As a result of the cancellation of the exclusivity, SEM is entitled to a compensation of EUR2.75-3.50 million to be settled by set-off against the receivable balance Telit has from the license agreement entered into by the parties in December 2008. In addition, manufacturing costs will remain fixed through the end of the year. Telit and SEM will continue to cooperate in various projects and SEM will continue to provide specific manufacturing services to Telit, such as manufacturing of prototypes, on a nonexclusive basis. Telit has begun parallel manufacturing with a new, leading, manufacturer in China and expects that a majority of its products will be manufactured in China starting from 2010. The new manufacturing arrangements will allow Telit to improve its competitive position within the m2m market. 6. Reconciliation of operating profit to Adjusted EBITDA: H1 2009 H1 2008 FY 2008
H1 2008 FY 2008
H1 2009
The non-current borrowing of EUR3.15 million represents the long-term element of a preferential rate loan from the Ministry of Trade and Commerce in Italy of EUR3.9 million provided in connection with the Group's business development program in Sardinia. The loan attracts interest at a rate of 0.75% p.a. and is repayable in ten annual instalments commencing in March 2009 and ending in March 2018. The Directors believe, based on the past performance of the relevant subsidiaries and the history of the relationships with the lending banks, that the credit facilities will remain available to the Group in the foreseeable future and that therefore the Group will be able to continue to fund its operations from these credit facilities. This information is provided by RNS The company news service from the London Stock Exchange END
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It has been reported this morning in this morning's press that Avigdor Kelner, CEO of Polar (Former parent of Telit) is under house arrest in connection with insider trading in both London and Tel Aviv.
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| 12-04-06 | ||||
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by Seymour Pierce today DS
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