Altium reports first-half results: growth in sales, revenue, return to profit

Half Year highlights
• Sales of US$27.2m, an increase of 18% compared to the same period a year ago
• Revenue of US$26.7m, an increase of 14% compared to the same period a year ago
• EBITDA of US$3.7m compared to a negative EBITDA of US$0.6m a year ago
• Net profit after tax of US$740,000, compared to a loss of US$1.9m a year ago
• Cash balance of US$9.2m, up from US$4.2m as at 31 December 2007
• Greater China (including Hong Kong & Taiwan) grew 55% compared to the same period a year ago
• Interim unfranked dividend to shareholders of 2 Australian cents per share

We are pleased to report a return to profitability, and to be able to declare an interim unfranked dividend to shareholders based on these half-year results, said Nick Martin, CEO.
Although we are seeing some slow down in customers' purchasing decisions connected to uncertainty created by the general economic outlook over the next 6-12 months, we anticipate a continued positive contribution to our profitability from a weaker Australian dollar.

In light of managing costs in line with sales growth, we have taken steps to restructure our organization, which include lowering our costs in some lower performing regions and central operations, and directing that investment in the growth regions that include China, Asia and Eastern Europe.

Based on Altium's strong cash position, Altium's board of directors has declared an interim unfranked dividend to shareholders of 2 Australian cents per share. The record date for entitlements is 10 March 2009 with a payment date of 24 March 2009.

Half Year Summary US$
Altium FY 2008/09 half-year
6 months ending
31 December 2008
(US$,000) 6 months ending
31 December 2007
(US$,000) Change

Revenue 26,715 23,366 14%
EBITDA 3,697 (642) 676%
NPBT 1,393 (2,536) 155%
NPAT 742 (1,885) 139%

Half Year Summary AU$
Altium FY 2008/09 half-year
6 months ending
31 December 2008
(AU$,000) 6 months ending
31 December 2007
(AU$,000) Change

Revenue 35,448 26,906 32%
EBITDA 5,486 (680) 906%
NPBT 2,521 (2,855) 188%
NPAT 1,622 (2,163) 175%

Regional performance update–Half Year
Altium FY 2008/09 half-year
6 months ending
31 December 2008
($,000) 6 months ending
31 December 2007
($,000) Change

Regional Product Sales
Americas (US$) 9,594 8,834 9%
Europe (€) 6,749 5,826 16%
Asia-Pacific excluding Greater China* (US$) 2,834 2,374 19%
Greater China* (US$) 5,097 3,285 55%
Consulting Services
Consulting (€) 230 254 -9%

Second quarter ending 31 December 2008
Altium FY 2008/09 Quarter 2
3 months ending
31 December 2008
($,000) 3 months ending
31 December 2007
($,000) Change

Regional Product Sales
Americas (US$) 5,481 5,247 4%
Europe (€) 3,936 3,656 8%
Asia-Pacific excluding Greater China* (US$) 1,281 1,158 11%
Greater China* (US$) 2,837 1,736 63%
Consulting Services
Consulting (€) 171 146 18%
* China has been redefined as Greater China and includes PRC, Taiwan & Hong Kong

A reclassification of foreign exchange movements has been made, resulting in a change to the tax provision for the half year, compared to the provisional results issued on 15 January 2009. This accounting change to income tax expenses has not affected the net assets of the company.