TomTom: Another quarter of strong revenues and net profit growth

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Beleggingsadvies 27/10/2005 08:04
Third quarter 2005
Another quarter of strong revenues and net profit growth
Financial highlights:
* Revenue of Eur 250.0 million, up 373% on the prior year and 118% on the previous quarter
* 538,000 integrated units shipped, up 632% on the prior year and 105% on the previous quarter
* Average selling price for integrated units of Eur 402, up 10% on the previous quarter
* Net profit of Eur 58.7 million, up 166% on the previous quarter
* Fully diluted EPS of Eur 0.50 for the quarter, up from Eur 0.20 in the previous quarter.

Operational highlights:
* Consolidation of European market leadership position
* Successful ramp up of production volumes across the GO range
* Distribution in North America increased to 2500 outlets
* Acquisition of Datafactory ahead of entry into Tracking and Tracing market

* Wide and deep retail presence and balanced stock levels in the channel ahead of the holiday season
* Launch of the TomTom ONE entry-level product in the fourth quarter
* North American advertising campaign including TV, radio and print has begun
* Full year 2005 guidance increased: revenues now expected to be approximately three and a half times 2004 revenues with the operating margin modestly higher than in 2004

TomTom NV (‘TomTom’), a leading provider of personal navigation products and services, reported today that it had grown revenue and profit substantially in the third quarter of 2005. TomTom’s revenues for the third quarter increased from € 52.8 million in 2004 to € 250.0 million in 2005 and third quarter net profit rose from € 7.9 million in 2004 to € 58.7 million in 2005. The growth in
revenues in the third quarter was primarily driven by the success of the GO family of products: the GO 300, the GO 500 and the GO 700.
Tom Tom’s Chief Executive Officer, Harold Goddijn said:
“The market for personal navigation devices has continued to grow strongly. Integrated devices have overtaken PDA solutions as the driver of growth in the sector and we expect this trend to continue.
The third quarter was exceptionally strong in terms of both revenues and profits. Revenue growth accelerated as a result of healthy consumer demand and requirements by retailers to increase the level of inventory in the channel. Profitability was further enhanced as a result of an increase in the
gross margin and because of seasonally low marketing spend.
In an increasingly competitive environment, we are well positioned with our range of GO products and our newly introduced entry-level product, TomTom ONE. With the TomTom ONE, which has just started to ship at a price of € 399, we will have products at all of the important price points in the lead up to the holiday season. We have built European market leadership and a strong retail
presence. The retail channel is well stocked and product availability is good as we head into the key holiday season.
Given the very strong third quarter which we had and based on the trends we are currently seeing in retail, we are increasing our estimates for the full year. We now estimate that full year revenues for 2005 will be approximately three and a half times those in 2004 with a full year operating margin
modestly higher than 2004’s reported operating margin”

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