TomTom: Q1 2006 results

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Beleggingsadvies 25/04/2006 07:48
Q1 2006 results:
Strong unit sales of portable navigation devices;
Guidance for Full Year 2006 increased

First quarter highlights
Compared with Q1 2005
o Revenue increased by 288% to Eur256 million
o 762,000 portable navigation devices shipped, an increase of 606%
o Gross margin of 35% reflects Q1 promotions to clear inventories of current TomTom GO range
o Net profit increased by 121% to Eur31 million
o Fully diluted EPS improved by Eur0.14 to Eur0.27

Compared with Q4 2005
o Revenue decreased 11% compared to seasonally strongest quarter
o Portable navigation devices shipped down 2% compared to seasonally strongest quarter
o Gross margin of 35% reflects Q1 promotions to clear inventories of current TomTom GO range
o Operating margin of 20% decreased by 3 percentage points, reflecting the lower gross margin partly offset by reduced operating costs

Operational highlights
o Increased European market leadership position
o Successful product transition completed
o New TomTom GO range well received by the market
o Increased distribution presence in North America; to more than 8,500 outlets
o Launch of fleet management products by TomTom WORK
o Acquisition of traffic technology company Applied Generics

Outlook 2006
Full year 2006 guidance increased: revenues now expected to be in the range of Eur1.1 billion to Eur1.3 billion (previously Eur1.0 billion to Eur1.1 billion). We are targeting a gross margin of around 40% of revenue for the full year.

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