Last checked at 3 Nov 2008 07:00
| Under embargo until 07:00am | 3 November 2008 |
BATM Advanced Communications Limited - Interim Management Statement
BATM Advanced Communications Limited
BATM Advanced Communications Limited ("BATM" or "the Company") (LSE: BVC),a leading designer and producer of Carrier Ethernet and metropolitan telecom systems, is today issuing its Interim Management Statement, which covers the period from 1 July 2008 to 30 September 2008.
Current trading update
Performance in the third quarter of 2008 has been much stronger than in the same period in 2007. Revenues have grown in the first 9 months of the year by 58% over the same period last year to $99,768,000. We experienced growth in all of our business segments during the third quarter as compared to the same quarter in 2007.
At the beginning of July, BATM agreed to acquire Vigilant Technology Limited. The acquisition was approved by the Israeli company registrar and is expected to close in the next couple of days following the approval by the Israeli tax authorities of the transfer of consideration.
Financial position
There has been no significant change in our financial position during the third quarter of 2008. Our balance sheet remains very strong and we ended September with effective cash balances of $60.1m. Cash and deposits up to three months duration are $44.5 million, short term investments up to one year are $5.1 million and long-term investments of more than one year are $ 10.5 million.
Outlook
We are very pleased with the company's performance during the third quarter of 2008. Despite the sharp devaluation of the Euro against the dollar and general market conditions, the positive momentum in the company's business is continuing. This performance re-enforces our confidence of meeting our targets for the full year.
For Further Information please contact:
BATM Advanced Communications Limited
Dr Zvi Marom, Chief Executive 00972 9 866 2525
Ofer Bar-Ner, Chief Financial Officer 00972 9 866 2525
Singer Capital Markets
Nicholas How / Marc Young 020 3205 7620
Shore Capital
Graham Shore / Dru Danford 020 7408 4090
Threadneedle Communications
Josh Royston / Graham Herring 020 7653 9850