CEVA Group Plc to announce full quarter two results on 12 August
Management provides preliminary estimate of results CEVA Group Plc announces that its Quarter Two and Half Year 2009 Results will be communicated to the market on 12 August 2009. Ahead of the Quarter Two results, CEVA is advising that there have been improvements across all markets in comparison to Quarter One 2009, although overall transaction volumes have remained low. Based on these current trends, CEVA currently expects Quarter Two 2009 revenues of €1.34 billion and EBITDA before specific items to be between €67 million to €71 million (compared to Quarter One 2009 revenues and EBITDA before specific items of €1.30 billion and €30 million, respectively). CEVA also expects to have total debt net of cash of €2.48 billion at the end of Quarter Two 2009 (compared to 31 March 2009 of €2.58 billion). Of this decrease, approximately €95 million is anticipated to be due to the weakening of the US dollar. On 22 July 2009, CEVA successfully completed the previously‐announced exchange of it new 12% second priority secured notes due 2014 for certain of CEVA’s outstanding notes and senior unsecured loans. This transaction reduced CEVA’s outstanding debt and annual interest expense, and pro forma for this exchange, total debt net of cash would have been €2.35 billion at the end of Quarter Two 2009. Quelle: CEVA Logistics |