- Release Date: 26/07/12 14:33
- Summary: FORECAST: SDL: SDL - Preliminary 2012 Earnings Announcement
- Price Sensitive: No
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SDL 26/07/2012 12:33 FORECAST REL: 1233 HRS Solution Dynamics Limited FORECAST: SDL: SDL - Preliminary 2012 Earnings Announcement In the year to 30 June 2012, Solution Dynamics Limited (NZAX: SDL, "the Company") recorded an unaudited net loss after tax of $545,000. The EBITDA (Earnings Before Interest Tax Depreciation & Amortisation) of $206,000 compares to 2011 EBITDA of $875,000. Initial guidance for the 2012 year was $1,150,000. (NZ$ 000's) 2012 2011 2010 Total income 10,931 11,308 10,014 EBITDA 206 875 471 Net operating profit / (loss) (545) 142 (121) Net cash, bank & finance facilities (400) (621) (856) While the New Zealand based Service business has performed above the targets set at the time that initial guidance was provided, we have failed to secure the required level of licence and development sales in the software business. The shortfall in licence & development sales has also flowed, to a lesser extent into the expected growth in recurring sales. We remain convinced of the value of our software products. Our plan to take these products to market, within the constraints of our business model has not been successful. This was due to a combination of strategy and execution. We are currently assessing options for the future of the software business. In providing recent market guidance it was anticipated that we would remain in compliance with our bank covenants, only if we were successful in closing the anticipated licence sales. With the failure to secure NZ$250,000 of forecast licence sales before year end we will now be in breach of the covenant with the bank to maintain EBITA at two times interest expense. From the above table it can be seen that our cash position has improved. We have enjoyed long term support from our Bank and the directors believe that the bank will continue to support the Company. Two parties have entered non disclosure agreements and are currently examining the Services business. The Board is also reviewing other strategic options. For and on behalf of the Board Colin Giffney - Chairman 021 630 998 End CA:00225337 For:SDL Type:FORECAST Time:2012-07-26 12:33:24
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