CEVA Group Plc to Announce Full Quarter One Results on 20 May; Management Provides Preliminary Estimate of Results
05 May 2010 - 15:41 CET
London, UK - 5 May 2010 - CEVA Group Plc announces that its Quarter One 2010 Results will be communicated to the market on 20 May 2010.CEVA currently expects Quarter One 2010 revenues of €1.49 billion, equating to 14% year-on-year growth (compared to Quarter One 2009 revenues of €1.30 billion), and EBITDA before specific items to be between €50 million to €53 million, equating to 66-75% year-on-year growth (compared to Quarter One 2009 EBITDA before specific items of €30 million).
CEVA also expects to have total debt net of cash of €2.47 billion at the end of Quarter One 2010 (compared to €2.35 billion as of 31 December 2009). The increase was mainly due to the strengthening of the US dollar by 5.9%.
CEVA has recently entered in active discussions with plaintiffs in the previously disclosed civil antitrust action that was filed following the announcement of the governmental investigations described in recent disclosures. CEVA has taken and expects to report a provision against its 2010 accounts; the amount of such provision is not expected to be material to the company's financial performance in 2010.
CEVA is seeking to amend its senior secured credit facilities to, among other things, allow CEVA to agree with individual lenders to extend the maturities of their loans, and such other modifications that may be required to the economic terms.
John Pattullo, CEO, said "We view this as a solid start to the year and we are encouraged by the increasing global freight market activity."
For more information contact:
CEVA Group Marketing & Communications
Rebecca Salt
+44 7795 314010
rebecca.salt@cevalogistics.com
Krissy Attridge
+44 7769 235084
krissy.attridge@cevalogistics.com
CEVA - Making business flow
CEVA Logistics provides world class supply chain solutions for large and medium-size national and multinational companies across the globe. As an industry leader, CEVA offers customers complete supply chain design and implementation in contract logistics and freight management, alone or in combination. CEVA's integrated global network has facilities in over 170 countries and more than 46,000 employees; all dedicated to delivering consistently excellent operations and supply chain solutions. For the year ending 31 December 2009, the Group reported revenues of €5.5 billion. For more information, please visit www.cevalogistics.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT of 1995:
The statements included in this news release, and other statements that are not historical facts, may contain forward-looking statements. In addition to the assumptions specifically mentioned in the above paragraphs, there are a number of other factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, the process of combining EGL and CEVA, the actual effects of recent and future regulatory changes and technological developments, globalization, levels of spending in major economies, the economic downturn in Asia, Europe and the US, including the economic downturn in the automotive sector, levels of marketing and promotional expenditure, actions of competitors and joint venture partners, employee costs, future exchange and interest rates, changes in tax rates, unexpected costs of future business combinations or dispositions and other factors detailed in risk factors and elsewhere in CEVA most recent Annual Reports. There can be no assurance that the discussions with the plaintiffs in the civil action described above will result in a resolution of the civil case or, if so, the final terms and timing of such resolution. The proposed amendment of the senior secured credit facilities is subject to market and other conditions, and may not occur as described or at all. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results, is contained in the Company's annual and quarterly reports, available on the Company's website. Should one or more of these risks or uncertainties materialize or the consequences of such a development worsen, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. CEVA disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
