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Revenues up in 4th quarter for Optelecom-NKF

Optelecom-NKF : 25 February, 2008  (Company News)
Buoyant security market results in continued success and growth for IP-network supplier.
Optelecom-NKF has announced results for its fourth quarter and full year ended December 31, 2007.

Revenue for the quarter set an all-time record at $13.0 million, an increase of 20% compared to the same quarter last year. Gross profit increased to $7.6 million, an increase of 10% for the three months ended December 31, 2007.

The Company reported net income of $873 thousand, or $0.24 per diluted share, for its fourth quarter 2007. This compares to net income of $770 thousand, or $0.22 per diluted share, for the fourth quarter of 2006, which included a tax benefit of $288 thousand, or $0.08 per share. Operating income for the quarter increased to $1.4 million compared to $776 thousand reported for the fourth quarter in 2006. Operating expenses were $6.1 million for the quarter ended December 31, 2007. This compares to an equivalent $6.1 million in the fourth quarter of 2006.

Revenue for the full year ended December 31, 2007 also set a record, increasing 8% to $42.5 million, up from $39.5 million in 2006. Net income for 2007 totaled $1.3 million, or $0.37 per share. This is a decline from 2006 reported net income of $1.6 million, or $0.44 per diluted share. Operating Income for the twelve months ended December 31, 2007 was $2.9 million, which was comparable to the twelve months ended December 31, 2006.

"We met or exceeded our sales targets in the fourth quarter of 2007 with strong customer demand for IP Video network solutions," said Edmund Ludwig, Optelecom-NKF's President and CEO. 'Our strong performance highlights the traction our business model is gaining as we expand our product lineup, leverage our game-changing IP technologies, and maintain a disciplined cost management approach."

"We anticipate solid first quarter 2008 sales when compared with historical levels," added Mr Ludwig. "However, in line with seasonal expectations, first quarter 2008 sales will be less than fourth quarter 2007."

"Revenue for the fourth quarter of 2007 increased 20% year-over-year with strengthening sales of our IP Video network products and solutions," said Steven Tamburo, Optelecom-NKF's Chief Financial Officer. "Our results reflect the increasing importance of our transition to IP Video network technologies and the opportunity in this growing market."

"While our revenue includes the benefit of foreign exchange from international sales, we reported new quarterly and full year sales benchmarks," added Mr Tamburo. "We also marked our sixth consecutive year of profitability and we plan to continue executing our core strategy of delivering profitable year-over-year organic growth while developing the next generation of products and services end-users want."

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