Altium announces final, audited results for year to 30 June 2013; Altium returns to profitability and declares dividend

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Sales for the financial year ending 30 June 2013 were US$69.2 million, up 13% from the corresponding period a year ago. The underlying profit was US $20.1 million, an increase of 48% from the previous corresponding period.

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Kayvan Oboudiyat - Altium CEO

Altium’s sharp focus on the execution of its Corporate Strategy resulted in worldwide sales delivering a second successive year of double-digit growth. All regions experienced sales growth over the financial year.

Electronics design software company Altium Limited (ASX:ALU) has announced its final, audited financial results for the financial year ending 30 June 2013.

Financial year summary

Sales for the financial year ending 30 June 2013 were US$69.2 million, up 13% from the corresponding period a year ago. The underlying profit* was US$20.1 million, an increase of 48% from the previous corresponding period. Underlying profit reflects the impact of the growing proportion of Altium Sales on a subscription basis from which cash was received in financial year 2013 but the service will be provided in future years.

*See attached PDF for the table that reconciles statutory and underlying profit.

Most importantly, the company reported a profit before tax of US$3.4 million compared to the previous corresponding period of a loss of US$3.6 million, an increase of 196%. Altium reported a profit after tax of US$1.4 million compared to the previous corresponding period of US$6.1 million which included an income tax benefit of $6.5 million for the 2012 year.

The cash balance as at 30 June 2013 increased 11% from the previous year to US$14.8 million.

Dividend

An unfranked final dividend of 8 AU cents per ordinary share, an increase of 60% compared to the prior corresponding period, was declared and will be paid on 28 October 2013 based on a record date of 7 October 2013. There is no conduit foreign income component.    

Comments from Kayvan Oboudiyat, CEO

Altium’s sharp focus on the execution of its Corporate Strategy resulted in worldwide sales delivering a second successive year of double-digit growth. All regions experienced sales growth over the financial year.

Encouraging sales growth and our focus on exercising fiscal discipline has enabled Altium to deliver a return to shareholders in the form of a AUD 8 cent dividend. As Altium continues to build financial strength and maintains discipline in product development, that is underpinned by a customer centric focus, we believe that we are well placed to maintain momentum achieved during the financial year ended 30 June 2013.

Comments from Richard Leon, CFO

Altium achieved a record full year result and generated its first profit before tax since 2007. Net profit after tax also improved when compared to the normalised 2012 year after adjusting for the significant income tax benefit booked in that year.     

Most pleasing was Altium maintaining margin growth with underlying profit increasing to US$ 20.1 million up 48% from US$13.6 million for the previous corresponding period. Underlying profit growth was delivered through top line sales growth achieved by all operating regions coupled with maintaining Altium’s demonstrated discipline with cost and value management.    

Detailed financial summaries can be found on http://www.altium.com/en/altium/investor-relations/announcements.

Investor Relations contact details:

Richard Leon - CFO
Ph: +86 21 6182 3900

Alison Raffin - Company Secretary
Ph:+61 2 9410 1005

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