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Cijfers : weer aan de onderkant.....

1. [verwijderd] 14 augustus 2003 08:29

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   't is verdorie altijd hetzelfde.....
   
   PRESS RELEASE
   
   
   Alkmaar, August 14, 2003
   
   
   
   Airspray: 15% increase of Profit before Tax
   
   
   
   Profit before tax up 15% to EUR 3.9 million (1H 2002: EUR 3.4 million).
   Net result increased 12% due to higher tax rate of 34.5% (1H 2002: 33%)
   The number of dispensers sold increased 15%, turnover up 13% to EUR 16.2 million (1H 2002: EUR 14.3 million).
   Continued flow of new product introductions like Delial, Dove and Johnson & Johnson Foamblaster.
   In July the company obtained an exclusive and worldwide license of a new lotion dispenser technology.
   
   
   Outlook
   
   For 2003, Airspray expects the result before tax to grow around 15%.
   
   
   Results
   
   With a decent second quarter following a good start of the year, Airspray realized a 15% growth of the result before tax.
   
   The number of dispensers sold increased by 15%, while the growth in sales amounted to 13%. The gross margin was stable at 44% compared to the year before.
   
   Because of the timely hedging of the dollar risk, the impact of the recent decrease in the value of the dollar was limited. However, at constant exchange rates, the sales growth would be 2% higher. Airspray grew faster in Europe than in the USA and realized 40% of the turnover outside the Americas (full year 2002: 37%).
   
   
   
   As a result of a stringent focus on fixed costs and a decrease in interest expenses, the growth of the result before tax was in line with the turnover growth.
   
   
   
   The net result grew 12% to EUR 2.5 million because of a slight increase of the effective tax rate from 33% in 2002 to 34.5% for the first half of 2003. The earnings per share grew 12% to EUR 0.48 (2002: EUR 0.43)
   
   
   
   During the first six months Airspray invested EUR 1.9 million primarily in new moulds and assembly equipment. Airspray’s balance sheet remains undiminished strong.
   
   Solvability increased from 80% mid 2002 to 83% at June 30, 2003. Return on capital employed (ROCE) even improved to 30% from 28% over the same period last year.
   
   Operational review of first half 2003
   
   
   
   New introductions
   The number of introductions of products using Airspray dispensers continues at a steady pace. The most visible introductions were Sara Lee’s Delial (Suntan foam) and Unilever’s Dove Instant foaming skin cleanser. The Airspray MiniFoamer was customized for the new Dove Essential Nutrient™ Foaming Cleanser with a custom 200ml bottle, nozzle, basecap, shield and overcap to fit into the overall Dove brand packaging look and identity.
   
   The first commercial shipments for the water-resistant (Waterguard) line, a dispenser line for use in a wet environment like the shower, took place. Initial products have reached the retail shelves like Guaber’s Bionsen in Italy with the Water-resistant Tabletop and most notably Johnson & Johnson Foamblaster line extension as an instant foaming shampoo for kids using a Water-resistant Mini foamer. This launch also marks the first entry into Instant foaming Shampoo segment for kids and is (after Dove) the second custom design launch for Airspray this year.
   
   
   
   In July Airspray announced that it has obtained an exclusive and worldwide license of a new lotion dispenser technology, whereby Airspray gains access to a new market segment. Airspray has also entered into a partnership with the company, that has granted these license rights. Airspray will get access to possible future new dispenser technologies developed by the license provider. The market for lotion dispensers is the largest segment in the personal care industry. Airspray expects that the production of the new dispenser will start late 2004.
   
   
   
   Turnover per segment
   
   
   Compared to the 2002 full year sales mix, no major changes took place in the turnover per segment. The relative share of the skin care segment in the total mix of Airspray’s turnover accounted for 36% in the first half of the year. The newly identified category sun care, formerly part of the skin care segment, already accounts for 6% of turnover. The share of the hand soap segment was 27% of turnover. The share for the other key segments identified by Airspray was for the first half of 2003 as follows: hair care 21%, food 5% and other 5%.
   
   
   
   Other information
   
   
   On the legal front, Airspray reports that in the Rieke lawsuit the trial date for the U.S. lawsuit about alleged infringement of the foam patent has been set for April 2004. Both parties have now entered the “discovery phase” of the process. In Germany, the initial court has ruled in favour of Rieke. Airspray will seek appeal.
   
   Airspray is also involved in a lawsuit filed by SBS/DEB against Gojo. Gojo is a major player in the commercial hand soap market in the US, who launched a new wall dispenser using the Airspray foamer. SBS/DEB has claimed infringement on their patent. The case is under investigation.
   
   Airspray will continue to pursue alleged patent infringements and will take the necessary steps to protect it’s patent rights.
   
   
   
   As announced on May 15, Taplast, an Italian manufacturer of dispensers, is expected to be launching a foam pump later this year. Due to its close customer relationships, its wide product offering and its innovative capabilities, Airspray continues to be confident that it can meet potential competitive challenges.
   
   
   Outlook
   
   
   Despite high unemployment figures there are some encouraging signs amidst continued economic uncertainty. Taking these macro economic elements into account, Airspray’s outlook for the second half of the year is cautiously positive. For 2003, the company expects the result before tax to grow around 15%. The tax rate is expected to be 34.5%, as for the first half of the year.
   
   
   
   
   
   
2. [verwijderd] 14 augustus 2003 10:30

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   MARKET TALK: 'Halfjaarcijfers Airspray licht tegenvallend'
   
   14 augustus 2003, 09:47 uur
   
   ALKMAAR (Dow Jones)--Rabo Securities vindt de halfjaarresultaten van dispenserproducent Airspray licht tegenvallend, gezien de winstwaarschuwing.
   
   "Het bedrijf ging eerst uit van een winstgroei voor belasting met ten minste 15%, maar ziet die groei nu uitkomen rond de 15%", aldus Rabo.
   
   De bank ziet op korte termijn weinig elementen die de koers van Airspray in beweging kunnen zetten. "Op lange termijn blijft Airspray een mooie belegging". Rabo hanteert een 'hold'-advies.
   
   Om 09.40 uur noteert het aandeel Airspray 2,7% lager op 16,68 euro bij een omzet van ruim 5.300 aandelen.
   
   
3. [verwijderd] 14 augustus 2003 21:50

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   wat een bende vandaag met tegenstrijdige berichten en herroepingen zeg. Een winstwaarschuwing die weer wordt ontkend, een verwachte double digit winstgroei die weer wordt afgezwakt tot een double digit volumegroei.
   
   Ik snap dat je de steen eerst moet slijpen voordat het een briljant wordt maar heb toch de positie gehalveerd.