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Zenitel announces 2009 results after having streamlined its operation

In 2009 the strategic reorganization of the group was finalized. All loss making and non core activities were divested.

Zenitel continued to invest in its core intercom business in 2009, and in March 2010 launched the new Vingtor-Stentofon  XE Audio Servers with High Definition Voice.
The Chuchubi Network operation in the Caribbean invested further in extending its range of customer solutions and major upcoming projects.
Revenue from continuing operations grew by 2.3% to EUR 70 million in 2009.
Recurrent EBITDA from continuing operations increased from EUR 3.8 million in 2008 to EUR 4.8 million in 2009.
The net result was impacted by losses from the divested non core activities. The consolidated loss of 2009 amounted to EUR -8.1 million against EUR -13.5 million in 2008.

Kenneth Dastol, Chief Executive Officer of Zenitel commented:

“Over the course of 2009, Zenitel refocused its activities mainly on Secure Communication Systems and the Caribbean Network operations. For those activities the trend of increasing profitability was confirmed despite the global economic crisis. This resulted in a recurrent EBITDA growth over 2009 from the continuing operations.

Although we were faced with a tight cash situation, Zenitel stayed loyal to its intercom business development strategy. By replacing hardware with our own developed software, we can further improve functionality and reduce customer costs.

Given the difficult economic environment and the fact that we are coming out of a year with strategic reorganization, we do not give guidance for 2010.”

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