Ceva Reports Financial Results

Aug. 30, 2007
Ceva Group, which recently acquired Eagle Global Logistics and appointed a new CEO, reported net sales of 905 million ($1,235 million) for the three months

Ceva Group, which recently acquired Eagle Global Logistics and appointed a new CEO, reported net sales of €905 million ($1,235 million) for the three months ended June 30th, up 3% from €880 million ($1,200 million) for the same period a year earlier. For the first six months of 2007, Ceva reported net sales of €1,766 million ($2,409 million).

Profit for the quarter was €54.8 million EBITDA, up from €36.1 million ($49.26 million) for the same period a year earlier. Six-month profits were €100 million ($136.4 million), up from €71.1 million ($97 million) a year earlier.

On August 2nd, Ceva announced the completion of the $2 billion transaction to acquire Eagle Global Logistics (EGL). The transaction was financed through new debt and approximately $200 million of cash equity from Ceva’s balance sheet and $100 million of new cash equity from Apollo, the private equity firm which had acquired Ceva’s operations from TNT.

On a standalone basis, EGL delivered €5.8 million ($7.9 million) EBITDA for the quarter, down from €25.2 million ($34.4 million) a year earlier. First-half EBITDA profits were €30.1 million ($41.1 million) vs. €48.4 million ($66.1 million) in 2006.

Ceva’s new CEO, John Pattullo, who assumed that role on August 6th, noted, “The results of Ceva Group Plc included in these interim financial statements show clearly that the company has been building a solid base for the future. We can see that growth and profit indicators are positive for Ceva and the ability of the company to generate value is demonstrated by the results of the global focus on cash management.” He added, “It is pleasing to see that EGL’s results continued to show a good progress which has not been unduly impacted by the sale process this year.”

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