Paragon AG Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2013; Reaffirms Earnings Guidance for the Year 2013
For the six months, the company reported EBIT of EUR 2.9 million against EUR 5.0 million a year ago. EBITDA was EUR 5.1 million against EUR 7.2 million a year ago. The EBIT margin in the first six months of 2013 came to 8.3% against 13.2% a year ago. In the first six months of 2013, the negative operating cash flow reached a value of EUR 0.4 million against positive operating cash flow of EUR 4.1 million a year ago, in response to an increase in tax payments of EUR 0.5 million as compared to first half of 2012 as well as an increase in trade receivables of EUR 0.8 million and a reduction in current liabilities of EUR 1.1 million. For the period January 1 to June 30, 2013, the company recorded net income in accordance with IFRS of EUR 1.8 million against EUR 3.6 million a year ago. This resulted in earnings per share of EUR 0.43 against EUR 0.88 a year ago.
The significant double-digit growth in sales and the positive trend of the earnings figures in the second quarter leads the managing board to reaffirm its forecast for fiscal 2013. Overall, the company's management expects 5% growth in revenue as in 2012 as well as a stable EBIT margin.