Bluehill ID AG
BLUEHILL ID ANNOUNCES UNAUDITED PRELIMINARY FOURTH QUARTER AND FULL YEAR RESULTS
Bluehill ID AG / Preliminary Results 03.02.2010 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- St. Gallen, Switzerland, February 3, 2010 - Bluehill ID AG (Frankfurt Stock Exchange: BUQ) a provider of products, services and solutions for the security, identification and RFID industries, today announced unaudited preliminary results for its 2009 fiscal fourth quarter (Q4) and year (FY)according to IFRS. Preliminary Financial Results Sales for Q4 09 for Bluehill ID showed strong growth to EUR 4.8 million after softer performance earlier in the year. (Q4 08: EUR 3.9 million). Strong sales came from the Multicard Identity Management business units in the Netherlands and Germany, as well as from high frequency RFID inlays through TagStar Systems. During Q4 09 the ACiG distribution business showed improvements in Europe and for the newly launched US operation, whereas ACiG Brazil continued to show weaker performance. The operating units overall showed improved operating profit to EUR 0.2 million while the overhead costs of Bluehill ID holding remained at EUR 1.1 million. In Q4 09 Bluehill ID incurred non-recurring costs in total of EUR 2.0 million, EUR 0.7 million of which were associated with a write down and downsizing of the Brazilian business, EUR 0.9 million were associated with the combination with SCM Microsystems, Inc., and unrealized losses on investments accounted for EUR 0.4 million. The loss for Q4 09 is expected to be EUR (2.9) million. For the fiscal year 2009 as a whole, Bluehill ID is expected to reach sales on the order of EUR 15.7 million (FY 08: EUR 5.9 million) and profit from the operating companies of EUR 0.2 million. The overhead at the holding level is expected to be on the order of EUR 3.4 million. Non-recurring costs will amount to EUR 5.1 million, including EUR 0.7 million non-recurring costs related to operations in Brazil described above. Additionally non-recurring costs are expected to include EUR 3.3 million related to the conversion from an investment company structure to an industrial holding group, as communicated in the annual report for 2008 and agreed to by the Bluehill ID shareholders at the AGM 2009, and EUR 1.1 million related to the business combination with SCM Microsystems. Consequently and as forecasted, Bluehill ID is expecting to show a loss of approximately EUR (8.3) million for FY 09 overall (FY 08: profit of EUR 0.5 million). The year on year growth in sales reflects the consolidation of new acquisitions earlier in 2009 and strong growth from the Identity Management Projects & Services businesses, partially offset by weakness in product sales in the Identification sector. Delisting of Bluehill ID Bluehill ID is planning to delist from the Open Market on the Frankfurt Stock Exchange after a four week period at the end of February. 92% of all shareholders of Bluehill ID accepted the voluntary public exchange offer from SCM Microsystems, which resulted in Bluehill ID becoming a majority owned subsidiary of newly formed Identive Group. The first consolidated financial information for Identive Group will be published for Q1 2010 later this year. About Bluehill ID Bluehill ID AG (www.bluehill-id.com) is an international operating company with headquarters in Switzerland and listed on the Frankfurt Stock Exchange (ISIN CH0031958629; Symbol BUQ). Bluehill ID is dedicated to the responsible use and development of RFID and other automatic identification technologies. These technologies are used in the fields of security, identification, tracking and further growing applications. The business model of the company is based on combining disciplined acquisitive growth with sustainable organic growth from its Group of companies. About Identive Group Identive Group is an international operating organization focused on building the world's signature company in secure identification-based technologies. Through its group of recognized brands, Identive provides leading-edge products and solutions in the areas of physical and logical access control, identity management and RFID systems to governments, commercial and industrial enterprises and consumers. The organization's growth model is based on a combination of disciplined acquisitive development and strong technology-driven organic growth from its member companies. For additional info visit: www.identive-group.com. Note: This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These include, without limitation, the statements about the expected financial results from Bluehill ID AG for the fiscal fourth quarter 2009 and full year 2009. These statements are based on current expectations or beliefs, as well as a number of assumptions about future events that are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated herein. Bluehill ID has not yet completed the review of its results for the fourth quarter or full year ended December 31, 2009, and our auditors have not yet completed their audit of such results. Additionally, earnings figures given above are to be considered before tax as tax calculations have not yet been finalized. Therefore, the expected results set forth in this press release are based on a preliminary review of Bluehill ID's results and actual results may differ. Readers should not unduly rely on these forward-looking statements, which are not a guarantee of future performance and are subject to a number of risks and uncertainties, many of which are outside our control, which could cause our actual business and operating results to differ. For a discussion of further risks and uncertainties related to Bluehill ID's combined business with its parent, SCM Microsystems, Inc., d/b/a Identive Group, please refer to SCM Microsystems, Inc.'s public company reports, including its Annual Report on Form 10-K for the year ended December 31, 2008 and subsequent reports for SCM Microsystems, Inc., and SCM Microsystems' registration statement on Form S-4 (No. 333-162618), each as filed with the U.S. Securities and Exchange Commission. Contact Fabien Nestmann Bluehill ID +44 783 80 43 fbn@bluehill-id.com 03.02.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Bluehill ID AG Dufourstr. 121 CH-9001 St. Gallen Schweiz Phone: +41 44 783 8043 Fax: +41 44 783 8040 E-mail: contact@bluehill-id.com Internet: www.bluehill-id.com ISIN: CH0031958629, CH0038439490 WKN: A0MUR7 Listed: Open Market in Frankfurt End of News DGAP News-Service ---------------------------------------------------------------------------
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