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| Robust Demand in Key Markets Drove Q2 Sales to a 21.6% increase over Q2 `07 Extensive Pipeline of Innovative Products and Emerging Markets to Support the Next Phase of Growth Singapore, 12 August 2008 – Singapore Exchange Mainboard-listed Sarin Technologies Ltd (“Sarin” or “the Group”), a worldwide leader in the development, manufacturing and marketing of advanced diamond planning, evaluation, production, measuring and grading systems, today announced its financial results for the quarter ended 30 June 2008. Financial Results for the Second Quarter Revenues for the second quarter of 2008 reached US$11.3 million compared to US$9.3 million in the same period of 2007, an increase of 21.6%. Gross margin for the second quarter decreased from 68.1% in the same period of 2007 to 64.8%, reflecting a different mix of products sold, including more Quazer™ green-laser diamond cutting and shaping systems. As the Group intensifies sales and marketing efforts to consolidate its leadership in India and to grow in emerging markets, revenue from India and Africa jumped 24% to US$8.1 million and 504% to US$1.2 million respectively. Operating profit for the second quarter of 2008 was US$2.6 million, 2.4% higher compared to the same period of 2007. Net profit for the second quarter of 2008 totaled US$3.1 million compared to a net profit of US$2.2 million for the same period of 2007, an increase of 43.2%. To reward shareholders, the Directors have declared an interim dividend of US cent 0.8 per share. This translates to a total dividend payout of US$2.1 million, which is 27% higher than the total dividend payout of US$1.6 million for 1H 2007. Results for the Six-Month Period Revenues for the six month period ended June 30, 2008 were US$21.9 million, up from US$18.6 million in the comparable period of 2007, an increase of 17.9%. Operating profit for the six-month period ended June 30, 2008 was US$5.4 million compared to an operating profit of US$5.6 million in the same period of 2007, a decrease of 4.0%, attributable mainly to increased expenditures on research and development and sales and marketing-related activities. Net profit for the six month period ended June 30, 2008 was US$5.1 million compared to a net profit of US$4.5 million in the same period of 2007, an increase of 15%. Management’s Comments “We continue to invest heavily in research and development. As a result, we expect to be launching a range of new products and significant upgrades to existing products during the second half of 2008 and into 2009,” said Zeev Leshem, CEO of Sarin Technologies. “In addition to the growth from our traditional products, we are pleased that over 10% of our revenue in the second Quarter of 2008 is derived from the QuazerTM,” said Mr. Leshem, referring to the Group’s innovative green laser diamond cutting system that was first launched in 2006 to positive market responses. “As part of our ongoing efforts to improve the product, we have completed an upgraded suite of hardware and software to further improve the Quazer’s performance and will be releasing these upgrades in Q3,” he added. “Besides our focus on enhancing our product offering, we are also taking steps to boost sales in emerging markets like southern Africa. The investments we are making in product development, paired with our increasing attention to bolstering our market share in key territories, will set the foundation for the next phase of Sarin’s growth,” added Mr. Leshem. Product Development Highlights Besides upgrades for the Quazer, new rough planning products, such as DiaMobile XLTM and InstructorTM, as well as an upgraded version of OrchidiaTM, the rough colour prediction system, are also scheduled for launch over the next few months. In addition, initial testing for a new product that utilizes Galatea’s ground-breaking technology, capable of fully automated evaluation of internal features in diamonds, will commence in Q3 2008. Upon its successful commercialization, revenue contribution from this new product can be expected in FY2009. This product is expected to strengthen the Group’s recurring revenue stream. IDEX Online’s online trading platform has been launched and is now being expanded to a broader market outside the US. This press release should be read in conjunction with Sarin’s SGX results announcement released on 12 August 2008. About Sarin Technologies Sarin Technologies Ltd. is the worldwide leader in the development, manufacture and sale of rough diamond planning, diamond processing and diamond grading and branding systems. The company has a global presence through wholly owned sales and support subsidiaries and a network of authorized distributors and agents. Sarin’s technology is used to provide solutions for diamond manufacturers, wholesalers, gemological laboratories and jewelry retailers. Its products are used to maximize value at every stage of diamond design, manufacturing and sale. Since its inception in 1988, Sarin Technologies has led a revolutionary transformation in the diamond industry via the introduction of technology that has dramatically changed the manner in which rough stones are processed into polished diamonds and, thereafter, bought and sold. Sarin Technologies is a publicly traded company on the Singapore stock exchange with the stock symbol U77.SI. For more information about Sarin Technologies and its products and services, visit http://www.sarin.com. |
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Sarin Technologies is a worldwide leader in the development of advanced diamond optimization systems, diamond color grading,
diamond cut grading and laser marking machines for diamond grading & gemstone production
