TruSpine Technologies Share Discussion Threads

[gurp] 22/3/2002 00:56

offer falls to 57, bid holds at 56 - why encourage buys if they are short?

[doctor 69] 21/3/2002 19:47

Biomax u and i in past have not been on same sides but you have been right in past. Well we are in agreement here.

Do you think there will be a big buy order from institution

[multimillionaire] 21/3/2002 16:28

good investor presentation on...www.telspec.co.uk

[multimillionaire] 21/3/2002 11:04

i believe they are seeing 20 institutions over the next few days...

[jonnybray] 21/3/2002 10:43

A little pause for breath and now we're away again. Does seem as though the mms are short of stock.

[multimillionaire] 21/3/2002 08:57

this is a no brainer....will move into net cash very soon...big orders to come from Siemens....Televoting prospects very exciting...dividends next year...check this one out....

[biomax] 21/3/2002 08:29

Massive Breakout is in progress

now at 52 p, target 1-2 quid!

[biomax] 21/3/2002 08:28

everyone who sold yesterday , get in now!

[jonnybray] 21/3/2002 08:28

Ticking up nicely, with you on this Biomax. Think the reality of the results are being digested.

[biomax] 21/3/2002 08:27

mm have no stock!

[biomax] 21/3/2002 08:25

buy, buy, buy, technical breakout is in progress
2-1 quid is target!

[jonnybray] 21/3/2002 08:14

Excellent results. Good to see debt reduced to £1.2 million and pleased to see that they are confident enough to keep R&D spending up at near present levels. And any orders from Siemens are not yet factored in.

[biomax] 20/3/2002 19:35

they are

1 quid is on the cards

[gurp] 20/3/2002 08:49

make sure the mm's are aware of that!

[biomax] 20/3/2002 08:37

technical support at 47-45 p, imo

time to buy!

[drpjst] 20/3/2002 07:27

Telspec PLC
20 March 2002


20 March 2002

Telspec plc

Final results


Preliminary announcement for the year ended 31 December 2001

Telspec plc, the telecommunication equipment company, announces preliminary
results for the year ended 31 December 2001.

(£'000) 2001 2000 change
Sales 41,482 44,850 -7.5%
Operating loss before exceptionals -902 -3,991 -77%
Stock provisions -1,230 -
Release of sales provision 478 -
Costs of restructuring/disposal - -2,829
Net interest payable -267 -230
Loss before tax -1,921 -7,050 -73%
Basic & diluted loss per share (p) -4.8 -19.5 -75%
Net debt -1,192 -3,696 -68%
Summary


- A 73% reduction in Loss before Tax to £1.9m in line with expectations

- A 68% reduction in net debt with gearing reduced to 16%

- The transitional year for the Access product portfolio with phasing in of
two new product ranges

- TelMax selected by Siemens as their new pair gain solution with OEM
agreement

- Substantial growth in Switch revenues due to BT RIDE project

- Focus on reducing operating costs and cash generation whilst maintaining
investment levels in new product development

- Addressed the overhang of stocks with reduction in the year of 57%


Commenting on the results, Magnus Braxell, Chief Executive said:

'Overall 2001 has been a challenging year for the Group. Lower sales in Access
were only partly compensated by growth in Switching. Looking forward, the demand
for our solutions is increasing and gives us confidence that growth can be
achieved in 2002.'


Enquiries:

Magnus Braxell Telspec Seb Hoyle Citigate Dewe Rogerson
CEO Toby Mountford Citigate Dewe Rogerson
Tel: [phone] Tel: [phone]
Richard Bingham Telspec Chris Crawford Credit Lyonnais Securities
Interim FD & COO Tel: [phone]
Tel: [phone]
Chairman's statement


As I indicated at the interim stage, 2001 has been a transitional year for the
Group with the continued development of a new competitive product range and the
completion of the fundamental restructuring of operations commenced in 2000.

The loss for the year of £1.9m (2000: £7.5m), whilst in line with market
expectations, was disappointing. Group sales revenues were down 7.5% at £41.5m
(2000: £44.9m) mainly impacted by lower sales of Access products resulting from
the phasing out of old and the phasing in of new products. The impact of the
lower Access sales was partially mitigated by increased revenues in our
Switching business.

Because of the continued serious interest shown by several European customers in
our switching products at the start of the year we were somewhat slow to
recognise the deteriorating market conditions and to take action further to
reduce costs and inventory levels. Such action has been taken resulting in an
operating profit before exceptional items in the second half. The recognition of
an exceptional £1.2m stock provision primarily relates to a more cautious
approach to likely demand for switching products.

We had expected volume deliveries against the exclusive contract from BT for the
new generation SDSL access platform TelNode to commence in September 2001.
However, as noted in my interim report, roll out was delayed and is now expected
to begin in the summer of 2002. At the same time, the results for 2001 reflect
much of the cost of developing the product.

TelMax, our new generation of pair gain products, has continued to prove its
competitiveness in the worldwide market and has now substantially replaced sales
of the older Telplus range. Type approvals have been gained in 10 countries and
an OEM agreement has been signed with Siemens which should further extend market
coverage.

Deliveries of the new enhanced ISDN Network Terminating unit for BT, sold as
Home Highway through our partnership business Myacom Ltd, commenced in the final
quarter and have exceeded forecasts. However, the effect of the product change
on sales levels and stocks of the old product was significant.

Although the market for traditional network switching products has been
difficult, revenues from our switching solutions division grew as a result of
the BT RIDE contract for the new televoting, mass calling platform, based on the
Group's IPS product. This 40 node platform with an advanced network management
system should be operational in the BT network in the first half of 2002. We
believe that BT RIDE will provide an excellent reference in the launch of an
international marketing campaign for this dynamic and high profile DISP
platform.

Following the restructuring and centralisation of the Group's manufacturing
activities in Perth, Scotland, last year the focus has been on reducing
inefficiencies and improving financial control. Significant progress has been
made including a 45% reduction (before additional provision) in year end
inventory levels.

A further consequence of the restructuring has been the implementation of
further cost reductions both at Perth and Rochester, including redundancies, in
order to better align the cost base to demand.

The performance of our main activities is reviewed in greater detail in the
Chief Executive's Review.

Financial result

Group losses after tax were reduced to £1.9m (2000: £7.5m) and the loss per
ordinary share was 4.81p (2000: loss 19.50p). No dividend will be paid in
respect of the year 2001 (2000: £nil).

Cashflow and net debt

Cash management has been an important focus in the year and, despite the ongoing
substantial levels of investment in product development, it has been possible to
reduce net debt at the year end from £3.7m to £1.2m, a reduction of 68%.

Board

The senior management team was strengthened by the appointment of Richard
Bingham as Interim Group Finance Director and Chief Operating Officer in the
final quarter. Richard joined the Board on an initial six month contract which
has subsequently been extended to 28 June 2002 pending the appointment of a
permanent replacement.

Staff

A recurring theme in the feedback from our customers has been the quality of our
staff. It is they who deliver the solutions for our customers and continue to
show the innovation, flair and speed of response that defines Telspec in the
market place. Although it is again disappointing to report losses, the Board
recognises the effort and dedication demonstrated by our staff in another
difficult year.

Outlook and prospects

Current demand for our access products is usefully ahead of 2001 levels and we
are yet to gain substantial benefit from our association with Siemens.

Our switching business continues to be busy with the RIDE contract but, unless
we win further contracts for DISP products or the ISP business recovers, sales
of switching products are likely to be lower this year than in 2001.

Trading for the year to date has started encouragingly and, in the absence of
unforeseen circumstances, we expect to report a profit before tax for the first
half of 2002.


Peter Espenhahn
Non-executive Chairman
20 March 2002


There's more at:

[jonnybray] 20/3/2002 00:53

It's gone very quiet here. Thought there might be some more action with results due this Thursday. Mind you the price is up 6% at the moment. Don't think the results should upset the equilibrium at all and we should see a continued steady rise (although there's always likely to be a few who bail out immediately after results).

[jonnybray] 19/3/2002 15:59

So they are. Got them mixed up with another. Well, I'll be up early tomorrow then to see what they've got to say.

[donny b] 19/3/2002 15:46

Jonnybray,results out tomorrow.

[drpjst] 06/3/2002 13:45

Results date confirmed as 20 March:

[donny b] 05/3/2002 15:40

nellyb

You will have to select UK markets on the left of page before selecting ticker symbol.

[nellyb] 04/3/2002 23:21

Donny, where do you get the graphs from. Nellyb

[source] 04/3/2002 22:27

Nice chart! Thanks Donny - yes it does seem if this is a breakout then there seems lots of blue sky to go for!

Regards