Myriad Group Expects Solid Underlying Revenues of Approx. USD 35 Million for First Half 2011

ZURICH, July 21, 2011 /PRNewswire/ -- Myriad Group AG (SIX Swiss Exchange: MYRN), a global leader in mobile technology having shipped over 3.8 billion software applications on more than 2.2 billion phones, today announced that it expects preliminary (unaudited) revenue of approximately USD 35 million for its First Half 2011 results.

Following the MobiWire (formerly Sagem Wireless) contract termination in September 2010 and MobiWire subsequently going into administration in May 2011, the income statement of Myriad Group AG will contain certain base effects when comparing fiscal year 2011/2010 results.

This revenue expectation represents year-on-year growth of 7% when making a direct comparison to the First Half 2010 non-Sagem related business that totalled USD 32.7 million, and reflects solid underlying core revenues.

On a level of EBITDA pre-restructuring costs, Myriad Group estimates a profit of USD 7-8 million reflecting steps taken to significantly reduce the cost base, and on a level of EBIT estimates a loss of USD 3-4 million for the first half of 2011. The cash position was USD 16.4 million as at 30 June 2011. Myriad will publish the detailed financial statements and its Half Year 2011 Report on 7 September 2011.    

About Myriad

Myriad Group AG is a global leader in mobile technology and has shipped over 3.8 billion software applications in more than 2.2 billion mobile phones. By bringing together market-leading technologies to create unique solutions, Myriad offers both operators and handset manufacturers a compelling portfolio of mobile software and services: social networking, Android, Java, browsing, messaging and middleware for all types of mobile phones, from ultra-low cost handsets to advanced smartphones. Myriad also deploys USSD-based customer self-care platforms that deliver over 10 billion messages a year to 220 million mobile users worldwide.

Myriad operates worldwide with offices in Switzerland, France, UK, USA, Mexico, China, South Korea, Taiwan, Japan and Australia. Headquartered in Zurich, Switzerland, Myriad is listed on the SIX Swiss Exchange (SIX Symbol: MYRN).

With its deep expertise and broad portfolio, Myriad enables its customers to create and deliver amazing experiences on mass-market mobile phones.

For more information, visit www.myriadgroup.com.

SOURCE Myriad Group AG

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED