Sodastream International Ltd. (Nasdaq: SODA) posted higher revenue and profits in 2010 and expects further growth in 2011.
Sodastream's revenue rose 53% to €160.7 million ($213.2 million) in 2010 from €105 million in 2009. Sales of soda makers rose 82% to 1.92 million in 2010 from 1.06 million in 2009, with sales in the Americas up 189% and sales in Western Europe up 34%.
Net profit rose to €9.7 million (€0.69 per share) in 2010 from €7.1 million in 2009. Adjusted net profit rose 69% to €13 million (€0.92 per share) from €7.7 million in 2009.
Sodastream predicts that its revenue will rise 25% to €160.7 million in 2011, and its adjusted net profit to rise 46% to €17 million.
Fourth quarter revenue rose 58.5% to €50 million from €31.5 million for the corresponding quarter. Adjusted net profit fell to €3.5 million (€0.21 per share) for the fourth quarter from €4.2 million for the corresponding quarter, and adjusted net profit fell to €4.3 million (€0.25 per share) from €4.4 million.
Sodastream's cash and cash equivalents rose to €52.9 million at the end of 2010, mostly due to the proceeds from the IPO in November.
Sodastream CEO Daniel Birnbaum attributed the company's fourth quarter results to its expanded global business, especially in the US. He added, "We began 2011 with positive momentum across our business and significant growth opportunities ahead of us. In the near-term, our priorities are to further penetrate the US." He added, "We are optimistic that we can replicate our success in the US and other new markets throughout Western Europe, Central Europe, the Middle East, and Asia Pacific."
Sodastream's share price fell 3.8% in early trading on Nasdaq to $42.58, giving a market cap of $258 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 1, 2011
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