| Mon 30 Aug 2010, 15:43 | | JSC - Jasco Electronics Holdings Limited - Trading Statement |
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JSC
JSC
JSC - Jasco Electronics Holdings Limited - Trading Statement
JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1987/003293/06)
Share Code: JSC
ISIN: ZAE000003794
("Jasco" or "the Company")
Trading statement
Jasco wishes to advise shareholders that due to the change in its
financial year-end from February to June last year, this trading
statement provides earnings and headline earnings guidance on a 16
months versus 12 months, as well as on a like-for-like, 12 months
basis to provide shareholders with a more meaningful comparison.
16 months to 12 months comparison
Accordingly shareholders are advised that:
* Earnings per Share ("EPS") for the 12 months to 30 June 2010
is expected to be between 40% and 60% lower than the 36,2
cents EPS reported for the 16 month period ended 30 June 2009.
* Headline earnings per share ("HEPS") for the 12 months to 30
June 2010 is expected to be between 45% and 65% lower than the
36,7 cents HEPS reported for the 16 month period ended 30 June
2009.
The decrease in earnings was primarily due to the continued impact
of poor economic and market conditions and a lack of major capital
projects in the telecommunications and security sectors.
Shareholders are advised that Jasco`s abridged audited results will
be announced on or about 15 September 2010.
Like-for-like 12-month comparison
The Company however believes a like-for-like 12 month comparison is
more meaningful to shareholders. The preparation of the unaudited
pro forma 12 month comparison is the responsibility of the
directors of Jasco. See table below for more information*.
Accordingly shareholders are advised that on a like-for-like 12
month comparison:
* EPS for the twelve months to 30 June 2010 are expected to be
between 0% and 20% lower than the comparative pro forma EPS of
21,2 per share for the twelve months to 30 June 2009
* HEPS for the twelve months to 30 June 2010 are expected to be
between 15% and 35% lower than the comparative pro forma HEPS
of 21,7 cents per share for the twelve months to 30 June 2009
*Unaudited pro forma 12 month information
Due to Jasco`s financial year-end changing from February to June
during the 2009 financial year, the table below illustrates the
unaudited pro forma EPS and pro forma HEPS for the 12 month period
ended 30 June 2009 (the "pro forma 12 month information").
The unaudited pro forma 12 month information has been prepared for
illustrative purposes only to provide information on how the
unaudited pro forma 12 month information compares to the actual
results of the Company for the 16 months ended 30 June 2009 and,
due to the nature thereof, may not be a fair reflection of the
Company`s results of operations.
Actual Pro forma %
Before(1,2) After change
(cents) (1,3)
(cents)
Earnings per share 36.2 21.2 41.4%
Headline earnings per share 36.7 21.7 40.9%
Weighted number of shares 103 471 111 596
(`000)(4)
Notes:
1. The unaudited pro forma financial effects are based on the
accounting policies adopted by the Company and are in
accordance with International Financial Reporting Standards.
2. The "Actual Before" column is based on the published audited
results for the 16 month ended 30 June 2009.
3. The "Pro forma After" column reflects the 30 June 2009 results
prepared on a pro forma 12 month period, and reflects the
attributable profit of R23,7 million for the 12 months from 1
July 2008 to 30 June 2009, extracted from the unaudited
managements accounts of the Company.
4. The calculation of EPS and HEPS is based on the weighted
average number of shares in issue.
The information in this trading statement has not been reviewed or
reported on by the Company`s external auditors.
Johannesburg
30 August 2010
Sponsor
Grindrod Bank Limited
Date: 30/08/2010 15:43:02 Produced by the JSE SENS Department.
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