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Tuesday, January 20. 2009

TomTom Lowers Debt, Raises Stock Price, Lowers Expectations

Geospatial Business

Among the announcements today:

TomTom reduced net debt by 16 percent in the past quarter. (That drove stock up 8% in Amsterdam.)

The company dropped revenue expectations for 2008 to 1.66 billion euros ($2.16 billion) to 1.68 billion euros, from as much as 1.85 billion euros.

Total sales last year were about 34 million, lower than the expected 36 million.

TomTom will take a charge on the acquisition of Tele Atlas. No word on how much, but it won't impact loan agreements.

- Bloomberg News

Posted by Adena Schutzberg in Geospatial Business at 05:52 | Comments (0) | Trackbacks (0) | Bookmark and Share

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