SYSTRAN, the leading provider of language translation technologies, today announced its consolidated financial results for the year ended December 31, 2011. SYSTRAN’s consolidated sales amounted to 10.6 million Euros in 2011, an increase of 18.5% as compared with 2010.
In 2011, salaries and wages increased by 24.3% to strengthen the research and development team, and grow the Professional Services business unit in the US. A significant portion of salaries and wages are dedicated to research and development to which the Company continues to allocate between 20% and 25% of annual sales. Other expenses decreased by 6.7%. Considering the above, current operating profit amounted to 1,069 thousand Euros as compared with a loss of 396 thousand Euros in 2010.
The operating income amounted to 841 thousand Euros as compared with a loss of 627 thousand Euros in 2010. Other operating expenses are composed of legal fees related to the Company’s dispute with the European Commission. The Company recorded positive financial income from gains and interest earned on investments. Taxes are attributed to SYSTRAN Software, Inc.. Consolidated net income amounted to 698 thousand Euros versus 82 thousand Euros in 2010.
Total shareholders’ equity amounted to 15.2 million Euros as compared with 14.3 million Euros as of December 31, 2010. The Company has no significant debts and the Company’s net cash position amounted to 22.2 million Euros at December 31, 2011, as compared with 9.8 million Euros on December 31, 2010.