Final Results
Flomerics Group PLC
11 March 2004
11 March 2004
Preliminary results for Flomerics
'Turning the Corner'
Flomerics Group PLC, supplier of analysis software to the telecommunications,
semiconductor and computer industries, and other sectors of the electronics
industries, announces its results for the year ended 31 December 2003.
Key Points
• Turnover down 13% to £10.2m (2002 : £11.7m) (10% at constant exchange
rates) Administrative costs down by 10% compared to 2002 to offset the
fall in turnover.
• The second half of 2003 showed an increase in turnover over the first
half - following five consecutive halves where revenue had been decreasing.
• Profit Before Tax of £455,000 (2002 : £635,000)
• Earnings per share before amortisation of goodwill at 3.3p (2002 : 3.8p).
Basic earnings per share 2.7p (2002: 3.2p)
• Strong cash position with a balance of £2.5m (2002 : £2.2m)
• Customers renewals of licences were at a good level with all major
corporate accounts retained.
• New products launched included : a new release of FLOTHERM and the
first merged product of FLO/EMC.
• Dividend maintained at 1p per share
Commenting on the results and prospects, David Mann, the Chairman, said:
"The Group has faced two years of falling revenues following an extended period
of growth. By making some painful cuts in expenditure, the company has
remained profitable and maintained a strong balance sheet. There are good signs
now that the bottom has been reached and that the Group can start to benefit
during 2004. As the new products start to deliver and the electronics sector
returns to growth, we are again seeing good prospects for the years ahead."
For further information please contact:
Flomerics:
David Mann, Chairman 020 8941 8810
David Tatchell, Chief Executive
Chris Ogle, Finance Director
Buchanan Communications:
Tim Thompson / Nicola Cronk 020 7466 5000
CHAIRMAN'S STATEMENT
In the face of continuing difficult trading conditions, the Group has achieved a
profit before tax of £455,000 (2002: £635,000). As expected when we announced
our interim results, the second half of the year continued to be challenging.
However, the rate of contraction of the revenues was slowed from 14% in the
first half (compared to the same period in 2002) to 5% in the second half, at
constant exchange rates. The second half of 2003 also showed an increase in
turnover over the first half, which followed five consecutive halves when
revenue had been decreasing. This is an encouraging sign that the corner has
been turned. Also, there is evidence of an increase in activities in the
electronics sector, as exemplified by increases in US technology spending and
increases in electronics production globally, and we should start to see this
reflected in our sales.
Turnover for the year was down by 13%, partly as a result of the weaker dollar;
at constant exchange rates turnover was down 10%. However, our measures to
reduce administrative costs continued and we were able to offset this fall in
revenue by reducing our administrative costs by 10% compared to 2002.
Due to a refund of withholding tax, the tax rate has been reduced to 11% (2002:
25%). As long as the Group continues to benefit from the Research and
Development tax credit, a rate of between 20 and 25% is likely in future years.
Earnings per share for the year before amortisation of goodwill were 3.3p (2002:
3.8p). Cash balances at 31 December 2003 were £2.5 million (2002: £2.2 million).
The Directors propose to pay a dividend of 1p per share (2002:1p). Subject to
approval by shareholders, the dividend will be paid on 7 May 2004 to
shareholders on the register at the close of business on 13 April 2004.
Customers' renewals of licences were at a good level and exceeded the budget,
but new business was slow across the product range. We are pleased to be able to
report that we have retained all of our major corporate accounts, and have
increased our presence in a number of them.
The Products
FLOTHERM
FLOTHERM remains the Group's predominant product and in 2003 accounted for 78%
of turnover (2002:76%). Revenue from this product was down 8%, compared to
contraction of 13% in 2002.
We were encouraged that renewals held strong, and were ahead of budget and close
to the levels achieved in 2002. This represents some stabilisation, but it has
not yet filtered through to new sales, which were down compared to 2002.
During the year a major new release of FLOTHERM was delivered to our customers.
This includes a number of significant enhancements - among them automatic design
optimisation, and solver improvements that can give a tenfold speed-up in
analysis time. These have strengthened the product in the marketplace, and have
contributed to the stabilisation of FLOTHERM business in the later part of 2003.
In 2004 we will release a new thermal product to complement FLOTHERM. This
product, FLO/PCB, is aimed at tackling thermal issues at the printed circuit
board (PCB) level - to operate alongside FLOTHERM, which is primarily used for
design at the system level (i.e. considering the complete equipment). As
explained in the Chief Executive's Review, the introduction of this product
reflects a recognition that, as the importance of thermal design increases, it
is increasingly moving from the system-integration stage into the broader
electronics design chain. By providing specially tailored solutions for these
new classes of user - starting with PCB designers - we are opening up
potentially substantial new markets alongside the existing FLOTHERM user base.
The first full release of FLO/PCB will be made during the first half of 2004.
Prototypes are already in customers' hands and have been extremely well
received.
FLO/EMC
The new FLOTHERM release in 2003 coincided with the release of the first "
merged-product" version of FLO/EMC. The interoperability of this new product
with FLOTHERM offers major benefits to designers, enabling them to investigate
trade-offs between thermal and EMC designs. By utilising a FLOTHERM-style user
interface, the new product offers major enhancements in ease of use, and is much
better targeted at the identified market needs than our earlier releases - or
any current alternative software products.
During 2003 FLO/EMC accounted for 5% of the Group turnover (2002:6%), reflecting
a contraction of 12%. This contraction is disappointing, particularly in the
light of the new release made mid way through the year. While we remain
confident that there is a substantial, and growing, need for the analysis that
FLO/EMC provides, our experience is that, currently, the industry is cautious in
taking on this new technology, and that therefore the rate of adoption is
limited. However there are an increasing number of customers that are reporting
major benefits from utilising FLO/EMC - and, as awareness of this spreads, we
are anticipating an increase in the rate of adoption.
FLOVENT
FLOVENT accounted for 10% of the Group's turnover (2002:10%) and suffered
contraction of 18%. At the end of 2003 Hassan Moezzi, who was Business
Development Director of Flomerics Limited, left to establish his own business
distributing FLOVENT in the UK, focussing on Data Centre applications. Hassan
joined Flomerics in 1989 and we shall miss his contributions to other areas of
the business, but are pleased that he will be retaining close links with the
Company. Flomerics will continue to handle FLOVENT business in other territories
and other market sectors directly.
MICRO-STRIPES
Micro-Stripes accounted for 7% of Group turnover (2002: 8%) and experienced
contraction of 18%. In the first half of the year development focus was
concentrated on the converged FLOTHERM and FLO/EMC offering. Enhancements are
now being made to Micro-Stripes with a new release scheduled for the second
quarter of 2004. We see continuing opportunities for this product in the growing
market for high-frequency electromagnetic applications, particularly in antenna
system design.
Other Developments and Resources
In 2004 the company will be investing in an offshore development capability with
a new office in India. This will enable us to improve the speed of development
without significantly increasing costs. The Indian development team will be
co-located with a new sales operation, which we are now establishing to
capitalise on the growing opportunities in that region.
Staff numbers were further reduced in 2003 to 113 by the end of the year (2002:
127) as we managed costs in line with the revenues. This has placed additional
pressures on the staff, who have had to work very hard through these challenging
times. We thank them for their continuing strong commitment to Flomerics and for
their achievements.
During 2003 we completed the re-organisation of the Group into the three
regional territories of America, Europe and Asia Pacific. In this context we
were pleased to appoint Lena Evander as Regional Director of Europe. Lena joined
Flomerics in 2001 as regional manager of the Nordic office, where she has
established a successful sales and support operation.
Prospects
Because of the importance of the US market for the Group's products, both
turnover and profits have been significantly impacted in 2003 by the weaker
dollar. Since the end of the year it has weakened further and it currently seems
likely that it will adversely affect the results for 2004.
The Group has faced two years of falling revenues following an extended period
of growth. By making some painful cuts in expenditure, the company has remained
profitable and maintained a strong balance sheet. There are good signs now that
the bottom has been reached and that the Group can start to benefit during 2004.
As the new products start to deliver and the electronics sector returns to
growth, we are again seeing good prospects for the years ahead.
David Mann
Chairman
11 March 2004
CHIEF EXECUTIVE'S REVIEW
THE END OF THE SLOWDOWN
It is evident that - after two extremely tough years - the slowdown in the
electronics industries is largely behind us. Worldwide electronics production is
anticipated to return to growth (of just over 5%) in 2003(1); projections for US
technology spending show annual growth of 5% or more from 2003 to 2008(2); and
companies in all sectors of electronics are now fairly consistently reporting
growth and profitability,
Of course, this is good news for Flomerics - and we are beginning to see the
effects of the improving industrial climate in the stabilisation of our business
during the later part of 2003. However, in assessing prospects - particularly in
the short-term - we need to recognise: firstly, that it appears likely to take
some time for the industry recovery to become fully established; and, secondly,
that there can be a time lag in the full effects of the recovery feeding through
to Flomerics business.
LONGER-TERM IMPACT
We do, however, remain confident about the longer term. As the industry "
normalises", and returns to sustained growth, we are well positioned to benefit
from the consequent strengthening demand for our products. We have, during the
slowdown, been successful in maintaining our worldwide market leadership in
electronics thermal, and in retaining our strong position in major corporate
accounts. We are also delighted to be able to report that a survey undertaken
during early 2004 confirms an exceptionally high level of satisfaction among
this customer base with Flomerics and its products and services.(3)
Moreover, during 2003 we have completed some major product advances (a major new
FLOTHERM release, and the first merged-product FLO/EMC). And - as explained
below - we are now moving into a new area of electronics thermal design with a
new product that complements FLOTHERM. We therefore enter this period of
industry recovery with a strengthened product line, which opens up substantial
new markets, and offers real longer-term growth opportunities.
To reinforce this longer-term view, it is worth reiterating the underlying
technology trends driving the increasing need for Flomerics products.
Functional densities, power densities, and clock speeds continue to escalate in
all classes of electronics equipment(4) - following the familiar "Moore's Law".
These trends mean that thermal and EMC aspects of electronics design will become
increasingly critical over the next few years - and that increasing attention,
and investment, will need to be devoted to their resolution - leading to
increasing opportunities for Flomerics' products.
ANTICIPATING SHIFTS IN THE THERMAL MARKET
One of the consequences of the increasing importance of thermal issues in
electronics design is a shift we are perceiving in the thermal design process.
Hitherto thermal problems have tended to "converge" at the system integration
stage of electronics product design. So, currently, when the main "electronics"
design has been completed, the thermal design specialist will address thermal
issues as part of the final "mechanical" stage of design, when the decisions are
made about the enclosure containing the electronics and other aspects of the "
physical design". But thermal problems really arise earlier in the design
process - and, as thermal densities increase, this "after the event" approach to
resolving them is becoming increasingly inadequate.
We therefore anticipate the increasing need for thermal analysis to move beyond
the present thermal engineer (who still retains the pivotal role in the whole
thermal design process) into the wider electronics design chain. This leads to
new demands for thermal analysis software - and, because there are many more
electronics designers than mechanical ones, opens up potential high-volume
markets. Addressing these needs requires new, specially tailored thermal
products, communicating closely with FLOTHERM, which will still be used by the
thermal engineer at the central system-integration stage.
Our first response to this need is to focus attention on FLO/PCB, a new product
targeted at the thermal-design needs of the circuit board designer. The product
has evolved from in-depth discussions with a number of selected key customers.
The first full prototype of FLO/PCB was completed late in 2003, and is now in
the hands of a number of customers. The reaction has been extremely encouraging.
We therefore anticipate an excellent reaction when we launch the first full
release of the product in Q2 this year.
PROGRESS IN EMC
In addition to the thermal market, we have increasingly emphasised the
complementary opportunities in electromagnetics compatibility (EMC). Our FLO/
EMC product is primarily aimed at existing FLOTHERM customers, for whom it
provides a means of analysing the emissions of electromagnetic radiation from
their equipment. The levels of such emissions are limited by legislation - and,
as functional densities and clock speeds in present-day equipment escalate,
reducing, or "containing", such emissions is becoming an increasingly
challenging design issue. With FLO/EMC, alongside FLOTHERM (and FLO/PCB), we
offer solutions to the two most critical problems in the "physical design of
electronics" - EMC design and thermal design.
During 2003 we released what is effectively a wholly new EMC product. This
replaces the earlier stand-alone version of FLO/EMC, and now offers EMC analysis
capabilities within the FLOTHERM product architecture. This "merged product"
offers a number of major benefits:- it provides the user with the improved user
interface available in Flomerics' core products; it enables users to share data
models between FLO/EMC and FLOTHERM (facilitating investigation of the
often-necessary trade-offs between thermal and EMC design changes); and it
ensures that future investments in the FLOTHERM code series also benefit FLO/
EMC.
This new product was released in June 2003. A number of customers have adopted
it enthusiastically, and are beginning to benefit from the design efficiencies
of using it alongside FLOTHERM - in one case, citing 20% saving in
time-to-market(5). However, it has to be said that the level of business
achieved in the early stages of this new product release has been disappointing
(a contraction of 12% for the year as a whole), reflecting a more limited rate
of adoption by the market than we had anticipated.
There are a number of factors underlying this. First and foremost, it is worth
emphasising that, with FLO/EMC (and particularly with this latest release) we
are creating a wholly new market, from scratch. The software addresses a
critical, and growing, industry need - and, by being first and creating the
market, we have excellent opportunities to establish a strong market leadership
(as we did with FLOTHERM). However, one characteristic of the "missionary stage"
of the launch of a new product of this kind is the need for a period of learning
and education, before customers are ready to adopt the new product
wholeheartedly, and to adapt their design methodologies accordingly. This can
take time - and can be difficult to predict.
The second factor affecting the rate of adoption of FLO/EMC is, we believe, the
general state of the industry. Even as electronics companies move into the
present recovery, they remain cautious about new commitments (in expenditure, or
in "doing things differently"), which makes them less receptive to new solutions
(even to current, pressing problems) than they would be in more normal times.
We believe that these are the main factors limiting the rate of adoption of the
new release of FLO/EMC. However, underlying this, the messages from the market
are strongly positive. There is a recognised - and increasing - need for EMC
design analysis as an integral part of the electronics design process; and,
currently, FLO/EMC is unique in offering the required capabilities. We are in
the exceptional position of being already in ongoing contact with the primary
potential market - the FLOTHERM user base - for which the links to FLOTHERM
offer substantial additional benefits. As successful experience of FLO/EMC usage
grows, and market awareness increases, we are confident that the rate of
adoption will accelerate.
TO SUM UP
In summary - we are beginning to see the benefits of the market recovery in the
electronics industries. It does, however, remain difficult to predict how
quickly the full impact of the increasing market confidence will flow through to
Flomerics business.
In the longer term, we anticipate a return to sustainable growth in the FLOTHERM
business (in which we have retained our global market leadership) - and we do
see significant additional, complementary market opportunities for FLO/EMC and
for the new modular thermal product FLO/PCB. We are currently focussed on - and
committed to - realising these exciting growth opportunities.
David Tatchell
Chief Executive
11 March 2004
OPERATING & FINANCIAL REVIEW
Areas of operation
The Group's head office and research and development function is located in
Hampton Court in the UK. In the US, which in 2003 accounted for 48% (2002:50%)
of the Group's revenue, there are four sales and support offices. In addition
there are four offices in Europe and three offices in the Asia Pacific region.
In 2004 a new sales and off-shore development office will be opened in India.
Performance in 2003
A summary of the trading performance is given in the Chairman's Statement.
Early in 2003 we identified that our internal revenue expectations for the year
were unlikely to be met and the cost base was further reduced in order to manage
this situation. The result of this and earlier cost cuts was that administrative
costs were reduced by 10% compared to 2002. Cost of sales came down in absolute
terms but also as a percentage of turnover, largely due to the latest version of
our software which has saved on royalties payable to third party providers.
However, the cost reductions did not compensate sufficiently for the decrease in
turnover of 13% and as a result the operating margin decreased from 6.0% in 2002
to 3.8% in 2003. This margin it should be noted was considerably impacted by the
weaker dollar relative to sterling.
Other income has increased from £26,000 to £101,000, partly because of more
interest received on the higher cash balances but also because of rent received
(of £46,000) from the Group's freehold property purchased in 2001. A short-term
tenant for this building was found in April.
The Group benefits in the UK from the Research and Development tax credits and
this has kept the tax charge low in the UK for the last few years. During the
year a refund of withholding tax from Japan (of £38,000) was received and this
has brought the tax rate down to 11%, which is unusually low. Without this the
Group tax rate would have been 20%.
Research and Development
For the first half of the year efforts were concentrated in completing the
converged product of FLOTHERM and FLO/EMC.
In note 3 to the financial statements for the year ended 31 December 2003 the
number shown for Research and Development (R&D) for both years has been
calculated to include a share of direct overheads, such as rent and associated
costs, but does not include a share of central administration costs. In absolute
terms the total cost in 2003 was at the same level as 2002, but as a percentage
of turnover this represents an increase from 20% to 23%. In 2004 we anticipate
that the level of expenditure will be at about the same level as 2003 and this
includes the setting up and the running costs in the first financial year of the
new development operation in India. Whilst maintaining R&D spend, it is planned
that R&D costs should come down as a percentage of turnover in subsequent years.
Financing and the Balance Sheet
Shareholders' funds have increased from £4.7 million to £4.9 million.
Cash generated from operating activities was £0.8 million (2002:£2 million).
After capital expenditure of £196,000 (2002: £314,000), tax paid of £76,000
(2002: £234,000) and a dividend paid to shareholders of £146,000 (2002:
£146,000) total cash inflow was £331,000 (2002: £1.1 million). The cash balance
has thus increased from £2.2 million at the end of 2002 to £2.5 million at the
end of 2003 and net funds have improved from £1.5 million to £1.9 million. The
only borrowings are £569,000, which is the mortgage on the freehold property
that is being repaid over ten years.
In view of the strong cash position the Group does not currently maintain an
overdraft facility.
Because of the international nature of the business, there is an exposure to
exchange rate fluctuations and in particular to the US dollar, accounting for
over 54% of total turnover. Forward exchange rate contracts are taken out
against significant cash receipts expected in the UK.
Trade debtors at the end of 2003 were £3.0 million compared to £3.3 million at
the end of 2002. The Group bills a disproportionate amount of its turnover in
the last quarter of the year and in 2003 this represented 32% of total turnover
compared to 28% in the last quarter of 2002. On a count back basis debtor days
have improved from 88 to 80 days.
The Group is carrying £458,000 of goodwill (2002:£540,000) relating to the
acquisition of Kimberley Communications Limited in 1999. This acquisition
brought to the Group ownership of the Micro-Stripes product, which has provided
the foundation for the FLO/EMC product. The goodwill is being amortised over ten
years.
There are few trade creditors in the normal sense of the words - £204,000 (2002:
£200,000). Out of a total creditors figure of £3.1 million (2002:£3.5 million),
£1.8 million (2002:£1.9 million) is deferred revenue. This relates to the
support and maintenance element of the sale that has been invoiced but not
recognised as revenue in 2003. It will be recognised as turnover in future
periods.
Chris Ogle
Finance Director
11 March 2004
FLOMERICS GROUP PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2003
2003 2003 2002 2002
(Unaudited) (Unaudited) (Audited) (Audited)
£'000 £'000 £'000 £'000
Turnover 10,221 11,711
Cost of sales (259) (355)
_________ _________
Gross profit 9,962 11,356
Administrative expenses
Goodwill amortisation (82) (82)
Other (including research and development) (9,489) (10,570)
________ ________
(9,571) (10,652)
Operating profit 391 704
Other interest receivable and similar income 101 26
Interest payable and similar charges (37) (95)
_________
Profit on ordinary activities before taxation
(Note 3) 455 635
Tax on profit on ordinary activities (52) (160)
_________ _________
Profit for the financial year 403 475
Dividends (146) (146)
_________ _________
Retained profit for the financial year 257 329
_________ _________
Earnings per share (Note 4) 2.75p 3.25p
Diluted earnings per share (Note 5) 2.74p 3.23p
Earnings per share before amortisation of
goodwill 3.31p 3.81p
FLOMERICS GROUP PLC
CONSOLIDATED BALANCE SHEET
AT 31 DECEMBER 2003
2003 2003 2002 2002
(Unaudited) (Unaudited) (Audited) (Audited)
£'000 £'000 £'000 £'000
Fixed assets
Intangible assets 458 540
Tangible assets 1,675 1,908
_______ _______
2,133 2,448
Current assets
Debtors 3,835 4,216
Cash at bank and in hand 2,490 2,159
_______ _______
6,325 6,375
Creditors: amounts falling due
within one year (3,067) (3,546)
_______ _______
Net current assets 3,258 2,829
_______ _______
Total assets less current liabilities 5,391 5,277
Creditors: amounts falling due
after more than one year (506) (574)
________ ________
Net assets (Note 3) 4,885 4,703
_______ _______
Capital and reserves
Called up share capital 146 146
Share premium account 1,602 1,602
Merger reserve 759 759
Profit and loss account 2,378 2,196
________ ________
Equity shareholders' funds 4,885 4,703
_______ _______
FLOMERICS GROUP PLC
SUMMARY CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2003
2003 2002
(Unaudited) (Audited)
£'000 £'000
Operating Activities
Operating profit 391 704
Depreciation and amortisation charges 505 635
Loss/(profit) on disposal of fixed assets 1 (17)
Exchange differences (70) (80)
Decrease in debtors 381 893
Decrease in creditors (419) (121)
Net cash inflow from operating activities 789 2,014
Net cash inflow / (outflow) from returns on
investment and servicing of finance 64 (69)
Tax paid (76) (234)
Net cash outflow from capital expenditure (196) (314)
Equity dividend paid (146) (146)
________ ________
Net cash inflow before financing 435 1,251
Net cash outflow from financing (104) (140)
________ ________
Increase in cash in the year 331 1,111
________ ________
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET
FUNDS
Increase in cash in period 331 1,111
Cash outflow from decrease in debt and lease
financing 104 140
Movement in net funds in the year 435 1,251
Net funds at 1 January 1,486 235
Net funds at 31 December 1,921 1,486
Notes:
1. The Group recognised unrealised losses on translation of foreign currency
net investments of £75,000 (2002: £96,000) in the year which were taken
to reserves and are not included in the profits above.
2. The financial information shown for the years ended 31 December 2003
and 2002 set out above does not constitute statutory accounts but is
derived from those accounts. The results have been prepared using
accounting policies consistent with those used in the preparation of the
statutory accounts. The financial information contained in this
announcement does not constitute statutory accounts within the meaning of
Section 240 of the Companies Act 1985. The financial information for the
year ended 31 December 2002 has been extracted from the statutory accounts
for that year which have been filed with the Registrar of Companies and
which contain an unqualified audit report. The financial information for
the year ended 31 December 2003 has been extracted from the draft
statutory accounts for that year upon which the auditors have yet
to report. Copies of this announcement are available at the registered
offices of the Company (81 Bridge Road, Hampton Court, Surrey, KT8 9HH) and
at the offices of the company's nominated advisors, Teather & Greenwood
Ltd. (Beaufort House, 15 St Botolph Street, London EC3A 7QR) for a period
of 14 days from the date hereof.
3. The Group's turnover and profit before tax for each geographic area of
operation is:
Turnover Profit Before Taxation
2003 2002 2003 2002
£'000 £'000 £'000 £'000
United States of America 4,864 5,908 153 9
Europe and Asia Pacific 5,357 5,803 302 626
_______ _______ _______ _______
10,221 11,711 455 635
_______ _______ _______ _______
The net assets attributable to each geographic area are:
2003 2002
£'000 £'000
United States of America 553 479
Europe and Asia Pacific 4,332 4,224
_______ _______
4,885 4,703
_______ _______
4. The earnings per share figure for 2003 has been calculated based on the
profit on ordinary activities after taxation and the weighted average
number of shares in issue of 14,646,580 (2002: 14,646,580 ).
5. In accordance with FRS14 issued in October 1998 the fully diluted earnings
per share were 2.74 pence per share (2002: 3.23p). The diluted number
of shares was 14,724,000 (2002: 14,709,000)
6. The AGM will be held at 11.30 am on 23 April 2004 at the registered office
of the company (81 Bridge Road, Hampton Court, Surrey, KT8 9HH).
--------------------------------------------------
(1) Reed Electronic Research, Yearbook of World Electronics Data, 2003.
(2) The Economist, October 4 2003.
(3) For example, in response to the question "Would you recommend Flomerics'
products and services to others?", a total of 97% would "Strongly
Recommend" (59%) or "Recommend".
(4) For example, recent projections show the heat generated by Intel processors
increasing at an accelerating rate, and rising more than tenfold between
2003 and 2010.
The Economist Technology Quarterly March 15 2003.
(5) Flomerics Press Release available on Flomerics Web Site at
www.floemc.com/applications/barco/
This information is provided by RNS
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