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Frutarom Continues to Implement its Rapid Growth Strategy
Date:11/20/2008

its results for the third quarter of 2008.

Frutarom, a producer of flavors and specialty fine ingredients, continues to successfully implement its rapid and profitable growth strategy, reflected in its organic growth and the execution of strategic acquisitions. Frutarom is today the seventh largest company in the field of flavors and specialty fine ingredients. In accordance with Frutarom's plan, its sharp and continuing growth in sales, combining organic growth, at a rate significantly higher than the industry's average, and the execution of seven strategic acquisitions in 2007, are translated to an improvement in margins, profit and in cash flow.

Frutarom reports revenues of US$ 120 M for the third quarter of 2008 - a growth of 36.9% compared to the same quarter in 2007 (growth of 31.5% excluding the effect of the strengthening of European currencies against the US dollar). At the same time, gross profit grew by 43.6% to US$ 45.3 M, improvement of gross margin to 37.7% compared to 36% during the same period last year, increase of 79.6% in operating profit which totaled US$ 15 M, and a significant improvement of operating margin to 12.5% compared to 9.5% during the same quarter last year. During the third quarter of 2008, EBITDA grew by 74.1% and reached US$ 20 M, while improving the EBITDA margin to 16.6% compared to 13.1% during the same period last year. Net profit during the quarter grew by 60.7% and reached US$ 9.4 M compared to US$ 5.9 M during the same quarter last year and net margin reached 7.9% compared to 6.7%.

The following factors contributed mainly to the sharp growth in the Company's sales: internal growth in sales of flavors produced and sold by the Flavors Division; internal growth in the sale of unique ingredients, mainly natural, produced and sold by the Fine Ingredients Division; the acquisitions of Gewurzmuller, Raychan, Adumim and Rad during the third and last quarters of 2007
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SOURCE Frutarom Industries Ltd
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