Ultrasonic AG reported earnings results for the first quarter of fiscal 2012. Group sales increased 8.4% year-on-year, from EUR 26.1 million in the first quarter of 2011 to EUR 28.3 million in the first three months of 2012. The increase in sales was mainly due to higher selling prices in all segments except for the accessories segment. While revenue increased 10.0% to EUR 9.8 million in the Shoe soles segment, the Urban footwear segment (including accessories) posted even a higher growth rate, lifting revenue by 11.1% to EUR 9.9 million. The Group's gross profit increased by 6.7% or EUR 0.6 million from EUR 8.1 million in the first three months of 2011 to EUR 8.7 million in the reporting period, largely as a result of the increase in revenue of the shoe sole segment and the Urban footwear segment. Due to higher selling prices, the increase in raw material and personnel expenses was almost fully passed on to customers resulting in a gross profit margin of 30.7%. In the first three months of 2012, EBITDA increased 4.2% year-on-year from EUR 7.8 million to EUR 8.2 million. Group EBIT also increased in the first three months of 2012 to EUR 7.8 million against EUR 7.5 million for the same period of last year. Profit before income taxes was EUR 7.9 million in the reporting period, a rise of 5.1% from the year-back figure of EUR 7.5 million. Group net profit for the reporting period therefore increased by 5.6% to EUR 5.9 million against EUR 5.5 million for the same period of last year. That equates to basic and diluted earnings per share in the reporting period of EUR 0.55 against EUR 0.55 per share for the same period of last year. The cash flow from operating activities increased by about 49% to EUR 5.6 million against EUR 3.7 million for the same period of last year. The Management Board does not see any reason to alter the guidance for fiscal 2012. Accordingly, it still expects that group sales will increase by 15-20% this year. Over the year, the pre-tax margin (pre-tax earnings relative to sales) is still expected to be around the year-back level at 25-30%.