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Sealegs Reports Revenue Up 71% for Half-Year

Sealegs Reports Revenue Up 71% for Half-Year

Auckland, 29 November 2007: Sealegs Corporation Limited (NZX:SLG) today announced a record consolidated operating revenue figure for the half year ending 30 September 2007.

The listed marine company reported trading revenue for the six month period of NZ$4,463,817, an increase of 71% on the same period last year of NZ$2,614,594.

A change in New Zealand International Financial Reporting Standards meant that the profit from operations of NZ$46,893 was adversely affected by unexercised share options of NZ$592,800, resulting in a NZ$545,907 loss.

There was a NZ$2,129,726 increase in the company’s net assets to $7,426,979 for the period, due to investment in stock and plant as a result of ramping-up monthly production output at the new Albany factory.

Chief Executive Officer, David McKee Wright says “this result once again reflects the growing demand and sales of our amphibious boats and the earnings flow which is coming from these boats. We are continuing to move forward with revenue growth and deficit reduction.”

Further to this, Mr McKee Wright said “over the reported period, Sealegs strengthened its management team, manufacturing capacity and product range.”

A total of 54 amphibious boats were shipped, compared to 34 in the previous half year period. Worldwide recreational sales continue to grow with 90 new boat orders taken in the period valued at $8.1M.

Sealegs recently announced that it is progressing in both Malaysia and South Korea in building an additional future revenue stream from the sales of its amphibious boats into the Flood and Rescue markets.

ENDS

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