Dolphin integration: Announcement of F-08 results followed by a promising first F-09 quarter

Grenoble, January 15, 2009 -- The result of fiscal year F-08 closed on September 30 is positive at 378 k€, versus 1,909 k€ last year, and effectively compensating for the -330 k€ of the first semester. The company thus finds itself, after a year of strong investments in development (while benefiting from four registered patents plus one in the filing process) and notwithstanding the crisis and the fluctuations of the dollar, in a dynamics of growth of its sales activity of products and services.

Our trust already expressed in October 2008 in this growth over the year F-09, now is comforted by the sales turnover reached in the first quarter of F-09: it amounts indeed to 3.5 M€, i.e. + 46% with respect to the same period of last year and +26% with respect to the quarterly average over F-08!

In k€	Year ended on 30 September
	2008	2007
Consolidated Sales Turnover....................	11 112	11 582
Operating Earnings...................................	(154)	1 679
Financial Earnings....................................	(181)	(170)
Current Earnings of integrated subsidiaries.....	335)	1 509
Exceptional Earnings................................	107	123
Taxes........................................................	606	277
Net Earnings (part of the Group)..............	378	1 909
Net base Earnings per share (in €)............	0,29	1,50

Our various tactical choices have been focused on self-funding capability and net cash flow generated by the activity have supplied 221 k€ over F-08, compared with 507 k€ over F-07; and our cash position has been less constrained thanks to the lasting support of our banks. We thus are in a very good position to benefit from now on from the features in the new law of finances to improve the cash flow of companies.
Besides, at the Group's level, mid-term debt as a percent of operating capital has decreased to 22% after 28 % last year.

The vice-president of Administration and Finances, Agnes Venet, has declared: "The current period of wild financial and economic fluctuations automatically announces a period with growth of a different nature; our company was culturally ready to withstand such shocks and gets now prepared to profit from it: our resistance factors range from the rhythm of patent registration, through a management of quality which has earned us the certification, up to reaching a worldwide market."

From a managerial point of view, while the year 2008 has been remarkable from the emergence of a new generation of managers responsible for the four growth units to maintain the dynamism of a small company, the year 2009 is that of a reorganization around our commercial force, full of promise according to the results of the first quarter…

In this context, it is worth noting that, in view of the profit per share of last year (now at 0.29 € in comparison à 1,50 € for the previous year), and of a PER considered as natural at 20, our share value evolves around 5,80 €, which demonstrates how much our stock-market value has been, until the market collapse, been uncorrelated from its economic worth, but also from its potential.

About Dolphin Integration

The company occupies a key position with sustainable growth in the strategic industry of design for Microelectronics in the midst of fast deverticalization.DOLPHIN Integration SA with social Capital of 1,295,120 € - www.dolphin.fr - ISIN: FR0004022754/ ALDOL – Bloomberg: ALDOL FP – Reuters: ALDOL.PA - ICB 9576. Semiconductors.