Progress-Werk Oberkirch AG reported earnings results for the first quarter of 2012. For the quarter, the company's revenue increased by 18.2% to EUR 91.1 million compared to EUR 77.1 million a year ago. The total output rose by 14.5% to EUR 92.1 million compared to EUR 80.5 million a year ago. EBIT grew 34.4% from EUR 4.5 million in the previous year to EUR 6.1 million. Net income rose to EUR 3.2 million compared to EUR 1.6 million a year ago and earnings per share increased to EUR 1.27 compared to EUR 0.64 a year ago. With net debt of EUR 90.8 million (year-end 2011: EUR 90.3 million), gearing (net debt as a percentage of equity) was 115% at the end of March as against 121% at the end of 2011. Cash flow from operating activities was EUR 6.6 million compared to EUR 1.5 million a year ago. Thus, investments of EUR 6.8 million were essentially financed internally. Negative free cash flow after interest paid and received amounted to EUR 1.2 million compared to EUR 3.5 million a year ago. The company remains by its forecasts for 2012 which were given in the 2011 annual report. The company expects revenue of around EUR 360 million compared to EUR 331.1 million a year ago. The previous year's figures had included approximately EUR 20 million in material price increases. For 2012, this effect is expected to be significantly lower due to falling material prices. The company expects profitability to remain stable at Oberkirch site and the results of the international sites are expected to improve quickly. In 2012, the company continues to aim at an EBIT in the range of EUR 25 million. The net income for the period should continue to benefit from the positive effects of the application of tax credits to Czech and Mexican locations.