In announcing its earnings last week, Barco sales totaled 597.9 million euro, an increase of 12.6 percent from 531.0 million euro for the first half of 2012, and incoming orders totaled 556.5 million euro, an increase of 2.5 percent compared to 542.9 million euro for the same period in 2012. They explained that the growth in projection and the ventures (projectiondesign and Awind — the wireless system used in ClickShare — acquisition) partially offset by declines in Defense and Aerospace. Sales for Advanced Visualization and Healthcare were essentially flat. And, gross profit increased to 195.9 million euro from 173.1 million euro, an increase of 13.2 percent. Gross profit margin was 32.8 percent, compared to 32.6 percent for the same period in 2012 and 32.4 percent for the 2H12.

Barco also said that total indirect expenses increased by 15.6 percent versus last year, largely due to the addition of projectiondesign and Awind (without the acquired businesses, indirect expenses increased by only 4.3 percent). Research & Development expenses increased by 8.1 million euro to 52.4 million euro, reflecting new product development projects in the Advanced Visualization division, higher R&D spending due to the addition of projectiondesign and amortization of technology acquired from projectiondesign and Awind. As a percent of sales, research and development expenses increased to 8.8 percent from 8.3 percent last year. Sales & Marketing expenses increased by 13.3 million euro to 82.1 million euro compared to 68.9 million euro last year, in large part due to the above-mentioned acquisitions. As a percent of sales, Sales & Marketing expenses rose to 13.7 percent, compared to 13.0 percent last year. General & administration expenses were 27.0 million euro, compared to 25.5 million euro last year or 4.5 percent of sales versus 4.8 percent last year.

Here is their full earnings report.