Fiscal Report
April 25, 2012

Note stays in the black

Note has released its first quarter results for 2012, showing “stable profit performance”.

Operating profit for the company was SEK 10.9 million (1.22 million euro) down from SEK 12.3 million.

“The global economic uncertainties has resulted in delays to customer projects in several segments and destocking by customers. Our production units were forced to manage significantly varying utilisation levels,” said Note CEO, Pete Laveson. “This has set high demands on the flexibility of our production and supply chain. Despite challenges on the market, I think our profitability is still holding fairly stable”.

The company said it its statement that restructring in 2010, where parts of electronics production were relocated to other units—primarily Industrial Plants in Estonia and China – had a positive impact on profit performance.

Sales in the first quarter progressed as planned, the company said, but at a lower level than the previous year. Sales were SEK 274.7 million (30.8 million euro), a 12% decrease from last year.

The 15 largest customers in sales terms represented 59% (54%) of the group’s sales.

Financial Performance January–March

• Sales were SEK 274.7 (311.8) million.
• Operating profit was SEK 10.9 (12.3) million.
• The operating margin was 4.0% (3.9%).
• Profit after financial items was SEK 8.7 (9.3) million.
• Profit after tax was SEK 7.1 (5.9) million, corresponding to SEK 0.25 (0.20) per share.
• Cash flow after investments improved by SEK 27.3 million to SEK 36.3 (9.0) million, or SEK 1.26 (0.31) per share.
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