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SMT & Inspection | August 28, 2008

Mydata's net sales down 14% in Q2

During the second quarter, Mydata launched an entirely new product generation, MY100, for the pick & place market. The new product family was well received in the market. MY100 already represents a large portion of Mydata’s business. The introduction of a new product generation in parallel with the existing products, and an uncertain economic trend, resulted in fluctuating order bookings and invoicing during the period.
The total market was affected by the global economic decline. For Mydata, this is primarily evident in the US and portions of the European market. Regarding MY500 an intense market cultivation will continue.

On June 1, MYDATA acquired its German distributor Royonic, which was consolidated in MYDATA’s earnings from June with a marginal impact on results.

During the second quarter, net sales totaled SEK 143 m (166), down 14 percent. Adjusted for currency effects, the decrease was 8 percent compared with the year-earlier period. Net sales during January – June amounted to SEK 298 m (323), down 8 percent. Adjusted for currency effects, sales decreased
by 3 percent compared with the year-earlier period. Order bookings during the second quarter amounted to
SEK 177 m (163), up 9 percent. Excluding currency effects, order bookings increased by 17 percent compared with the year-earlier period. Order bookings during January – June amounted to SEK 307 m (322), down 5 percent. Excluding currency effects, order bookings increased 1 percent compared with the year-earlier period. During the period, order bookings for MY500 amounted to SEK 8 m.

During the January – June period, an operating loss of SEK 13 m (pos: 20) was reported. The entire operating profit arose in the second quarter (SEK 15 m). The portion of research and development was 19 percent (18) of sales during January – June and 21 percent (17) during the second quarter. R&D expenses amounting to SEK 56 m (59) were charged against earnings during January – June, including SEK 30 m (28) during the second quarter.

Cash flow from operating activities amounted to a negative SEK 62 m (neg: 4) during January – June. The introduction of MY100, with the increase in production and the manufacture of equipment for customer demonstrations and sales support, resulted in an extraordinary strain on cash flow. The reduction
in invoicing and currency effects also had a negative impact on cash flow.

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