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SMT & Inspection | November 03, 2008

Weak result for MYDATA automation

The launch of the new MY100 pick-and-place product was well received in the market, and MY100 already represents more than half of the company’s pick-and-place segment. During the third quarter, intensive marketing of the new MY100 and MY500 products continued.
The launch phase for the MY100, which included extra marketing activities, manufacturing of machines for customer demonstrations, sales support and ramp-up of production, has now been completed. As a result, cash flow during the third quarter returned to a level that more correctly reflects operating activities.

MTDATA is now implementing measures to increase productivity and reduce operating costs. Due to the financial unrest, the global market is characterized by great uncertainty with respect to future market volumes. Although most customers still have favourable order bookings, they are adopting a restrained approach to new investments, which are often financed by borrowing, in order to solve their capacity problems.

On June 1, MYDATA acquired its German distributor Royonic, which was consolidated in MYDATA’s financial statements as of June with a marginal impact on earnings. During the third quarter, net sales totaled SEK 159 m (147), up 8 percent. Excluding currency effects, the year-on-year increase was 11%. Net sales during the January – September period amounted to SEK 457 m (470), down 3%. Excluding currency effects, sales increased by 2%, compared with the yearearlier period.

During the third quarter, order bookings amounted to SEK 144 m (151), down 4%. Excluding currency effects, order bookings declined 3% compared with the year-earlier period. Order bookings during the January-September period amounted to SEK 452 m (472), down 4%. Excluding currency effects, order bookings were unchanged compared with the year-earlier period. During the January-September period, order bookings for MY500 amounted to SEK 11 m.

Operating results amounted to a profit of SEK 1 m (6) for the third quarter and a loss of SEK 12 m (profit: 26) for the January – September period. The R&D portion amounted to 16% (17%) of sales during the third quarter and 18% (17%) during January-September. Expensed R&D amounted to SEK 25 m (21) during the third quarter and SEK 81 m (80) during the January – September period.

Cash flow from operating activities was a negative SEK 65 (pos. 11) during January – September, including a negative SEK 2 m (pos. 15) during the third quarter.

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