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© Aspocomp PCB | May 04, 2010

Aspocomp with net sales of EUR 4.3 million

Finland-based PCB manufacturer Aspocomp reported net sales of EUR 4.3 million in the 1Q/2010; a marked increase to the EUR 3.3 million reported for the corresponding period last year.
First-quarter net sales amounted to EUR 4.3 million, up 32% on 1-3/2009. The five largest customers accounted for 79% of net sales (74%). In geographical terms, 90% of net sales were generated in Europe (82%) and 10% in Asia (18%).

The operating result was EUR 0.4 million (-0.3). Earnings improved thanks to better demand and the cost structure adjustments implemented in 2009. The Group's net financial expenses amounted to EUR -0.3 million (-0.2). The result for the review period was EUR 0.1 million (-0.5) and earnings per share were EUR 0.00 (-0.01).

Investment and R&D
Investments amounted to EUR 0.7 million (EUR 0.1 million 1-3/2009). Majority of the investments were related the implementation of new image transfer process on outer-layer process of PCB manufacturing. R&D costs are recognized in overhead.

Financing
The Group's financial position remained challenging, but stable. Cash assets amounted to EUR 3.1 million at the end of the period (EUR 4.8 million 3/2009).

Cash flow from operations during the period was EUR 0.8 million (EUR 0.7 million 1-3/2009).

The nominal value of interest-bearing liabilities was EUR 24.2 million (EUR 25.5 million). Gearing rose to 591.2 (350.3%). Non-interest-bearing liabilities amounted to EUR 6.5 million (6.1).

The Group's equity ratio at the end of the period stood at 10.1 percent (15.2%).

Personnel
During the period, Aspocomp had an average of 98 employees (112). The personnel count on March 31, 2010 was 97 (113). Of them, 67 (76) were non-salaried and 30 (37) salaried employees.

Outlook for the future
Aspocomp's financial position is satisfactory. The lean cost structure and the outlook for operations in Oulu enable the continuity of the Group's operations. As operations focus on prototypes and quick-turn deliveries, it is very difficult to forecast full-year net sales. Thanks to the improvement in demand, it is expected that net sales will grow and company aims at positive net result for full year 2010.

In addition to developing the continuing operations of the company, the Board of Directors is looking into various structural development solutions, including carrying out company reorganization in the future.

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