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PCB | October 29, 2010

Aspocomp increase net sales significantly in 3Q

Finland-based PCB manufacturer Aspocomp reported 3Q net sales of EUR 4.5 million, up 65% on 7-9/2009.
"During the third quarter the demand normalized as expected, though on higher level than last year. The net sales increased compared to the reference period and earnings were clearly positive. Cash flow from operations has been strong throughout the year. Although the company has invested more than usual, the cash flow after investments remains clearly positive. Consequently, the company was able to repay some debt under the voluntary debt restructuring agreement. We expect the demand to stay on the same level for the rest of the year", Aspocomp's CEO said..


Net Sales & Earnings in July - September

Third-quarter net sales amounted to EUR 4.5 million, up 65% on 7-9/2009. The five largest customers accounted for 83% of net sales (80%). In geographical terms, 96% of net sales were generated in Europe (80%) and 4% in Asia (20%).

The operating result was EUR 0.6 million (-0.9 Me 7-9/2009).

The Group's net financial expenses amounted to EUR -0.3 million (-0.3).

The result for the review period was EUR 0.3 million (-1.2) and earnings per share were EUR 0.00 (-0.02).


Net Sales & Earnings in January - September

Second-quarter net sales amounted to EUR 14.3 million, up 61% on 1-9/2009. The five largest customers accounted for 78% of net sales (76% 1-9/2009). In geographical terms, 95 percent of net sales were generated in Europe (81%) and 5 percent in Asia (19%).

The operating result was EUR 2.1 million (-2.1 Me 1-9/2009). Earnings improved thanks to better demand and the cost structure adjustments implemented in 2009.

The Group's net financial expenses amounted to EUR -0.9 million (-0.7).

The result for the review period was EUR 1.2 million (-2.6) and earnings per share were EUR 0.02 (-0.05).

Investments and R&D

Investments amounted to EUR 1.5 million (EUR 0.6 million 1-9/2009).

Majority of the investments were related to the implementation of a new image transfer process on the outer-layer process of PCB manufacturing. Other investments were related to the outer-layer plating and high precision routing. All the investments improve Oulu plant's technical capability.

R&D costs are recognized in overheads.

Personnel

During the period, Aspocomp had an average of 96 employees (108). The personnel count on September 30, 2010 was 99 (101). Of them, 68 (69) were non-salaried and 31 (32) salaried employees.

Outlook for the future

The lean cost structure and the outlook for operations in Oulu enable the continuity of the Group's operations. The net sales will increase significantly and the net result will be positive 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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