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©homiel-dreamstime.com Electronics Production | March 12, 2012

Slow start for Efore

Efore have released their first quarter results, partly blaming the Chinese New Year's holiday for their slow start to the year.
First quarter in brief (November 1, 2011 — January 31, 2012)

- Net sales totaled EUR 14.8 million (EUR 21.9 million)
- Results from operating activities totaled EUR -0.8 million (EUR 1.1 million)
- Result before taxes was EUR -1.2 million (EUR 1.0 million)
- Result for the period was EUR -1.1 million (EUR 0.5 million)
- Earnings per share was EUR -0.03 (EUR 0.01)

Vesa Vähämöttönen, Efore’s President and CEO said:

“As previously estimated new fiscal year started slowly. Efore’s main customers consumed their inventories and also Chinese New Year’s holidays in the first quarter weakened the demand. Inventory levels have now mainly balanced and full year guidance remains the same.”

PERSONNEL

The number of the Group’s personnel, including temporary personnel averaged 808 (888) during the period under the review and at the end of the period under the review it was 794 (904). At the end of January 2012 more than 90% of the personnel worked outside of Finland.

OUTLOOK

Efore estimates to reach at least EUR 80 million net sales and result from operating activities without one-time costs is expected to be positive but staying below the fiscal year 2011 level.

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