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SMT & Inspection | September 02, 2009

Mydata post loss in Q2

During the second quarter, MYDATA noted a higher level of activity in the market, particularly in the US. However, this trend did not result in any increase in order bookings during the quarter with the market for equipment for electronics production remaining weak.

The level of activity indicates that the US is spearing the trend of economic stabilization while Europe is later in the business cycle. Fewer transactions also resulted in intensified competition and pressure on prices. A past positive indicator of expected sales in equipment for surface mounting equipment is the sales trend in semiconductors. In July, “IC Insight” reports that sales for its Top 20 suppliers of semiconductors had risen 21 percent from the first to the second quarter and is expected to increase 8 percent during the third quarter. Recovery will continue in 2010. In the second quarter of 2009, net sales amounted to SEK 118 m (143), corresponding to a decline of 17 percent. Excluding currency effects, sales declined 31 percent compared with the year-earlier period. Net sales for January – June amounted to SEK 223 m (298). Order bookings for the quarter amounted to SEK 113 m (177), corresponding to a decline of 36 percent. However, this figure is a slight improvement on the preceding quarter. Order bookings for January-June amounted to SEK 223 m (307), a decline of 27 percent. Excluding currency effects, order bookings fell 40 percent compared with the year-earlier period. Order bookings for January-June for MY500 amounted to SEK 25 m (8). Operating loss for the second quarter amounted to SEK 27 m (loss: 13). Currency effects amounted to negative SEK 8 m, of which negative SEK 10 m pertained to costs in conjunction with the company’s currency hedging. Restructuring costs of SEK 8 m attributable to personnel reductions were charged to the operating result for the quarter. The operating loss for the quarter, excluding currency hedging losses and restructuring costs, amounted to SEK 9 m (loss: 18). Operating loss for January-June amounted to SEK 69 m (loss: 13). Currency effects amounted to negative SEK 37 m, of which negative SEK 35 m pertained to costs in conjunction with the company’s currency hedging. Operating loss for January – June, excluding currency hedging losses and restructuring costs, amounted to SEK 26 m (loss: 25). R&D costs of SEK 39 m (56) were charged against earnings for January – June, of which SEK 19 m (30) was attributable to the second quarter. R&D for the second quarter amounted to 16 percent (21) of sales and to 17 percent (19) for January-June. Cash flow from operating activities amounted to negative SEK 35 m (negative: 62) for January-June. Adjusted for cash-flow-impacting effects from currency hedges, cash flow totaled SEK 1 m (negative: 71). The company’s work on adjusting inventory levels to the prevailing market situation is progressing according to plan.
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