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SMT & Inspection | April 23, 2010

Micronic Mydata takes shape

A lot of resources were spent during the last quarter on the work to integrate Mydata and Micronic.

Administrative functions such as finance, IT and HR have been merged. A joint development and a production organization have been created. The sales and service organizations for the two business areas will continue to be separate. The office in Täby (East of Stockholm) has been adapted in line with the new company, and Mydata's relocation from Bromma (West part of Stockholm) is for the most part concluded. The process is following plan and will be completed by June 23. The identified savings from the merger will be over EUR 6 million annually, of which around EUR 3 million will be forthcoming this year. The AGM resolved to change the company name to Micronic Mydata AB. An agreement with Intel on the development of its future product LDI has been reached, and Intel has placed an order for an initial LDI system. To ensure the funding of this development work, Micronic is conducting a new share issue of about EUR 24 million. ”Projections for the display market have improved and we are seeing increased demand for photomasks. We also received an order in the quarter for a Prexision-10 system. The market for surface mount equipment (SMT) has gained momentum and we have enjoyed an increase in orders, particularly towards the end of the period.”, Peter Uddfors, CEO Micronic said. First quarter 2010 net sales were about EUR 15 million compared to about EUR 17 at the same quarter last year. The operating loss was about EUR -7 million compared to about EUR -10 million during the same quarter a year ago. The order intake was EUR 33 million compared with about EUR 18 million a year ago. The order backlog at quarter end was about EUR 21 million. Pro forma sales in 2009 amounted to about EUR 0,1 billion. The Board's earlier assessment that total sales in 2010 will exceed this level somewhat remains unchanged.
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