Electronics Production | February 18, 2011
Partnertech: 4Q net sales stand at SEK 617.6 million
Swedish EMS-provider Partnertech reports net sales of SEK 617.6 million for the 4Q/2010.
"I pointed out in our January-September report that the company had a little ways to go before achieving sustainable profitability and growth. Although we enjoyed another quarter of clear improvements, I stand by that statement. As we enter 2011, our chief goal is to reach sustainable profitability in all our markets. We will get there in the short run by completing the cost-effectiveness and restructuring programs that some units are still implementing. For example, we announced in February that we are planning to consolidate our British business at the Cambridge unit. The objective for other units is continuing growth. Activities that promote internal efficiency and reduce capital tied up will also remain a high priority. Given our competitive offering and industrial organizational structure, PartnerTech has excellent possibilities ahead of it", states Partnertech's President and CEO Leif Thorwaldsson. Fourth quarter 2010 • Net sales were SEK 617.6 million (556.1) • Operating profit was SEK 6.5 million (1.5) • Profit after tax was SEK 8.8 million (-4.7) • Earnings per share after tax totaled SEK 0.70 (-0.37) • Cash flow after investments amounted to SEK 16.2 million (34.7) January-December 2010 • Net sales were SEK 2,181.1 million (2,148.0) • Operating loss was SEK -15.3 million (-3.5) • Loss after tax was SEK -19.6 million (-21.5) • Earnings per share after tax totaled SEK -1.55 (-1.70) • Cash flow after investments amounted to SEK -31.4 million (30.9) • The equity/assets ratio was 37.7% (41.5) • During the year PartnerTech has started a new plant for sheet metal working and systems integration in Myslowice, Poland. • The Board proposes that the annual general meeting not distribute a dividend for fiscal year 2010 (0)