© Note Electronics Production | April 28, 2011

Note reports operating profit at SEK 12.3 million in 1Q

Sales in the first quarter were SEK 311.8 (273.5) million for Swedish EMS-provider Note; an increase of 14% year on year.
"I am pleased to see that customers appreciate our offering. Demand remains positive, and at the end of the first quarter, our order book was up nearly to the 10% on the corresponding point of last year.", states Peter Laveson, President and CEO at EMS-provider Note.

Financial Performance January–March

• Customer activity remained at a high level. Sales increased by 14% to SEK 311.8 (273.5) million.
• The operating profit was SEK 12.3 (-52.5) million. Operating profit last year included structural and other non-recurring costs of some SEK -44 million.
• The operating margin was 3.9% (-19.2%).
• The profit after financial items was SEK 9.3 (-55.1) million.
• The profit after tax was SEK 5.9 (-43.7) million, or SEK 0.20 (-2.78)/share.
• Cash flow after investments was SEK 9.0 (14.3) million, or SEK 0.31 (0.91) per share.

Extensive structural measures implemented

Structural measures decided in the first quarter last year, involving the relocation and closure of production at Skänninge (Sweden) and Tauragé (Lithuania) have been completed. In addition, the operation at the Gdansk (Poland) was closed as planned at year-end. As another component of NOTE’s re-structuring, at year-end 2010, Note sold its 50% holding in the NOTEFideltronik electronics plant in Krakow (Poland).

The cost for the structural actions and other non-recurring costs of some SEK -47 million were charged to operating profit/loss for the previous year. Going forward, these actions are expected to continue to produce a positive annualised profit effect of at least SEK 50 million.


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