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Electronics Production | July 21, 2011

Kitron: Positive profitability trend

Kitron's revenue amounted to NOK 430.7 million in the second quarter of 2011, a 1.2% increase compared with the same period last year.

EBIT was NOK 13.8 million (NOK 4.5 million). The profit before tax and discontinued operations was NOK 8.3 million (NOK 1.7 million). Cash flow from operations was NOK 32.4 million (negative NOK 13.7 million). The order intake was NOK 395 million and the order backlog was NOK 781.4 million, a decrease of 22% and 10% respectively. Shorter order lead times The order intake decreased by 22% to NOK 395 million (NOK 507.8 million) as several customers reduce the order lead times following a normalisation of the component market. The order backlog at the end of the second quarter was NOK 781.4 million (NOK 867.7 million), 10% lower than last year. Activity level increasing Revenue increased by 1.2% to NOK 430.7 million (NOK 425.7 million). Higher operating profit EBITDA and EBIT were NOK 22.5 million (NOK 12.4 million) and NOK 13.8 million (NOK 4.5 million) respectively mainly due to improved performance in the Swedish operation. Improved profit before tax The profit before tax and discontinued operations amounted to NOK 8.3 million (NOK 1.7 million) which reflects a margin of 1.9% (0.4%). Cash flow improving Cash flow from operations in the second quarter was NOK 32.4 million (negative NOK 13.7 million) due to positive changes in working capital. ----- Note: Figures in brackets refer to the second quarter of 2010 unless otherwise stated. / NOK 1 = EUR 0.13
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