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© Note Electronics Production | October 20, 2011

Sales increase for Note in 3Q/2011

Sweden-based EMS-provider Note reported that sales in 3Q/2011, which normally are relatively weak in seasonal terms, amounted to SEK 272.5 (271.9) million.
"We have now achieved four consecutive quarters of positive earnings and cash flow. In the past 12-month period, our operating profit totals over SEK 61 million, equivalent to an operating margin of 4.8%. In the same period, cash flow after investments is some SEK 85 million", said Peter Laveson, President and CEO.

Financial Performance July–September

• Sales amounted to SEK 272.5 (271.9) million.
• The operating profit was SEK13.5 (-4.1) million. Last year’s profit for the third quarter included structural and other non-recurring costs of approximately SEK -3 million.
• The operating margin was 4.9% (-1.5%).
• The profit after financial items was SEK 12.6 (-6.6) million.
• The profit after tax was SEK 9.4 (-8.9) million, corresponding to SEK 0.32 (-0.31) per share.
• Cash flow after investments amounted to SEK 22.1 (-13.2) million, or SEK 0.77 (-0.46) per share.

Financial Performance January–September

• Sales increased by 8% to SEK 911.2 (843.9) million.
• The operating profit was SEK 49.3 (-60.4) million. The profit for the first three quarters of the previous year included structural and other non-recurring costs of approximately SEK -47 million.
• The operating margin was 5.4% (-7.2%). Adjusted for the previous year’s non-recurring costs of some SEK -47 million, this is an increase of 7.0 percentage points.
• The profit after financial items was SEK 43.1 (-67.6) million.
• The profit after tax was SEK 30.8 (-64.0) million, corresponding to SEK 1.07 (-2.80) per share.
• Cash flow after investments improved by SEK 99.4 million to SEK 45.6 (-53.8) million, or SEK 1.58 (-2.36) per share.

Significant events in the period

Divestment of NOTE Tauragé

An Extraordinary General Meeting on 21 June 2011 approved the Board of Directors’ proposal to divest all the shares in Note Tauragé UAB, Lithuania. As part of the restructuring measures in 2010, manufacturing ceased at Note Tauragé at year-end. This transaction was conducted to accelerate the liquidation of the legal entity cost-effectively.

Reinforcement of Industrial Plants

During the autumn, Note has strengthened the commercial capacity of its Industrial Plants. Responsibility for this new initiative rests with the former subsidiary Presidents in China and Estonia. New Presidents of subsidiaries with sector experience have been hired, with the primary duty to manage the future development of Note’s Chinese and Estonian businesses.
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Exchange Note: EUR 1 = SEK 9.12

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