© Electronics Production | April 22, 2013

Note made it, but just barely

For the first quarter, sales were at SEK 214.8 million, down from SEK 274.7 million for the same period last year. Operating profit landed at 0.3 million.
Profit after financial items amounted to SEK -1.3 (8.7) million. Profit after tax amounted to SEK -1.1 (7.1) million.

According to the company. the completion of the restructuring program has strengthened the company's financial situation.

Extensive cooperation has long been a prime focus, but the company also see great opportunities to broaden its customer base. During the previous year, the company initiated new collaborations with 40 new customers, despite the weak market. Many of these projects are at the prototype stage, but the company hopes and aims to take the products to mass production.

Two of the company's long-standing partnerships will – due to a variety of reasons – end. One of the customers have found themselves in a difficult financial position, and no deliveries have been made to the client during the first quarter. During Q1 of 2012, this specific client accounted for roughly 5% of Note's total sales.

Overall, sales declined by 22%. The company also reports a continued weak demand in several geographic markets among project-oriented customers, primarily in Sweden and England. However, the market was more stable in Finland and Norway,.

Financial performance January–March

Sales were SEK 214.8 (274.7) million.
Operating profit was SEK 0.3 (10.9) million.
The operating margin was 0.1% (4.0%).
Profit after financial items was SEK -1.3 (8.7) million.

1 SEK = 0.11697 EUR (Oanda, 22 Apring 2013)


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