(2012-02-09) Kitron's revenue amounted to NOK 442.9 million in the fourth quarter of 2011, a 2.7 per cent decrease compared with the same period last year. EBIT was NOK 4.5 million (NOK 13.6 million loss). Adjusting for start up cost and restructuring provision EBIT was NOK 31.0 million in the quarter reflecting a significant improved underlying profitability. The profit before tax and discontinued operations was NOK 1.0 million (NOK 18.8 million loss in Q4 2010). Cash flow from operations was positive by NOK 13.9 million (NOK 39.1 million). The order intake was NOK 421.4 million and the order backlog was NOK 799.3 million, a decrease of 4.9 per cent and 4.4 per cent
respectively. The order intake is at a higher level than in Q3 2011 and the demand from customers remains stable.
Enclosed in pdf are the interim report and the presentation.
Key items fourth quarter 2011
Figures in brackets refer to the fourth quarter of 2010 unless otherwise stated.
Stable demand from customers
The order intake decreased by 4.9 per cent to NOK 421.4 million (NOK 443.2 million). The order backlog at the end of the fourth quarter was NOK 799.3 million (NOK 836.1 million), 4.4 per cent lower than last year. The order intake is at a higher level than in Q3 2011 and the demand from
customers remains stable.
Activity level in line with last year
Revenue decreased by 2.7 per cent to NOK 442.9 million (NOK 455.2 million).
Improved profitability
EBITDA and EBIT was NOK 13.3 million (NOK 6.2 million loss) and NOK 4.5 million (NOK 13.6 million loss) respectively. Adjusting for start up cost and restructuring provision EBIT was NOK 31.0 million in the quarter reflecting a significant improved underlying profitability.
Positive profit before tax
The profit before tax and discontinued operations amounted to NOK 1.0 million (NOK 18.8 million loss).
Cash flow
Cash flow from operations in the fourth quarter was NOK 13.9 million (NOK 39.1 million).
Kitron is one of Scandinavia's leading electronic manufacturing services companies for the Defence, Energy/Telecoms, Industry, Medical equipment and Offshore/Marine sectors. The company is located in Norway, Sweden, Lithuania, Germany, China and the United States. Kitron had revenues of about NOK 1.6 billion in 2010 and has about 1,100 employees. www.kitron.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Kitron ASA via Thomson Reuters ONE
