(2011-10-27) Kitron's revenue amounted to NOK 352.7 million in the third quarter
of 2011, a 0.2 per cent ncrease compared with the same period last year (351.9).
EBIT were NOK 9.2 million (NOK 11.2 million), a 17.8 percentage point decrease
compared with same period last year. The profit before tax and discontinued
operations was NOK 8.6 million (NOK 7.8 million) which reflects a margin of 2.3
per cent (2.2 per cent). Cash flow from operations was positive by NOK 8.3
million (NOK -39.8 million). The order intake was NOK 391.6 million and the
order backlog was NOK 820.8 million, an increase of 17.2 and a decrease of 3.2
per cent respectively.
Enclosed in pdf are the interim report and the presentation.
Key items third quarter 2011
Figures in brackets refer to the third quarter of 2010 unless otherwise stated.
Order intake and backlog rebounding
The order intake increased by 17.2 per cent to NOK 391.6 million (NOK 334.0
million). The order backlog at the end of the third quarter was NOK 820.8
million (NOK 848.2 million). The order backlog increased by NOK 39.4 million
compared with Q2 2011.
Global expansion ongoing
A new factory in China was officially opened in September 2011. Production has
started and strong growth expected over the next 12 to 18 months.
Revenue stable
Revenue increased by 0.2 per cent to NOK 352.7 million (NOK 351.9 million).
Operating profit
EBITDA and EBIT were NOK 17.2 million (NOK 19.3 million) and NOK 9.2 million
(NOK 11.2 million) respectively. adjusting for start up cost (NOK 4.2 million)
the profitability continues to improve.
Profit before tax and discontinued operations
Profit before tax and discontinued operations amounted to NOK 8.6 million (NOK
7.8 million), which reflects a margin of 2.5 per cent (2.2 per cent).
Cash flow
Cash flow from operations in the third quarter was positive by NOK 8.3 million
(NOK -39.8 million) due to the positive operating result and working capital
changes.
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 a revenue 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)
Kitron Q3 2011:
http://hugin.info/197/R/1558293/481327.pdf
Presentation Kitron Q3 2011:
http://hugin.info/197/R/1558293/481329.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Kitron ASA via Thomson Reuters ONE
[HUG#1558293]
