JLT Mobile Computers AB: Interim Report: January - September 2012
November 01 2012 - 4:01AM
GlobeNewswire
-
Revenues MSEK 51.0
(77.0)
-
Gross Margin 26.1%
(21.0)
-
Operating profit MSEK -2.9
(-2.4)
-
Profit/loss after taxes MSEK
-3.4 (-2.2)
-
Positive cash flow MSEK
6.2
Comments from the CEO
"The unstable economic environment is causing our
European and U.S. customers to be more restrained in their
investments, resulting in an increase in time required to close
deals and in reduced sales. JLT's focus continues to be
adjustment to the current market situation and simultaneous
creation of a financially stable foundation to meet an increased
demand."
"A comprehensive overhaul of bill of material for
all products has been completed, that together with streamlining of
the product portfolio and a more efficient production setup has
reduced product costs. Further development of the sales channel and
the addition of complementary service offerings are also activities
with the objective to strengthen the gross margin. Altogether, the
gross margin has increased to 26.1% for the period compared to
21.0% a year ago. These activities are positively impacting the
margin gradually with a delay, and we expect the margin to continue
to strengthen over the next quarters. The goal is an increase to
above 30%."
"Restructuring of manufacturing and procurement have also resulted
in a reduction of capital tied-up in components, concurrent with an
increase in readiness for delivery. These steps have resulted in a
positive cash flow of MSEK 6.2 and cut delivery time for most of
the orders."
"By reprioritizing and in some cases delaying
development projects, as well as general cost control, the overall
cost level of the company has been reduced by 14% compared to a
year ago."
"Invoicing for the third quarter was weak, leading
to a negative result. However, incoming orders rebounded
during the latter part and closed at MSEK 19 for the quarter.
With an increased number of outstanding orders at the end of
the third quarter and continued strengthening of the margin, the
fourth quarter is expected to generate a positive result."
Per Holmberg, CEO
Revenues and profit/loss for
the January to September, 2012 period
Revenues during the period amounted to MSEK 51.0 (77.0). The gross
margin increased to 26.1% (21.0), a gross profit of MSEK 13.3
(16.2).
Operating expenses for sales, development,
production, and administration totaled MSEK 15.3 (17.8).
During the period, depreciations related to
operations amounted to MSEK 0.9 (0.9) and the operating results
were MSEK -2.9 (-2.4).
Net interest income/expenses amounted to MSEK -0.5
(0.2) and the results before taxes were MSEK -3.4 (-2.6).
Results after taxes were MSEK -3.4 (-2.2) and
results per share for the period were MSEK -0.13 (-0.08).
During the period, incoming orders amounted to
MSEK 49.0 (103.3) and, at the end of the period, outstanding orders
were MSEK 9.8 (39.2).
Financial position and cash
flow
During the period, cash flow was MSEK 6.2; on the balance sheet
day, corporate liquid funds were MSEK 9.8. The equity ratio was 65%
(60), with equity at MSEK 29.6 (29.8).
The Parent
Company
The parent company performs services for the subsidiary and debits
of these are passed on. Operating income amounted to MSEK -0.3
(-0.5).
The Company Tax
Situation
At the end of the period, remaining deductible deficiency was MSEK
32.2 to be utilized against future profits, of which MSEK 5.7 is
posted as an asset as deferred outstanding tax.
Principles of
Accounting
This report is prepared in accordance with recommendations from the
Swedish Financial Accounting Board for financial reports for part
of the year (RR 20). The same reporting principles have been used
as for the previous year's financial report.
Prospects
JLT's continuing efforts to strengthen the sales channels,
complementing product offerings and streamlining production and
procurement are producing results and is positioning JLT favorably
for the future.
With an increased number of outstanding orders at
the end of the third quarter and continued strengthening of the
margin, the fourth quarter is expected to be positive. The unstable
economic situation makes it difficult to judge short-term demand of
JLT's products, and consequently the full-year result.
Share
During the quarter, a total of 4.7 million shares (1.7) have been
traded, corresponding to 17% of the total number of shares.
The share traded at SEK 0.97 at the beginning of
the period; at the end of the period the market price was SEK
0.83.
The JLT-share is listed at First North with Remium
as certified advisor.
Reports during 2012
Year-end Report 2012 February 8,
2013
Växjö November 1, 2012
On behalf of the board: Per
Holmberg, CEO
Additional information:
Per Holmberg CEO +46 (0)470 53 03 00
Stefan Käck Deputy CEO / CFO +46 (0)735 31 00 57
www.jltmobile.com
JLT Interim Report Q3
2012
This
announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
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: JLT Mobile Computers AB via Thomson Reuters
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