BILLINGSTAD, NORWAY -- Kitron today reported fourth-quarter revenue rose 4.4% to NOK 462.4 million ($84.5 million) on higher demand for marine end-products.

During the period the contract assembler's EBIT increased 416% from last year to NOK 23.4 million, and cash flow from operations jumped 511% to NOK 84.8 million.

Offshore/Marine continues to be the strongest growing market segment, with a 78.5% leap in revenues compared to last year. Defense/Aerospace and Medical showed positive trends as well, as revenue grew 8.3% and 8.8%, respectively. The EMS company is particularly bullish about the outlook for the Defense/Aerospace segment.

During the fourth quarter, inventory was reduced by more than NOK 50 million ($9.1 million) as part of a specific effort to significantly reduce capital tied up in operations. Kitron is targeting further inventory reductions going forward, at least NOK 50 million based on today's business volume.

The restructuring of the EMS firm's Swedish operations have been completed. The Jönköping, Sweden, site posted a EBIT margin of 6.3% for the year.

The contract printed circuit board manufacturer added that new operations in China and Germany are now profitable, while the factory in US is expected to be profitable starting in the second quarter of 2013.

Ed.: 1 NOK = 0.182640 US$