News
Net income was $78,000, compared with net income of $1.09 million in the same quarter of 2007. This includes a restructuring charge primarily related to severance of $535,000.
For full-year 2008, revenues were $27.6 million, up 2.9% year-over-year. Net income was $5.13 million, up 83.8% compared to 2007.
Fred Hume, president and CEO, said, “We had success in acquiring new customers and had strong orders from European customers. During the fourth quarter, we also took action to further reduce our operating expense to bring our estimated revenue breakeven under $5 million per quarter, while increasing our cash reserves to $13.3 million."
HARTLEPOOL, UK – Electronic manufacturing services company Stadium Group reported 2008 revenues rose 17% to £47.6 million and pretax profits were up 5% to £2.78 million, aided by the acquisition of Zirkon Ltd. Operating profits from Stadium Electronics and its subsidiary Stadium Power were above 25%.
Net cash flow was down 15% to £4.12 million for the year.
Chief executive Nigel Rogers said customer
demand and visibility have been weak as 2009 gets underway. "We have
experienced weakening of customer demand in the opening few weeks of 2009, and
these conditions are expected to prevail in the short term. The full extent of
the global downturn and its impact on manufacturers worldwide is as yet
unclear. “
On Oct. 31, the Stadium acquired EMS provider Zirkon, and said today the integration
of its operations “is progressing very well.”
1 GBP (£)= 1.41297 US$
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