News
MINNEAPOLIS, Dec. 17 -- EMS provider Nortech Systems today provided improved guidance for its fourth-quarter and fiscal 2004 revenue, saying that it expects sales of $19 million to $20 million. However, the company lowered its year-end earnings outlook, citing diminished margins and expenses for labor and raw materials.
Last year, Nortech reported fourth-quarter revenue of $15.6 million.
The firm guided for earnings of $0.05 to $0.07 per diluted share for the quarter ending Dec. 31, compared to a loss of $0.06 per diluted share last year.
Year-end revenue is expected to increase by 21 to 24% over 2003, to $70 million to $72 million, slightly above previous guidance. Nortech guided for fiscal year earnings to be in the range of $0.20 to $0.22. It previously guided for $0.26 to $0.29 expected earlier. Last year Nortech Systems earned $0.25 per diluted share.
"While we're pleased with our sustained revenue growth, we continue to face margin pressures impacting our profitability," says Mike Degen, President and CEO. "The fourth quarter earnings are being negatively impacted by a mix of lower-margin product, material cost increases and higher than anticipated labor costs and expenses related to some of our domestic and international operations."
SAN JOSE, Dec. 17 -- The 90-day-moving average orders for North American-based semiconductor gear manufacturers was $1.35 billion in November, 2% below the revised October levels, but 46% above last year.
"Total orders for semiconductor equipment have declined about 16% from the peak observed in June, though they remain well above levels reported one year ago," said Stanley T. Myers, president and CEO of SEMI. "The North American equipment book-to-bill ratio increased in November as billings declined at a steeper pace than bookings based on a three-month average."
The orders average matched the 90-day average for shipments, good for a book-to-bill ratio of 1.0, said the trade group SEMI.
The three-month average of worldwide billings in November was $1.34 billion, down 6% from the revised October level and up 53% from November 2003.
The SEMI book-to-bill is a ratio of three-month moving averages of worldwide bookings and billings for North American-based semiconductor equipment manufacturers. Billings and bookings figures are in millions of U.S. dollars.
JASPER, IN, Dec. 16 -- Kimball Electronics Group today named Steve Korn subsidiary vice president, business development, responsible for new customers.
Korn has spent the last 17 years with Sanmina-SCI, where he has held positions as engineering manager, marketing manager, production manager and vice president and plant manager.
Korn has a bachelor's in mechanical engineering from the South Dakota School of Mines and Technology.
Kimball is a contract electronics manufacturing services company with manufacturing operations located in Indiana, Mexico, Poland and Thailand.
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