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 $13.3 million."
HARTLEPOOL, UK – Electronic manufacturing services company Stadium Group reported 2008 revenues rose 17% to £47.6 million and pretax profits were up 5% to £2.78 million, aided by the acquisition of Zirkon Ltd. Operating profits from Stadium Electronics and its subsidiary Stadium Power were above 25%.
Net cash flow was down 15% to £4.12 million for the year.
Chief executive Nigel Rogers said customer
demand and visibility have been weak as 2009 gets underway. "We have
experienced weakening of customer demand in the opening few weeks of 2009, and
these conditions are expected to prevail in the short term. The full extent of
the global downturn and its impact on manufacturers worldwide is as yet
unclear. “
On Oct. 31, the Stadium acquired EMS provider Zirkon, and said today the integration
of its operations “is progressing very well.”
1 GBP (£)= 1.41297 US$
KUALA LUMPUR -- Flextronics International will close its factory in Shah Alam, putting nearly 1,400 employees out of work, Reuters reported today.
The 2007 figures, however, included the sale of a large subsidiary. Hana gained Bt504.6 million from the sale of Advance Interconnec Technology in September 2007.
Hana is the world’s 33d largest EMS firm, according to Circuits Assembly’s rankings. Its microelectronics unit's sales were up 1% for the year, despite a 13% drop year-over-year in the fourth quarter.
The company's sales and operating profits were down 3% and 4%, respectively, in Thai bahts, but adjusted for US currency changes, were essentially flat.
In a press release, Hana said, "The drop in demand experienced in the fourth quarter has continued and worsened in the first quarter and we anticipate it to continue into the second quarter. As a result we anticipate the possibility of an operating loss for the first half of the 2009. We have undertaken appropriate measures in headcount reduction (approximately 12%), short working week, payroll cuts for management and cancellation of certain bonus schemes. These will be reviewed in light of the on going economic situation."
1 THB (Bt) = 0.0277045 US$
