STOCKHOLM -- NOTE Ab reported June quarter revenue fell 33% year-over-year to SEK 312.1 million ($39.9 million), swinging the operating profit to a loss.

For the EMS company's fiscal second quarter, operating margins dropped to -5.8%, from 3.4% last year. The operating margin was SEK -18.1 million ($2.3 million), including one-time costs of about SEK 8 million ($1.02 million). The net loss was SEK 19.8 million ($2.53 million), down from a net profit of 12.5 million last year.

Cash flow after investments was SEK 10.8 million, up from SEK 5.4 million a year ago.

The one-time costs were tied to the replacement of NOTE CEO, Bengt Emesten. In June, Knut Pogost was named chief executive and president.

During the quarter, the company cut its Sweden workforce by 135 people, or 24%. It also reported new contracts  with OTRUM, Telespor, Tour & Andersson and Radiocrafts, as it moves into a mix of military and high-reliability electronics.

NOTE ranked 49th on the CIRCUITS ASSEMBLY Top 50 list of electronics manufacturing services companies last year.

Ed.: 1 SEK = 0.127732 USD

• Prev
• Next