STOCKHOLM -- Note AB today said net sales fell 30% for the December period to to SEK 291.5 million ($39.8 million), while the net losses improved to SEK 9.9 million ($1.35 million), up from 36.6 million a year ago. The firm will further restructure to boost profits, it said.

The electronics manufacturing services company said the operating loss improved to SEK 2.7 million, up from 47.9 million last year, when the company took about SEK 48 million in one-time charges. The operating margin improved to -0.9% from -11.6%.

For the year, sales fell 30% to SEK 1.2 billion ($164 million). The operating loss grew to SEK 90.8 million (12.4 million) from SEK 3.8 million, including nonrecurring charges of SEK 63.7 million. The operating margin was -7.6%. The net loss was SEK 81 million, down from a net loss of 13.1 million last year.

During the period, Note divested its operations in Skellefteå after its largest telecom customer dropped its orders. Also, it completed the acquisition of IONOTE, previously operated as a joint venture with an Asian partner. Board deputy chairman Göran Jansson was appointed acting CEO and president.

Note announced additional restructuring of its production plants in Sweden and elsewhere. The company will take one-time charges related to the restructuring of SEK 45 million during the current quarter. 

 

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