STOCKHOLM -- EMS firm Note Ab reported first-quarter sales from continuing operations fell 3% to SEK 273.5 million($37.9 million) as the company continues to struggle from the economic downturn.

The net loss was SEK 55.1 million, down from a loss of SEK 11.1 million a year ago.

Including the electronics manufacturing firm's discontinued telecom operations, sales fell 17%.

The operating loss increased to SEK 52.5 million, from a loss of 8.6 million last year, including structural and other nonrecurring costs of SEK 44 million. The operating margin was -19.2%, down from -2.6%.

During the quarter, Note began to shutter production at its plants in Skänninge, Sweden, and Tauragé, Lithuania, and took restructuring costs of SEK 40 million. The closures should save the firm SEK 50 million.

Also, new contracts were signed with Axell Wireless and Hernis.

Ed.: 1 SEK = 0.138551 US$

 

 

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