BILLINGSTAD, NORWAY -- Kitron swung to a third-quarter net profit of NOK 5.1 million ($864,250), up from a loss of NOK $661,000 a year ago.

The electronics manufacturing services company's revenue was up 4.8% year-over-year to NOK 351.9 million ($59.6 million). EBIT was NOK 11.2 million, up 1% from same period last year.

Bookings fell 11.3% to NOK 334 million, while backlogs rose 9% to NOK 848.2 million. Cash flow from operations in the third quarter was NOK -39.8 million, down from NOK 11 million.

In comments to investors, Kitron said the recovery has been slowed by component shortages, which have impacted revenue and margin. Also, Kitron's subsidiary in Arendal, Norway, has received notice of termination from one of its data/telecom clients, which will cost the company about NOK 100 million in annual sales.

Kitron is stepping up the initiatives to transfer manufacturing to Lithuania and China to combat a lack of profitability in its Nordic operations.

Kitron ranked 33d on last year's CIRCUITS ASSEMBLY Top 50.

Ed.: 1 NOK = 0.169461 USD

• Prev
• Next