DANDERYD, SWEDEN -- Note reported fourth-quarter sales slumped 18% year-over-year to SEK 297.7 million ($44.5 million).

Operating profit was SEK 15.1 (12.2) million. Operating margin rose 180 basis points to 5.1%.

Profit excluding tax at the contract electronics manufacturer rose 63% to SEK 13.2 million. The net profit was SEK 8.6 million, up from a loss of SEK 2 million in 2010.

Cash flow after investments amounted to SEK 10.9 (40.2) million, or SEK 0.38 (1.39) per share.

For the year, net income was SEK 39.4 million, up from a loss of SEK 62 million in 2010. Pretax profit was SEK 56.3 million, up from a loss of SEK 59.4 million. Sales fell a fraction to SEK 1,208.8 million. Operating profit recovered to SEK 64.4, from a loss of 48.2 million in 2010, when Note was hit with 47 million in restructuring charges. Operating margin improved 9.3 points to 5.3%.

 

Ed.: 1 SEK = 0.149556 USD

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