VELLINGE, SWEDEN -- PartnerTech reported first-quarter sales of SEK 554 million ($85.4 million), up 1% sequentially but down 7% from a year ago.

The net profit was SEK 2 million, down 83% from SEK 12 million in 2012. The operating profit fell to SEK 8 million from SEK 21 million in the year-ago period.

Cash flow after investments was SEK -51 million, down from SEK -18 million.

"The first quarter of 2013 developed in a positive direction following a difficult fourth quarter," said Leif Thorwaldsson, president and CEO. "As the result of our intensive new product introduction effort.

"Although volumes from some of our customers continued to decline there was a slight recovery in the first quarter. Meanwhile, also the volumes from our new customers are growing."

1 SEK = 0.154124 USD