BILLINGSTAD, NORWAY -- Kitron ASA today reported third-quarter revenues fell 5.2% year-over-year to NOK 346.6 million ($58.6 million) on weaker demand. EBIT fell 50% to to NOK 7.6 million, and net profit plunged 37% to NOK 3.2 million.

Cash flow from operations for the quarter was NOK -33.5 million, compared to NOK -15.4 million during the third quarter last year.

The EMS company did see strong orders during the quarter which have increased the order backlog to last year's level of NOK 847.1 million, primarily on higher demand from the offshore/marine and industrial segments.

Interim CEO Dag Songedal said, "This was a mixed quarter for Kitron. Revenue and earnings were lower, but the order intake strengthened, laying the foundation for growth going forward. We remain committed to our strategy of expanding in selected markets while continuing our operational improvement programs."

Construction on an expansion of its factory in Lithuania will start in November and is due to be completed in the second half of 2014. Kitron has invested over NOK 37 million in the campus.

Kitron said it sees some growth from existing customers which, with a ramp of manufacturing for new customers and an increased backlog, indicates growth going into 2014. Overall second half 2013 revenue is expected to be at the same level as in 2012.

Ed: 1 NOK = 0.169052 USD

• Prev
• Next