BILLINGSTAD, NORWAY – Kitron reported first-quarter 2014 revenues of NOK 435.8 million, up 15.2% year-over-year.

The firm posted a net loss of NOK 1.7 million, compared to net profit of NOK 1.4 million in the same period last year.

EBIT was NOK 2 million, down 50% compared to the first quarter of 2013.

In Arendal, Kitron has received a new order worth approximately NOK 30 million from Kongsberg Gruppen to supply electronics modules for integration in the weapon guidance system Remote Weapon Station. Kitron expects further orders in the amount of NOK 20 million.

However, the order backlog was reduced by NOK 10.7 million in the quarter, ending at NOK 707.4 million, which is a reduction of NOK 50 million compared to last year. The reduction is primarily within the Offshore/Marine and Defense/Aerospace sectors.

The electronics manufacturer says it will downsize its Arendal operations by 60 to 100 employees in 2014.

Kitron expects positive development in the Swedish and German markets, suggesting growth for the factories in Sweden and Lithuania. Growth is also expected in China and the US, whereas a lower volume is expected in the Norwegian operation. Overall, Kitron expects growth in revenue in 2014.

Ed.: NOK 1 = US$0.1667

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