BILLINGSTAD, NORWAY – Kitron reported fourth quarter revenue of NOK 525 million ($61.3 million), an increase of 10.3% year-over-year.

Net profit was NOK 22.6 million, up 30.6% compared to the same quarter of 2014. Operating profit (EBIT) was NOK 33.6 million, an increase of 135% year-over-year.

The order backlog was NOK 976 million for the quarter, up 12% compared to the same period the prior year.

“In the fourth quarter we continued to strengthen revenue, profit and orders,” said CEO Peter Nilsson. “Also, the actions we have taken to improve operating cash flow have paid off, and I am very pleased that Kitron is now able to pay our shareholders a very competitive dividend."

Revenue in Defense/Aerospace increased 16.2% in the fourth quarter, driven by rollout of military communications equipment orders announced in the previous quarter. Medical equipment increased 9.5%, driven by announced contracts and increased demand from existing customers. Energy/Telecoms increased 28.3%, driven by growth in North America for existing customers. Offshore/Marine was down 27.3% compared to the fourth quarter of 2014 due to a very weak market.

Full year 2015 revenue of NOK 1.95 billion grew 11% year-over-year. Operating profit for the year ended at NOK 102.7 million, compared to 30.0 million in 2014.

For 2016, the electronics manufacturer expects revenue of NOK 2.05 to 2.25 billion.

Ed.: NOK 1 = US$0.1168

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