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Kitron Q3 report: Stable market development


October 27, 2011 - London

(2011-10-27) Kitron's revenue amounted to NOK 352.7 million in the third quarter of 2011, a 0.2 per cent ncrease compared with the same period last year (351.9). EBIT were NOK 9.2 million (NOK 11.2 million), a 17.8 percentage point decrease compared with same period last year. The profit before tax and discontinued operations was NOK 8.6 million (NOK 7.8 million) which reflects a margin of 2.3 per cent (2.2 per cent). Cash flow from operations was positive by NOK 8.3 million (NOK -39.8 million). The order intake was NOK 391.6 million and the order backlog was NOK 820.8 million, an increase of 17.2 and a decrease of 3.2 per cent respectively.

Enclosed in pdf are the interim report and the presentation.

Key items third quarter 2011
Figures in brackets refer to the third quarter of 2010 unless otherwise stated.

Order intake and backlog rebounding
The order intake increased by 17.2 per cent to NOK 391.6 million (NOK 334.0 million). The order backlog at the end of the third quarter was NOK 820.8 million (NOK 848.2 million). The order backlog increased by NOK 39.4 million compared with Q2 2011.

Global expansion ongoing
A new factory in China was officially opened in September 2011. Production has started and strong growth expectedover the next 12 to 18 months.

Revenue stable
Revenue increased by 0.2 per cent to NOK 352.7 million (NOK 351.9 million).

Operating profit
EBITDA and EBIT were NOK 17.2 million (NOK 19.3 million) and NOK 9.2 million (NOK 11.2 million) respectively. adjusting for start up cost (NOK 4.2 million) the profitability continues to improve.

Profit before tax and discontinued operations
Profit before tax and discontinued operations amounted to NOK 8.6 million (NOK 7.8 million), which reflects a margin of 2.5 per cent (2.2 per cent).

Cash flow
Cash flow from operations in the third quarter was positive by NOK 8.3 million (NOK -39.8 million) due to the positive operating result and working capital changes.

Kitron is one of Scandinavia's leading electronic manufacturing services companies for the Defence, Energy/Telecoms, Industry, Medical equipment and Offshore/Marine sectors. The company is located in Norway, Sweden, Lithuania, Germany, China and the United States. Kitron had a revenue of about NOK 1.6 billion in 2010 and has about 1,100 employees. www.kitron.com

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

Kitron Q3 2011
Presentation Kitron Q3 2011



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Kitron ASA via Thomson Reuters ONE

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