Eltek ASA: Report first quarter 2014
29 Abril 2014 - 12:04AM
(Drammen, 29 April 2014) Eltek reported revenue of
NOK 793 million and an order entry of NOK 995 million in the first
quarter 2014, representing increases of 1 percent and 22 percent
respectively from the first quarter last year. The company proposes
a higher dividend than originally suggested.
The gross margin was 27.9 percent, compared to
26.3 percent in the same quarter last year. Operating profit (EBIT)
increased 10 percent to NOK 40 million, while profit before tax for
the continuing business was NOK 33 million, marginally above last
year's level.
"The first quarter, while seasonally slow,
demonstrates that we deliver on our strategy of focusing on core
business, operations and margins. A strong order situation
underpins our positive outlook," said Eltek's CEO Colin Howe.
Net profit was negative NOK 11 million in the
first quarter, including a net loss of NOK 34 million from
discontinued operations, primarily related to the previously
reported settlement with Ceragon following the divestment of Nera
Networks in 2011.
As a consequence of the settlement with Ceragon,
the Board of Directors is proposing to increase the dividend to NOK
0.75 per share, compared to its previous proposal of NOK 0.50 per
share.
"Eltek is in a robust financial position, enabling
us to offer shareholders a very competitive dividend yield," Howe
commented.
Following the withdrawals from the E-Vehicles and
Renewable segments, Eltek's focus is now on Telecom Power and
Industrial Applications, as well as growth opportunities within the
datacenter market.
Europe was particularly strong in the first
quarter, and the EMEA region accounted for 49 percent of total
revenue. The Industrial Application segment grew 16 percent
compared to the first quarter 2013 and increased its share of total
revenue.
At the end of the first quarter 2014, Eltek's
order backlog was 26 percent higher than at the same time last
year. This supports the company's growth prospects and a positive
outlook for the rest of 2014.
The company hosts a presentation and subsequent
Q&A session on a combined webcast and conference call at 8:30
CEST today.
Webcast:
http://www.eltek.com/webcasts or follow the webcast link on the
investor relations section on the company web site.
Conference call:
Please dial-in 5 minutes prior to start time using the below number
and confirmation code.
Norway: +47 2350 0486
International: +44 (0) 20 3427 1907
US: +1646 254 3360
Participants will be asked for the name, company,
and the conference ID number 5722133.
Please find enclosed the interim report for the
first quarter 2014 on http://www.newsweb.no.
About
Eltek
Eltek is a strategic technology partner for power solutions. The
company reported revenue of NOK 3.7 billion in 2013, and has
approximately 2,400 employees and operations in almost 40
countries. The company focuses on power electronics markets, where
it is one of the leaders in telecom power and a growing force
within industrial applications. Eltek is also pursuing growth
opportunities within the datacenter market. Eltek is listed on Oslo
Stock Exchange (ELT:Oslo) and headquartered in Drammen, Norway.
This information is subject of the disclosure
requirements pursuant to Section 5-12 of the Norwegian Securities
Trading Act.
1Q 2014 Report Eltek
1Q 2014 Financial Information Eltek
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Eltek ASA via Globenewswire
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