Aspocomp’s 9M 2015 Net Sales Down 25%

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Key figures 1-9/2015

• Net sales: EUR 12.7 million (EUR 16.9 million 1-9/2014)
• Operating result before depreciation (EBITDA): EUR 0.0 million (0.8)
• Operating result excluding non-recurring items (EBIT): EUR -0.7 million (-0.2)
• Earnings per share (EPS): EUR -0.14 (-0.06)
• Operational cash flow: EUR 0.2 million (-0.5)

Outlook for the full year 2015 remains unchanged. In 2015, net sales are expected to be between EUR 18 and 20 million and operating result excluding non-recurring items between EUR -0.7 and 0.5 million.

CEO’S Review

 “Third-quarter net sales amounted to only EUR 3.8 million, as demand from our main customers was more muted than usual in July and August. In line with previous expectations, demand swung to clear growth in September. Due to the low net sales, operating profit was very low at EUR 0.5 million in the red.

Net sales for the review period amounted to EUR 12.7 million, down EUR 4.2 million compared to the reference period of the previous year. The operating result excluding non-recurring items was EUR 0.7 million in the red, whereas a year earlier it was EUR 0.2 million in the red. Cash flow remained EUR 0.2 million in the black.

The order book and demand began to strengthen sharply during September. The company is expected to post its highest net sales for the year in the fourth quarter. Operating profit for the fourth quarter is expected to turn into the black.”

Net Sales and Earnings 1-9/2015

Net sales amounted to EUR 12.7 million, a year-on-year decrease of 25 percent. However, from September onwards, demand picked up in all of the company’s customer segments.

The five largest customers accounted for 47 percent of net sales (66% 1-9/2014). In geographical terms, 94 percent of net sales were generated in Europe (88%), 5 percent in Asia (11%) and 1 percent in North America (1%).

Operating result was EUR -0.9 million (EUR -0.3 million 1-9/2014) including non-recurring items. Operating result excluding non-recurring items was EUR -0.7 million (EUR -0.2 million 1-9/2014).

In the second quarter, the company recorded additional non-recurring expenses of approximately EUR 0.2 million on the closure of the Teuva plant; the previous EUR 1.5 million reserve was exceeded by approximately EUR 0.2 million, mainly as regards employee termination expenses.

Net financial expenses for the review period amounted to EUR 0.1 million (EUR 0.0 million). Earnings per share were EUR -0.14 (EUR -0.06).

Outlook for The Future

As Aspocomp’s business focuses on prototypes and quick-turn deliveries, the company’s order book is very short. As a result, business development is difficult to predict and profit forecasts involve significant uncertainties.

Outlook for the full year 2015 remains unchanged. In 2015, net sales are expected to be between EUR 18 and 20 million and operating result excluding non-recurring items between EUR -0.7 and 0.5 million.

About Aspocomp

Aspocomp develops and sells PCB manufacturing services, focusing on the end-to-end fulfillment of customers’ PCB needs. Our seasoned professionals help customers to create the most optimal PCB designs, both in terms of performance and cost. Our trimmed production lines produce the most challenging designs with the shortest lead-times in the industry. Operating as a service business, we provide one-stop access to technology solutions and competitive products for all PCB technologies.

A printed circuit board (PCB) is the principal interconnection method in electronic devices. PCBs are used for electrical interconnection and as a component assembly platform in most electronic applications. Aspocomp’s PCBs are used in many applications, such as telecommunication networks and devices, automotive electronics, security and medical systems, chipset development and industrial automation.