PartnerTech Interim Report January-March 2011
• Net sales were SEK 586.7 million (557.4)
• Operating profit was SEK 3.1 million (-1.7), after restructuring costs of SEK 7.4 million for
consolidation of the British business in Cambridge
• Loss after tax was SEK -4.3 million (-5.1)
• Earnings per share after tax totalled SEK -0.34 (-0.41)
• Cash flow after investments amounted to SEK 15.6 million (-11.3)
• The equity/assets ratio was 36.7% (41.4) on March 31
Business continues to improve
PartnerTech's business continued to improve in the first quarter, while both sales and operating earnings were higher than the same quarter of 2010. Market activity was brisker and new orders were announced. The Industry and Information Technology market areas reported the largest growth compared with the first quarter of 2010.
Improved earnings were due to the measures and adjustments we have adopted at most of our units, along with higher sales. The previously announced consolidation of our British business to our Cambridge unit reduced operating profit, which would have been SEK 10.5 million without these costs.
The complete report is attached to this message.
PartnerTech develops and manufactures products under contract for leading companies, primarily in Defense and Maritime, Industry, Information Technology, MedTech and Instrumentation, CleanTech and Point of Sale Applications. With almost 1,300 employees at its plants in Sweden, Norway, Finland, Poland, the UK, the United States and China, PartnerTech reports annual sales of more than SEK 2 billion. PartnerTech AB (www.partnertech.com), the parent company, has its head office in Vellinge, Sweden, and is listed on the Nasdaq OMX Stockholm Exchange.
PartnerTech AB, corporate identity number 556251-3308
Box 103, Industrigatan 2, SE-235 22 Vellinge, Sweden
PartnerTech (publ) may be required to publicly disclose the information in this press release pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for public disclosure at 1 pm on May 5, 2011.
For additional information, please call:
Leif Thorwaldsson, President and CEO, +46 40-10 26 41
Jonas Arkestad, CFO, +46 40-10 26 42
Marielle Noble, Communications and Investor Relations Manager, +46 40-10 26 43