ASETEK – Q4 2013 Strong revenue increase and solid operational development

Feb 26, 2014 – Asetek had record high revenues in both the fourth quarter and full year 2013. The company received its second commercial order for RackCDU in the quarter. A study performed by Lawrence Berkeley National Labs validated Asetek’s claim of 50% and higher reductions in data center cooling costs with RackCDU D2C products.

Fourth quarter revenues came in at $ 6.1 million, a 45% increase from the same period last year. The increase reflects the fulfillment of a large order of PC graphics cooling products, as well as progress achieved on the data center retrofit contract with the U.S. Department of Defense. For the year 2013 revenues were $20.7 million, up 11% from last year.

Operating profits from the desktop segment were $1.1 million, over 80% higher than the fourth quarter of 2012. Operating losses from the datacenter segment increased to $2.0 million from $1.7 million in the same period last year. The figure reflects continued investments in development and marketing in the data center segment. Asetek shipped 116,000 patented sealed liquid cooling units in the fourth quarter.

“We are pleased with reaching our financial targets for both the quarter and the full year 2013,” says André Eriksen CEO of Asetek. “In addition, our operational milestones this quarter are at least as important for the company going forward. We received validation of our energy savings claim for RackCDU from a highly recognized study, supported by two industry-leading companies, Intel and Cisco. We anticipate that this third party validation and subsequent white paper will accelerate RackCDU market adoption. Also, our data center business continues to receive orders and strengthen its position in a market where we hope to see great development in 2014”.

Asetek will give a presentation today at 08:30 CET which can be followed through a webcast or a conference call. CEO André Eriksen and CFO Peter Dam Madsen will represent the company.

The webcast can be accessed on http://webtv.hegnar.no/presentation.php?webcastId=19209839.

The conference call details are:

The conference call lines will be opened for participants to ask question at the end of the presentation. Questions can also be submitted through the online webcast during the presentation.

About Asetek

Asetek is the world leading provider of energy efficient liquid cooling systems for data centers, servers, workstations, gaming and high performance PCs. Its products are used for reducing power and greenhouse emissions, lowering acoustic noise, and achieving maximum performance by leading OEMs and channel partners around the globe.

Asetek’s products are based upon its patented all-in-one liquid cooling technology with more than 1.5 million liquid cooling units deployed in the field. Founded in 2000, Asetek is headquartered in Denmark with offices in California, China and Taiwan. For more information, visit http://www.asetek.com.

For further information, please contact:
Andre S. Eriksen, Chief Executive Officer
Mobile: +1 408 398 7437, e-mail: ceo@asetek.com

Peter Madsen, Chief Financial Officer
Mobile: +1 408 813 4147, e-mail: investor.relations@asetek.com