Profits up for Viking Sewing Machines
Profits up for Viking Sewing Machines · Turnover increased by 32 percent in 2001to MSEK 2 542 (1 931) · Strong growth in sales in North America and Western Europe (exc. Nordic region) · Earnings before net financial items MSEK 156.6 (120.8) Viking Sewing Machines' sales grew most in North America despite the weak economic trend; sales remained strong even after 11 September. "The rise in sales in Western Europe, excluding the Nordic region, was particularly encouraging, and was one of the aims behind the acquisition of the German sewing machine manufacturer, Pfaff," Says MD Svante Runnquist. Earnings before net financial items, including extraordinary items, rose by 30 percent to MSEK 156.6 (120,8). Extraordinary costs for 2001 of MSEK 2.0 were included (27.4). These improved earnings are mainly due to increased sales of advanced sewing machines, positive foreign exchange gains and continued growth in the after sale accessories market. "Another important reason for the improvement in earnings are the cost savings we have achieved through the integration of Pfaff, mainly in the distribution chain," says Svante Runnquist. "This integration work is still continuing and will continue to have a positive effect in the future." "We continued to invest heavily in product development and marketing - booked directly against earnings, - not least due to the Pfaff deal. These costs included our new embroidery machine the 2140 where substantial resources were invested in bringing it to market in autumn 2001. These investments form a solid base for continued growth. The number of employees rose by 12 percent in 2001 to over 1,500. Earnings per share rose to SEK 17.18 (14.43), an increase of 19.1 percent Viking Sewing Machines AB 561 84 Huskvarna Sweden Tel: +46 36-14 60 00 (sw) CONTACTS Svante Runnquist, MD Tel: 036-14 66 82 Gunnar Vidén, Finance Director Tel: 036-14 72 47 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/11/18/20021118BIT00460/wkr0001.doc http://www.waymaker.net/bitonline/2002/11/18/20021118BIT00460/wkr0002.pdf