Kitron

Q3 2014 - Continued growth outside Norway - Seite 2

 
Restructuring for competitiveness of the operation in Norway
The Norwegian operation is restructuring in order to secure a competitive setup for the future. Several activities are initiated to reduce operational cost and increase profitability, and further actions are evaluated.
 
The current plans imply a reduction of 85 employees during 2014. The full reduction in number of employees will be in effect from year-end 2014, and during the fourth quarter the need for further reductions will be assessed.
 
Outlook
Kitron expects growth in revenue in 2014, partly explained by development in foreign exchange. The growth in the first nine months has been significant, while the expectations for the fourth quarter are slightly lower than in 2013.
 
In spite of revenue growth, profitability is not satisfactory for the first three quarters and actions are initiated to rectify the situation and target improved profitability.
 
Enclosed in pdf are the quarterly report and the presentation.
 
The interim report is presented at 08:30 a.m. CEST at Kitron ASA's head office, Olav Brunborgs vei 4, Billingstad.
 
The presentation will be given in English by interim CEO Dag Songedal and CFO Cathrin Nylander, and will be distributed through webcast at the same time at the following link: http://webtv.hegnar.no/presentation.php?webcastId=19429169
 
For further information, please contact:
Dag Songedal, interim CEO, Tel: [phone] or e-mail: [e-mail]
 
Cathrin Nylander, CFO, Tel: [phone] or e-mail: [e-mail]
 
Kitron is one of Scandinavia's leading electronics manufacturing services companies for the Defence, Energy/Telecoms, Industry, Medical equipment and Offshore/Marine sectors. The company is located in Norway, Sweden, Lithuania, Germany, China and the United States. Kitron had revenues of about NOK 1.6 billion in 2013 and has about 1,200 employees. www.kitron.com
 
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kitron presentation Q3 2014
Kitron Report Q3 2014

---

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: Kitron ASA via Globenewswire

HUG#1864695