Kitron achieved increased revenue and profitability in the fourth quarter 2006. Following this year's completion of the restructuring resolved in 2005, quality indicators are improving. Kitron expects to capitalize from this position by a further strengthening of ongoing customer relationships and maintain a strong order intake position. Improved capacity utilisation in a strong market forms a good basis for revenue growth and stable margins ahead.
Enclosed in pdf files are the fourth quarter and preliminary report for 2006, and the presentation held on 9 February 2007.
9 February 2007
Kitron ASA
Highlights
(Figures in brackets refer to the fourth quarter of 2005 or the year 2005 unless otherwise stated.)
Improved profit before tax
NOK 18.1 million (NOK -50.0 million including restructuring provision of NOK 49.5 million) in the fourth quarter, and NOK 45.4 million (NOK -58.2 million including restructuring) in the year.
16 per cent revenue growth
NOK 514.8 million (NOK 443.5 million) in the quarter, and NOK 1 693.6 (NOK 1 576.3) for the year.
Stable gross margin
40.1 per cent (39.5 per cent) in the quarter and 40.0 per cent (40.3 per cent) in the year.
Positive operating profit
EBITDA and EBIT were NOK 32.5 million (NOK -37.5 million) and NOK 23.9 million (NOK -44.7 million) respectively. In 2006 EBITDA and EBIT were NOK 93.8 million (NOK -2.6 million) and NOK 64.4 million (NOK -35.4 million) in the quarter.
Good order intake
The order intake in the quarter increased by 8.5 per cent to NOK 496 million (NOK 457 million), and the order intake for the year increased by 17.5 per cent to NOK 1 872 million (NOK 1 593 million). The order backlog at the end of the quarter and year was NOK 959 million (NOK 781 million).
Strong cash flow
Cash flow from operations was NOK 143.1 million in the fourth quarter and NOK 48.3 million in the year excluding this year's payment on restructuring accruals.
