Elcoteq lowers its second-quarter and full-year outlook
(Thomson Reuters ONE) -
Elcoteq SE
Stock Exchange Release
May 31, 2011 at 16.00 (EET)
Elcoteq is revising its second-quarter net sales and full-year operating income
estimate. The company expects the second-quarter net sales to be lower than in
the first quarter of 2011 and the full-year operating income to be at the same
level as in 2010.
Elcoteq's previous estimate: "Second-quarter net sales are expected to reach the
same level as the first quarter of 2011. Operating income for the second quarter
is expected to remain negative while the second half of the year is expected to
be profitable thanks to expected higher sales volumes. Due to the lower than
expected start to the year and supply chain uncertainties caused by the
situation in Japan, operating income for the whole year may not be positive. On
the other hand additional business from new customers may have positive impact
on the outlook for the second half of the year."
The main reason for the change in the outlook is the weaker development in sales
due to the delay in securing the long term financing of the company. The result
is further heavily burdened by the exceptionally high costs of the current
financing. The finalization of the five-year export financing revolving credit
facility to be granted by Magyar Export-Import Bank Zrt. to the company's
Hungarian subsidiary has been delayed, but is expected to be completed by 30
June 2011. The company is also continuing negotiations with other credit
institutions and investors, including the company's current lenders, for
refinancing its existing Revolving Credit Facility and for securing new long-
term credit facilities as well as new equity or equivalent investments.
ELCOTEQ SE
Jouni Hartikainen
President and CEO
Further information:
Jouni Hartikainen, President and CEO, +358 10 413 11
Olli-Pekka Vanhanen, Senior Vice President, Business Control and Accounting, +
358 10 413 11
About Elcoteq
Elcoteq SE is the global Life Cycle Service Partner for high-tech product and
service companies. Elcoteq has a proven track record in electronics
manufacturing and after market services and a global service network close to
its customers coupled with modern manufacturing and testing equipment and
consistent systems and processes.
Elcoteq's Electronics Manufacturing Services (EMS) Business Segment provides its
customers globally with engineering, manufacturing and fulfillment services. EMS
products include mobile phones and their accessories, set-top boxes, LED
lighting products, flat panel TVs, infrastructure systems and other industrial
segment products.
Elcoteq's After Market Services (AMS) Business Segment is providing its
customers in the communications and consumer electronics industries with global
reverse logistics, depot repair, refurbishment, recycling and salvage services
but also AMS specific engineering and customer support services.
Elcoteq SE is listed on the NASDAQ OMX Helsinki Ltd. For more information visit
the Elcoteq website atwww.elcoteq.com
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Elcoteq SE via Thomson Reuters ONE
[HUG#1520271]
Unternehmensinformation / Kurzprofil:
Datum: 31.05.2011 - 15:00 Uhr
Sprache: Deutsch
News-ID 55171
Anzahl Zeichen: 3921
contact information:
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Kategorie:
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