· Incoming orders
MSEK 17.6 (15.8) ·
Revenues MSEK 10.3 (20.5)
· Gross margin 30.1
% (24.4) ·
Operating Profit MSEK -2.6 (0.1)
· Profit/loss after
taxes MSEK -2.0 (0.3)
Comments from the
CEO
During the quarter, JLT reached two important
milestones which create the preconditions for profitable
growth.
- We launched the new product series VERSO. With
the VERSO series, JLT takes a leading position with the market's
highest performance in rugged mobile computers. The VERSO line has
been well received and some hundred computers have already been
delivered to end users for installation in actual projects and for
further evaluation. At the same time, we continued to phase-out
older, less profitable products in order to optimize the product
portfolio.
- We implemented a cost cutting package in order
to reduce costs and optimize the organization. The package included
a reduction in force by seven employees, made possible through
streamlined processes and enhanced system support. The
restructuring costs MSEK 1.2 were booked in the quarter and the
measures taken are expected to give a positive effect of MSEK 3
during the remainder of 2013.
The actions described are important steps in JLT's
strategy to focus the product offering on the high-end segment of
the market, where performance and ruggedness are critical, and
where JLT has a clear competitive edge.
Incoming orders for the quarter recovered from the
previous quarter, and finished at MSEK 17.6. However, the low
number of outstanding orders, MSEK 1.5 at the start of the quarter,
resulted in weak invoicing at MSEK 10.3. The effort to strengthen
the margin has continued, and despite a strengthening of the
Swedish krona and the weak invoicing, the gross margin increased
during the quarter.
The uncertainty with respect to the current
economic situation and the hesitance of customers to invest remain,
but with implemented cost saving measures, increasing margin and a
focus on the upper market segment, we are strengthening our
position for the whole year.
Per Holmberg, CEO
JLT Mobile Computers
Revenues and results for the
period of January - March 2013
During the period, revenues totaled MSEK 10.3 (20.5). The gross
margin increased to 30.1 % (24.4), resulting in a gross profit
of MSEK 3.1 (5.0).
The company's expenses for sales, development,
production, and administration totaled MSEK 4.4 (4.6).
Non-recurring extraordinary expenses related to restructuring and
cost reductions totaled MSEK -1.2.
Depreciations related to operations during the
period totaled MSEK 0.2 (0.3), resulting in an operative result of
MSEK -2.6 (0.1).
Net interest income/expenses totaled MSEK 0.0
(-0.4) and the result before taxes was MSEK -2.6 (-0.3).
The result after taxes totaled MSEK -2.0
(-0.3).
Incoming orders for the period totaled MSEK 17.6
(15.8), and at the end of the period, outstanding orders were MSEK
8.8 (7.3).
Comments on the
results for the period of January -
March 2013
Incoming orders increased in the first quarter, but most of the
incoming orders were placed in the later part of the quarter.
Together with a low order backlog at the start of the quarter, this
resulted in weak invoicing. The order backlog at the end of the
quarter totaled MSEK 8.8.
The gross margin continued to increase during the
quarter, to 30.1%.
JLT has initiated an extensive program of cost
reduction and optimization of the organization, product offerings
and production, in support of a focus on the high-end segments of
rugged computers market, and a major portion of the work has been
completed during the quarter. One-time extraordinary expenses are
related to personnel reduction and totaled MSEK 1.2.
Financial position and cash
flow
Cash flow during the quarter was MSEK -0.2, and, at the end of the
quarter, net indebtedness totaled MSEK -9.0 (-7.4).
On the accounting date, company liquid funds
totaled MSEK 8.2 and unutilized checking account funds were MSEK
10.0. The equity ratio was 66 % (64) with equity at MSEK 29.7
(32.6).
The Parent
Company
The parent company performs services for the subsidiary and debits
of these are passed on. Operating income totaled MSEK 0.1 (-0.2).
There are no interest-bearing debts.
The Company Tax
Situation
At the end of the period, there remained a deductible deficiency of
MSEK 33.5 to be utilized against future profits. Deferred
outstanding tax of MSEK 5.7 is posted as an asset.
Principles of Accounting
This report is prepared in accordance with recommendations from the
Swedish Financial Accounting Board for financial reports for part
of the year (RR 20). The same reporting principles have been used
as for the previous year's financial report.
Prospects for
2013
The insecurity of the current financial situation will continue in
2013, but a certain positive development is expected during the
second half of the year.
During the remaining part of 2013, completed cost
reductions is expected to amount to MSEK 3.0. The product margin
before currency effects will continue to be strengthened during the
year as a result of more efficient production practices and a focus
on the high-end market segment. All told, this provides a stronger
position for the full year of 2013.
In the long term, the market for rugged computers
is expected to expand.
The share
A total of 2.4 million shares (0.3) have been traded during the
year, corresponding to 9 % of the total number of shares.
At the start of the period, the share was quoted
at SEK 0.88 SEK, and the latest closing price was SEK 0.73.
The JLT share is quoted at First North with Remium
as certified advisor.
Annual
Meeting
The annual meeting will be held Wednesday, May 7 at 4.00 pm at Fyra
Krogar in Växjö.
Reports during
2013
Interim Report, January - June
2013
August 15, 2013
Interim Report, January - September
2013
October 25, 2013
Year-end Report
2013
February 6, 2014
Växjö, May 7, 2013
On behalf of the board: Per
Holmberg, CEO
Additional information:
Per Holmberg
CEO
+46-(0)470 - 53 03
00
Stefan Käck Deputy CEO /
CFO
+46-(0)735 - 31 00 57
www.jltmobile.com
Interim Report: January - March,
2013
This
announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(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: JLT Mobile Computers AB via Thomson Reuters
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