JLT Mobile Computers AB: JLT Mobile Computers Interim Review January - September 2010
Value of orders placed increased to SEK 95 million (49.5); GBP 8.8 million (4.5)
- this is the fourth consecutive quarter with increased value of orders placed
Net sales valued at SEK 62.9 million (61.2); GBP 5.8 million (5.7)
Operating profit valued at SEK -4.8 million (- 3.8); GBP -447,000 (-354,000)
Earnings per share valued at SEK -0.14 (- 0.13); GBP -0.013 (-0.12)
A forced gross margin as a result of a strong Swedish currency and component shortages
A continued increase in invoicing is expected during the fourth quarter
Comments from CEO Per Holmberg:
"Orders placed during the third quarter continued to increase for the fourth consecutive quarter and closed at SEK 44.5 million / GBP 4.1 million, with a strong order backlog. This includes a major order placed in July from the USA worth SEK 35 million / GBP 3.2 million."
"We began delivery for the US order in September and we expect to complete it in the fourth quarter. The sudden increase in supply at the end of the quarter, combined with a slight increase in inventory levels to improve delivery capability and overcome worldwide component shortages, has impacted liquidity by increasing accounts receivable, accounts payable and inventory value."
"The strong performance of the SEK, combined with production start-up costs for new projects and the need to source more expensive components due to component shortages, had a negative impact on gross margin, which ended at 17.9 per cent for the third quarter."
" As part of its expanding partner network in Europe, JLT signed an agreement with a new German partner, MCTX Mobile & Embedded Computers GmbH. The aim is to develop the market and strengthen JLT's position in Germany, Austria and Switzerland. MCTX will support new and existing partners in these markets, and develop customized solutions for major business projects.
"With a strong opening order book, sales will continue to increase, which is expected to produce a positive result for the fourth quarter. Despite the growth in sales, however, we expect a negative result for the year due to gross margin pressure."
See the full report at: www.jltmobile.com
For more information, please contact:
Per Holmberg, CEO, + 46 470-53 03 00, firstname.lastname@example.org
Stefan Kack, CFO, +46 735-31 00 57, email@example.com
About JLT Mobile Computers
JLT Mobile Computers is a leading developer of rugged computer solutions for the toughest environments. The computers are developed and manufactured in Sweden for professional users in a wide range of industries. The computers are well known for their very high reliability in spite of moisture, dust, vibration, electromagnetic fields or temperature extremes. This reliability and capability is required for mobile computing applications in transport, warehousing, logistics, forestry, mining, automation, military and rescue vehicles. JLT operates worldwide, with sales partners in Europe and the USA, and has delivered over 65,000 computers to date. JLT sales are valued at approximately SEK 80 million and the company has more than 20 employees in Sweden and three employees at its affiliate company in the UK. The company's headquarters is situated in Växjö, Sweden. The company was founded in 1994 and is listed on the NASDAQ OMX First North, under the symbol JLT with E. Öhman J:or Fondkommission as certified advisor, since 2002. For more information, please visit www.jltmobile.com
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Source: JLT Mobile Computers AB via Thomson Reuters ONE
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