March 21, 2017 / 7:09 AM / 5 months ago

BRIEF-Fingerprint Cards warns on weaker than expected Q1, withdraws dividend proposal

March 21 (Reuters) - Fingerprint Cards AB

* Fingerprint Cards AB says expects an even weaker Q1 and the short-term challenges to prevail in Q2

* Says cannot confirm its communicated guidance for revenues and profitability for full year 2017

* Says board has now decided to withdraw proposal of 2 SEK per share

* Says as a consequence of current short term uncertainty, company has decided to refrain from further guidance for 2017 and board of Fingerprint Cards has decided to withdraw its proposal of dividend for 2016

* Says revised proposal is not to pay dividend for 2016, but to go forward with cancellation of treasure shares

* Says due to weakened demand from OEM customers in Q1 and channel inventory build up previously communicated, company now estimates a revenue decline of more than 50 percent for Q1 2017 compared to last year

* Says management is also taking necessary actions to adjust investments and to secure efficiency of resources in current situation

* Says inventory levels in company's channel have decreased slower than expected, and continue to affect shipment volumes and revenues in current quarter, and are also expected to affect Q2

* Says short-term challenges are expected to continue until Q2 this year Source text for Eikon: Further company coverage: (Stockholm Newsroom)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below