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Provider: Reuters Investment Profile
Provider: Wright Reports

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Kitron ASA Lowers FY 2013 Revenue Guidance and Initiates Cost Reduction Measures with Possible Headcount Reductions

Monday, 22 Apr 2013 08:31am EDT 

Kitron ASA announced that the Company has decided to reduce its revenue outlook for the fiscal year 2013 and believes it will report slightly lower revenues compared to the fiscal year 2012. For the fiscal year 2012, the Company reported revenue of NOK 1,695.0 million. The prognosis was changed as a result of global market outlook weakening for the fiscal year 2013 compared to earlier outlook particularly due to the financial crisis in Europe and the United States. Additionally, the Company announced that in response to a market that is weaker than expected, Kitron has initiated cost reduction measures. The Company‚Äôs Management is in process to evaluate further measures to be taken. As a large proportion of the costs is personnel related, headcount reductions cannot be ruled out. 

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17 Sep 2014