February 2, 2018 / 7:17 AM / 8 months ago

BRIEF-Bambuser pre-releases 2016/2017 results, CEO to resign

Feb 2 (Reuters) - Bambuser AB:

* BAMBUSER PRE-RELEASES 2016/2017 RESULTS AND ANNOUNCES CEO RESIGNATION

* BAMBUSER AB SAYS ‍COMPANY ESTIMATES THAT, FOR 18 MONTHS ENDING DECEMBER 31, 2017, ITS NET SALES WERE SEK 8,140 THOUSAND AND NET LOSS WAS SEK 20,705 THOUSAND​

* BAMBUSER AB SAYS ‍FOR PERIOD JULY-DECEMBER 2017 NET SALES IS ESTIMATED AT SEK 2,613 THOUSAND AND NET LOSS AT SEK 13,361 THOUSAND​

* BAMBUSER AB SAYS ‍REVENUES WERE LOWER THAN COMPANY’S TARGETS AND ATTRIBUTABLE TO LONGER SALES CYCLES THAN EXPECTED AND INCREASED COMPETITION IN COMPANY’S PRINCIPAL CUSTOMER SEGMENTS​

* BAMBUSER AB SAYS ‍COMPANY DOES NOT EXPECT TO REACH ITS PREVIOUSLY COMMUNICATED TARGETS OF POSITIVE CASH FLOW AND NET EARNINGS, ON A ROLLING 12-MONTH BASIS, BY END OF 2018​

* BAMBUSER AB SAYS ‍WITH PROJECTED RUN RATE, COMPANY DOES NOT FORESEE ANY FURTHER CAPITAL NEEDS DURING NEXT 12 MONTHS​

* BAMBUSER AB SAYS ‍MANAGEMENT HAS DECIDED TO SCALE DOWN COMPANY’S US SALES ORGANIZATION​

* BAMBUSER AB SAYS ‍CEO, HANS ERIKSSON, HAS DECIDED TO LEAVE COMPANY​ Source text for Eikon: Further company coverage: (Reporting by Stockholm Newsroom)

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