October 18, 2016 / 6:55 AM / a year ago

BRIEF-Nordic Semiconductor to announce new wearables contract Tuesday -CEO

Oct 18 (Reuters) - Nordic Semiconductor Asa :

* Nordic Semiconductor CEO Svenn-Tore Larsen says the company will announce a new contract connected to so-called wearables technology later on Tuesday

* CEO says “We have been suffering in wearables due to a loss earlier. But we will see some exciting news later today about wins in wristbands. So watch out for an exciting press release later today.”

* CEO about Q3 earnings miss: “We had a problem with late incoming supply and we need to build up our supply.”

* CEO says “we have very good development in kit activity and we are on track for a record year.”

* CFO Paal Elstad about margins: “Margin weakening in the third quarter is due to lower yields during the rapid volume ramp-up. We have solved these issues, but they will also impact Q4.”

* CFO says “Q4 is historically weaker then Q3, however we expect Q4 revenue to be up compared to Q3.”

* Related story: Q3 earnings and revenues below forecast Further company coverage: (Reporting By Joachim Dagenborg, editing by Ole Petter Skonnord and Terje Solsvik)

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