Nera Networks with strong Q1 numbers
Financial information
In a volatile market situation Nera Networks continues topline growth. A revenue of NOK 456 million in first quarter of 2009 is 23 per cent higher than in Q1 of 2008.
Nera Networks reported gross profit of NOK 94 million in the first quarter, which was an increase of 28 per cent from the first quarter 2008 and 4 per cent higher than in the previous quarter.
Gross margin improved to 20.6 per cent from 19.7 per cent in the first quarter 2008. The gross margin remained lower than expected, mainly due to changes in the product mix with relatively less radio sales compared to lower-margin project deliveries. In the fourth quarter 2008 gross profit was NOK 90 million, including negative non-recurring inventory adjustments of NOK 32 million.
Gross margin was 15.0 per cent in the fourth quarter, and 20.3 per cent excluding the inventory adjustments.
Operating profit
EBITDA was NOK 32 million, up from NOK 17 million in the first quarter 2008. EBIT was NOK 13 million, up from NOK 4 million.
Nera Networks AS is a fully owned subsidiary of Eltek ASA (ELT) listed on the Oslo Stock Exchange. A full financial report for Q1 2009 is available from the Eltek website.
4/24/2009