MIPS AB Reports Consolidated and Parent Company Earnings Results for the First Quarter Ended March 31, 2018
May 09, 2018 at 01:30 am EDT
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MIPS AB (publ) reported consolidated and parent company earnings results for the first quarter ended March 31, 2018. For the quarter, on consolidated basis, the reported net sales of SEK 23.551 million against SEK 21.106 million a year ago. Operating profit was SEK 1.797 million against loss of SEK 4.935 million a year ago. Profit before tax was SEK 2.154 million against loss of SEK 5.292 million a year ago. Profit for the period was SEK 1.668 million against loss of SEK 4.144 million a year ago. Earnings per share diluted was SEK 0.07 against loss of SEK 0.19 a year ago. Cash flow from operating activities was SEK 8.388 million against SEK 3.931 million a year ago. The operating cash flow also improved significantly from reduction of accounts receivables and higher operating profit. Acquisition of intangible assets was SEK 1.327 million against SEK 0.382 million a year ago. Acquisition of property, plant and equipment was SEK 0.364 million against SEK 0.533 million a year ago. Adjusted operating profit increased to SEK 1.8 million compared to SEK 1.6 million a year ago.
For the quarter, on parent company basis, the company reported net sales of SEK 19.119 million against SEK 21.106 million a year ago. Operating profit was SEK 1.366 million against loss of SEK 4.937 million a year ago. Profit before tax was SEK 1.723 million against loss of SEK 5.294 million a year ago. Profit for the period was SEK 1.329 million against loss of SEK 4.145 million a year ago.
Mips AB is a Sweden-based company, which specializes in helmet safety and brain protection. The Company offers its MIPS Brain Protection System (BPS) that implies solutions protecting against rotational motion transferred to the brain from angled impacts to the head. BPS is designed to add protection in helmets due to the low friction layer, which enables a relative movement between the head and the helmet, mimicking the brain's own protection system. The technology implements into bicycle, snow, motorcycle and equestrian helmets. More than 40 helmet brands use BPS, including Bell, Fox Head, Giro, Scott, Smith and Trek, among others. The Company determines only one segment as operations solely comprise sales of the component kit included in consumer products.