Schweiter Technologies AG Announces Consolidated Earnings Results for the Year 2011; Provides Earnings Guidance for the Year 2012; Rolf-D. Schoemezler Steps Down from Board of Directors
March 08, 2012 at 12:03 am EST
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Schweiter Technologies AG announced consolidated earnings results for the year 2011. For the year, the company reported net revenues of CHF 785.6 million against CHF 932.1 million for the same period a year ago, with decrease of 16%. EBITDA was CHF 88.4 million against CHF 100.3 million for the same period a year ago, with decrease of 12%. EBIT was CHF 59.7 million against CHF 67.8 million for the same period a year ago, with decrease of 12%. Net income was CHF 47.5 million against CHF 49.6 million for the same period a year ago, with decrease of 4%.
The company provides earnings guidance for the year 2012. All divisions began the new year at roughly the same level as the previous year. SSM Textile Machinery and Ismeca Semiconductor are expected to see business pick up in the second half of the year. At 3A Composites, extensive restructuring measures and organizational adjustments led to significantly leaner structures and a reduced cost base. These measures mark the successful completion of the integration of the Composites activities into the Group. The full impact of these cost savings will be felt from 2012 onward. The Chinese wind power market is expected to return to attractive growth in the second half of 2012 at the earliest. In the architecture market, Asia in general and China in particular offer attractive growth opportunities. In Europe, the focus is on innovations and high-value products. There is a close correlation between the trend of business in the U.S. and future economic developments.
Rolf-D. Schoemezler will be stepping down from the board of directors on grounds of age upon expiry of the present term of office in May 2012. He joined the company in 1987 as CEO of SSM Textile Machinery and has been a member of the board of directors since 1993. The other members will be standing for re-election for a further term of office.
Schweiter Technologies AG is a Switzerland-based holding company primarily engaged in the development, manufacture and global distribution of machinery. It is also active in the composites sector. The Company is active through the following business divisions: the Ismeca Semiconductor division, which offers machinery used for such backend processes as assembly, testing, inspecting and packaging of devices in semiconductor manufacturing, and the 3A Composites division, which offers core materials for sandwich constructions, particularly for use in wind farms. 3A Composites division brands include Airex, Alucobond Baltek, Dibond, Gator and Kapa. Schweiter Technologies AG is active through a number of subsidiaries with domicile in Switzerland, China, Germany, Malaysia, the United States and Singapore, among others.
Schweiter Technologies AG Announces Consolidated Earnings Results for the Year 2011; Provides Earnings Guidance for the Year 2012; Rolf-D. Schoemezler Steps Down from Board of Directors