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Restructuring costs put CEVA into loss in Q1
POSTED: 9:12 a.m. EDT, June 5,2007
CEVA Group Plc, a Dutch global logistics firm, reported a first quarter net loss of EUR14.9 million (US$20 million) compared to EUR7.7 million during the same period last year because of higher interest costs owing to the company's new capital structure.
Net financial expense rose in Q1 2007, which increased the loss for the quarter to EUR(14.9) million from EUR(7.7) million in Q1 2006.
This was the first quarter report issued since the company broke away from TNT last November.
While posting a loss, the company was pleased with its performance citing strong business results, stable revenue and a growth in operating income to EUR15.5 million from EUR15.0 million in Q1, 2006.
Profit (Ebitda) increased to EUR45.2 million from EUR35.0 million in the same period last year. Cash flow also improved to EUR14.2 million compared to a year-on-year loss of EUR22.1 million.
"The first quarter of 2007 represented new evidence of the success of our growth strategy," said CEVA chief executive Dave Kulik. "Major new contracts were signed with General Motors Thailand Limited, Rolls Royce Marine AS and John West Foods Ltd. These confirm that our focus on targetted sectors and our service offering results in successful and long-term growth." |
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