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KR Precision
reports second consecutive quarter of Net Income
Key Highlights
- Posts sequential profitable quarter, with net income of Baht
0.10 per share
- Revenue up 19% quarter on quarter
Ayutthaya, Thailand - February 16, 2004 - KR Precision PCL (SET:KRP)
today reported results for the fourth quarter and fiscal year
ending December 31, 2003. The company reported its second
consecutive profitable quarter, posting a net income for the
quarter of Baht 34 million or Baht 0.10 per share. These results
compare with a net profit of Baht 5 million in the
third quarter of fiscal 2003 and a net loss of Baht 126.1 million
in the year-ago quarter.
KR recorded revenues of Baht 830.3 million in the fourth
quarter, which is an increase of 19% from the Baht 696.4 million
in revenues for the third quarter of fiscal 2003. The company
recorded Baht 571.6 million in revenues in the year-ago quarter.
Suspensions shipments were 27.3 million in the fourth quarter of
2003, an increase of 22% compared to 22.3 million suspensions in
the third quarter of 2003. KR's balance sheet improved compared
from a year ago. The company ended the year with an operating cash
flow of Baht 70 million and cash balance of Baht 353.9 million.
"We are pleased to report continued growth in revenue, gross
margin, operating income and EPS. These results reflect the
dedication of the KR team in achieving the company’s strategic
initiatives in operational excellence, new product development,
and asset management" said Vince Mastropietro, KR's CEO and
President.
"We have continued to expand our investments in advanced
product design and process technology, resulting in the company’s
broadest and most diverse new product pipeline. We are now
offering our customer’s product design solutions for the leading
form factors, rapid prints to parts cycle time, and diversity of
product features and component supply chain. We are on schedule
with qualification of a number of products, including multiple
mobile products. This will diversify the end user market for KR
products and together with our strengthened balance sheet, will
position us well for 2004."
For the first quarter of 2004 the company expects unit
shipments, EBITDA and gross margin will be 35% to 40% lower.
About KR Precision
Headquartered in Ayutthaya, Thailand, KR Precision is a world
leader in the manufacturing and optimizing of suspension
assemblies for hard disk drives and in the manufacturing of
precision metal components. KR Precision counts among its
customers many of the world’s largest and most well known hard
disk drive producers. For more information, please visit the KR
Precision website at
www.krprecision.com.
Forward Looking Statement
This release contains forward-looking statements that involve
risks, uncertainties and assumptions. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements. The forward-looking statements are
based on current management expectations, and actual results may
differ materially as a result of several factors, including:
levels of operating expense and product cost; supply and demand
conditions in the data storage industry; overall economic
conditions; changes in product and customer mix; pricing trends;
actions by competitors; the pace of development of new markets;
successful entry into new markets by the Company; and other
factors discussed in periodic reports filed with the SET. We
undertake no obligation to update or alter our forward-looking
statements to reflect new information or events or for any other
reason.
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