Schaffner Group sees clear increase in first-quarter orders Double-digit growth continues in Components - drop in Test Systems slows
Luterbach (ots) - In the first quarter of fiscal 2004/2005, the Schaffner Group posted net sales of CHF 36.4 million (Q1 2003/2004: CHF 36.6 million). Adjusted for currency effects, consolidated net sales were up 2.6% year-on-year. Overall, the consolidated order intake for the first three months of the current fiscal year amounted to CHF 47.6 million (CHF 45.1 million), an increase of 5.5%, or 8.2% adjusted for currency effects. This corresponds to a quarter-on-quarter order increase of 28.9%. The book-to-bill ratio reflects this clear increase in orders. At 1.31, the ratio of new orders to net sales improved compared to both full-year 2003/2004 (1.01) and first quarter 2003/2004 (1.23).
Components increased net sales by 8.1% (currency-adjusted 10.8%) to CHF 26.4 million (CHF 24.4 million), and accounted for 72.5% of consolidated net sales. At CHF 35.3 million (CHF 31.7 million), new orders were up 11.2% year on year (13.9% on a currency-adjusted basis) and 40.4% compared with the previous quarter. The book-to-bill ratio was 1.33. Test Systems recorded net sales of CHF 10.0 million (CHF 12.2 million), a drop of -17.7% (currency-adjusted -13.9%). New orders amounted to CHF 12.3 million (CHF 13.4 million), down -8.1% on the previous year (-5.3% on a currency-adjusted basis). In contrast, Test Systems saw a slight quarter-on-quarter increase of 4.0% in new orders. The book-to-bill ratio was 1.23, which slowed the decline in Test Systems.
Thanks to the stable growth rates in the high-margin Components business, the Schaffner Group management team is retaining its targets for full-year 2004/2005.
ots Originaltext: Schaffner Holding AG
Dr. Fritz Gantert
President & Chief Executive Officer
Dr. Martin Zwyssig
Executive Vice President & Chief Financial Officer
Schaffner Holding AG, CH-4542 Luterbach