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Jetter AG Q4 sales plummet, losses ensue

Jetter AG, Ludwigsburg, (ISIN: DE0006264005) publishes preliminary figures for the fiscal year ended 31 March 2013. In the last quarter, the company suffered a setback of sales, mainly through deferment of major projects and the bankruptcy of a major customer. Sales were ca. 9 Mio. Euro for the quarter and 40 Mio. Euro for the fiscal year (previous year: 9 Mio. for the quarter and 44 Mio. for the year). Management decreed far reaching cost saving measures in March already, which will be effective only in the current fiscal year, though; the past year was burdened by restructuring cost. At present, a loss of 1 Mio. Euro is expected for the quarter and 1.2 Mio. Euro for the year (previous year: KEUR -82 in the quarter and KEUR +432 for the year).
At the same time, orders started increasing from February 2013. On 31 March, the order book was well above 5 Mio. Euro for the first time since autumn 2012, partly due to the deferred projects from the previous quarter.
The sales slump was accompanied by by a decrease of elevated stock levels, so the impact of the loss on the cash balance was mitigated.
The management views the sales slump as a singularity, as projects were deferred, not cancelled and the bankrupt customer has since been taken over by an investor.
Because of the cooperation between Emhart Glass and Jetter, the agreement published last week between the global market leader in glass bottle production, Owens-Illinois Inc., USA and Emhart Glass will give Jetter additional sales opportunities. Furthermore, the cost saving program will now kick in by and by.
The complete business report will be published on 28 June 2013 and will be available at the websites of Jetter (http://www.jetter.de) and Deutsche Börse (http://deutsche-boerse.com).

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