ZURICH – Printed circuit board fabricator and assembler Cicor today reported first-half net income rose 368% year-over-year to CHF 1.4 million.

Net revenue for the period ended June 30 was CHF 84.4 million ($87.6 million), flat sequentially and down 10.8% from a year ago, on lower sales in the domestic market in the Electronic Solutions Division, uncompleted pilot projects in China, and an absence of new orders from the public sector.

EBITDA rose 9.9% year-over-year to CHF 6.4 million, and EBIT increased 25% to CHF 2.5 million. EBIT margin improved 90 basis points to 3.0%.

The company said it won new programs for printed circuit board assembly, medical applications and industrial solutions with new customers in America, Asia and Europe.

Order backlog at the end of June rose 5.7% to CHF 123.9 million.

PCB revenue was down 16.8% to CHF 16.6 million on low-margin sales related to the restructuring efforts and the transfer of programs from Photochemie. EBIT rose CHF 1.9 million, up from CHF 0.0, including CHF 300,000 in revenue generated through the sale of Photochemie. EBIT margin was 11.3%.

Microelectronics' net revenue was down 6.4% to CHF 13.8 million on diminished orders. EBIT was CHF -1.3 million.

Electronic Solutions, the company's contract electronics assembly unit, reported a 13.5% drop in sales to CHF 43.4 million. Operating profit was CHF 2.6 million, down 7.1%. EBIT margin improved 40 basis points to 6%.

1 CHF = 1.03823 USD


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