TUALATIN, OR – Laser-based equipment manufacturer LPKF says its ready to put 2014 behind after lower-than-expected electronics orders coupled with the postponement of a major LDS project resulted an 8% drop in revenue.

The company, which reported 2014 sales of EUR 120 million, said the drop in LDS orders obscured growth in its PCB prototype equipment.

LPKF saw improvement in its fourth quarter, as revenue climbed to EUR 40 million.

"We had originally planned to achieve a lot more during 2014, but weak incoming orders in two of our six product groups simply turned these plans upside down," said LPKF CEO Dr. Ingo Bretthauer. "Economic difficulties affecting end customers in South Korea and a lack of bulk orders for PCB Production Equipment were the main reasons for the decline in revenue.

The company's Electronics Development Equipment unit exceeded expectations, with revenue up 20% and significantly improved profits. It was offset by a decline in laser direct structuring sales.

 In 2015, LPKF will launch three entirely new laser-based methods, including  a coating process to enable application of heavy-duty metal layers to plastic substrates, a digital laser printing method for functional pastes and a laser-driven ultra-fine glass drilling process for use by chip makers.

Growth is also expected in LDS, with wearables and LED markets as offering particular potential.

The firm guided for revenue of EUR 128 million to 136 million and EBIT margin of 12% to 15% in 2015. Its longer-term forecast is for average earnings growth of at least 10% while achieving an EBIT margin of 15% to 17%.