ESPOO, FINLAND – Aspocomp reported third quarter net sales of EUR 3.8 million, down 22% year-over-year. The five largest customers accounted for 51% of net sales.

The firm recorded a loss of EUR 200,000 for the quarter, compared to EBITDA of zero for the same period last year.

“Third-quarter net sales amounted to only EUR 3.8 million, as demand from our main customers was more muted than usual in July and August,” said CEO Mikko Montonen. “In line with previous expectations, demand swung to clear growth in September. Due to the low net sales, operating profit was very low at EUR 0.5 million in the red. Net sales for the review period amounted to EUR 12.7 million, down EUR 4.2 million compared to the reference period of the previous year.

“The order book and demand began to strengthen sharply during September. The company is expected to post its highest net sales for the year in the fourth quarter. Operating profit for the fourth quarter is expected to turn into the black.”

In the second quarter, the company recorded additional non-recurring expenses of approximately EUR 200,000 on the closure of its Teuva plant.

For the first nine months of the year, net sales were EUR 12.7 million, down 25% compared to the same period in 2014. The five largest customers accounted for 47% of net sales.

EBITDA was zero for the period, compared to EUR 800,000 for the nine-month period last year.

In 2015, net sales are expected to be between EUR 18 million and 20 million.

Ed.: EUR 1 = US$ 1.0962

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