Kirton ASA has posted revenue of NOK 423.9 million in the fourth quarter of 2009, 35.3% lower compared with the same period last year. Profit before tax was, meanwhile, was NOK 12.8 million compared to NOK 59 million in 4Q08, while cash flow from operations was almost stable. Incoming orders were also weak, at NOK 454.7 million, with order backlog of NOK795.8 million--down 17% and 18.1%, respectively.

Despite the weak numbers, the company is optimistic of a recovery this year. The sales and marketing activity is high and there is an increase in the value of pending prospects. The slow, but steady, improvement in the order backlog continued in Q4 and is another sign of the improved market conditions.

Kitron has also taken strategic steps to expand the market coverage and further improve its competitiveness. In Germany, the company has acquired a smaller EMS company as a steppingstone to approach the German market. The German entity will focus on front-end engineering and new product introduction in addition to sales and marketing activities. In China, Kitron has decided to set up an operation to expand market coverage and to establish another lower cost manufacturing unit. The new unit will start up manufacturing in the second half of 2010.

In a separate announcement, the company held an extraordinary general meeting, wherein 97,503,777 shares amounting to 56.37% of the share capital were represented in the meeting. All proposals were resolved as presented in the notice issued on January 14, 2010.

About Kitron

Kitron is Scandinavia's leading company in development, industrialisation and manufacturing of electronics for the Data/Telecoms, Defence, Energy, Industry, Medical equipment and Offshore/Maritime sectors. The company is located in Norway, Sweden, Lithuania and China. Kitron had a revenue of approximately NOK 2.3 billion in 2008 and has about 1,100 employees. For more information, visit http://www.kitron.com/.