VOGT reports 1st Quarter results 2009:- Business development is characterized by financial crisis and recession

Obernzell, (PresseBox) - During the first quarter of the financial year 2009 the business development of VOGT electronic AG manufacturing inductive components and modules as well as sub-assemblies for the electric and electronic industry was characterized by the overall economic situation and shows a clear decline of business compared to the 1st quarter of the previous year.

The Group revenue of the first three months reduced by -38.6% to 24.0 million € compared to the 1st quarter 2008 (1st quarter 2008: 39.1 million €.)

The revenue in automotive electronics contributing more than 50% to the total revenue of VOGT declined strongly by -48.1% compared to previous year period.

Reasons for this downturn were production reductions in the global automotive markets and the resulting stock adjustments at our customers.

Due to the difficult economic situation also the revenue in industrial electronics with - 33.9% and consumer electronics with -19.6% reduced significantly compared to 1st quarter 2008.

Due to missing volumes as a consequence of a very low sales level the VOGT electronic Group generated a negative operating result of -2.4 million € for the first 3 months of the current financial year (1st quarter 2008: 1.9 million €).

The Group result after tax amounted to -2.7 million € (1st quarter 2008: 0.6 million €).

Considerable cost reduction measures and structural adjustments have already been executed respectively are currently been implemented.

Due to the uncertainties linked to the global financial and economic crisis the further development of the financial year 2009 can only hardly predicted. The Management Board expects no turnaround for the 2nd quarter 2009 and therefore no significant improvement of the economic situation compared to the business development of the current financial year.

For further information please refer to the interim report of first quarter 2009 published on our homepage (www.vogt-electronic.com) on May 13, 2009.

Press releases you might also be interested in

Subscribe for news

The subscribtion service of the PresseBox informs you about press information of a certain topic by your choice at a choosen time. Please enter your email address to receive the email with the press releases.

An error occurred!

Thank you! You will receive a confirmation email within a few minutes.


I want to subscribe to the gratis press mail and have read and accepted the conditions.