TREK 2000 in "advanced stages of exploring tie-ups with strategic partners": "While sales of our FluCard® continue to increase year-onyear, our FY2012 performance was adversely affected by three unanticipated factors:
• Our topline performance was less-than-ideal due to a 6.7% decrease in revenue to US$80.4 million mainly due to lower contributions from original equipment manufacturing sales.
• We had a design flaw in one of our ASIC chip projects and this resulted in one-time write-offs of US$1.63 million in inventory and US$1.0 million in development expenses. The design flaw has since been rectified.
• As part of our risk management review of our Intellectual Property and intangible assets and in the light of rapid technological changes, we considered it prudent to record a US$4.1 million impairment of these assets.
As such, we reported net loss after tax of US$5.1 million for FY2012 versus a profit of US$2.0 million previously. To increase our resilience against the volatile operating environment, we continue to emphasize on strengthening our cashflow and balance sheet."
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