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As of 8:10 PM 09/24/14 All times are local (Market data is delayed by at least 15 minutes).

ekornes asa (EKRNF) Key Developments

Ekornes ASA Announces Resignation of Robert Svendsen as CFO

Ekornes ASA announced needs capacity and competence in areas important to the Group's development and future, both as a consequence of its takeover of IMG and in other areas. In this connection, agreement has been reached with the current CFO, Robert Svendsen, in order to release him for such tasks. Robert Svendsen will remain as CFO until his replacement has been appointed and taken up the position. Mr. Svendsen will withdraw from the company's executive management team when he leaves his current post, and will report direct to Ekornes's CEO.

Ekornes ASA Announces Group Earnings Results for the Second Quarter and First Half Ended June 30, 2014; Announces Executive Changes on 13 October 2014

Ekornes ASA announced group earnings results for the second quarter and first half ended June 30, 2014. For the quarter, the company reported operating Revenue was NOK 631.3 million against NOK 649 million a year ago. Operating result was NOK 52 million against NOK 78.4 million a year ago. Ordinary result before taxes was NOK 60.6 million against NOK 85.5 million a year ago. Result after tax was NOK 41.6 million against NOK 60.0 million a year ago. Diluted earnings per share were NOK 1.13 against NOK 1.63 a year ago. For the first half, the company reported operating Revenue was NOK 1,303.5 million against NOK 1,337.8 million a year ago. Operating result was NOK 118.7 million against NOK 168.7 million a year ago. Ordinary result before taxes was NOK 123.4 million against NOK 186.3 million a year ago. Result after tax was NOK 85.2 million against NOK 130.8 million a year ago. Diluted earnings per share were NOK 2.31 against NOK 3.55 a year ago. The decrease in profits and margins can largely be attributed to reduced order receipts caused by the still challenging market situation, with developments being particularly negative in Central Europe. Net operating cash outflow activities was NOK 67.5 million against inflow of NOK 59.2 million a year ago. Payments for purchase of property, plant and equipment was NOK 51.7 million against NOK 71.6 million a year ago. The company's new CEO, Olav Holst-Dyrnes, will take up his appointment on 13 October 2014. Acting CEO, Nils-Fredrik Drabløs will remain with the company until the end of December 2014.

Ekornes ASA Announces Executive Changes

The board of directors of Ekornes ASA announced the appointment of Olav Holst-Dyrnes as the company's new CEO. Olav Holst-Dyrnes is currently CEO of Havfisk ASA. Olav Holst-Dyrnes will take up his position no later than 1 December 2014. Nils-Fredrik Drabløs continues as acting CEO until Olav Holst-Dyrnes joins the company, and will remain on-hand to help out during a transition period.

Ekornes ASA Approves Amendment to Articles of Association

Ekornes ASA announced that the shareholders at its Annual General Meeting held on May 12, 2014 approved amendment to the company's Articles of Association.

Ekornes ASA Reports Earnings Results for the First Quarter of 2014

Ekornes ASA reported earnings results for the first quarter of 2014. For the quarter, the company reported operating revenues of NOK 672.3 million against NOK 688.8 million a year ago. Operating result was NOK 66.7 million against NOK 90.3 million a year ago. Ordinary result before taxes was NOK 62.8 million against NOK 100.8 million a year ago. Result after tax was NOK 43.6 million or NOK 1.18 per basic and diluted share against NOK 70.8 million or NOK 1.92 per basic and diluted share a year ago. Net cash used in operating activities was NOK 82.9 million against negative net cash from operating activities of NOK 9.6 million a year ago. Payments for purchase of property, plant & equipment was NOK 21.8 million against NOK 35.6 million a year ago.

 

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