cecon asa (CECON) Snapshot

Cecon ASA announced unaudited consolidated and parent earnings results for the first quarter ended March 31, 2013. For the quarter, on consolidated basis revenues were NOK 904,000 against NOK 93,423,000 for the same period a year ago. Operating loss was NOK 7,851,000 against operating profit of NOK 22,235,000 for the same period a year ago. Profit before income tax was NOK 1,241,563,000 against loss before income tax of NOK 22,170,000 for the same period a year ago. Profit for the period attributable to owners of the parent was NOK 1,242,009,000 against loss for the period attributable to owners of the parent of NOK 22,170,000 for the same period a year ago. Diluted earnings per share were NOK 5.7418 against diluted loss per share of NOK 0.1399 for the same period a year ago. Cash flow used in operating activities was NOK 9,081,000 against cash flow from operating activities of NOK 31,000 for the same period a year ago. Purchases of property, plant and equipment was NOK 214,896,000 against NOK 343,000 for the same period a year ago. For the quarter, on parent basis revenues were NOK 904,000 against NOK 89,556,000 for the same period a year ago. Operating loss was NOK 5,769,000 against operating profit of NOK 21,431,000 for the same period a year ago. Loss before income tax was NOK 2,545,000 against loss before income tax of NOK 12,824,000 for the same period a year ago. Loss for the period attributable to equity was NOK 2,545,000 against profit for the period attributable to owners of the parent of NOK 12,824,000 for the same period a year ago.

Cecon ASA reported unaudited consolidated earnings results for the year ended December 31, 2012. For the quarter, the company's revenues were NOK 99.97 million compared to NOK 19.93 million a year ago. Operating loss was NOK 1,046.27 million compared to NOK 233.2 million a year ago. Loss before income tax was NOK 1,250.82 million compared to profit before income tax of NOK 2.03 million a year ago. Loss was NOK 1,250.82 million or NOK 5.8585 per diluted share compared to profit of NOK 2.03 million or NOK 0.0108 per diluted share a year ago. Cash flow from operating activities - net was NOK 31,000 compared to cash flow used in operating activities - net of NOK 5.87 million a year ago. Purchases of property, plant and equipment was NOK 0.34 million compared to NOK 0.36 million a year ago.

Cecon ASA received notice that Alex Vicefield has elected to step down from the board. Mr. Vicefield has notified that this is done to avoid a potential for future conflicts of interest between Cecon ASA and other companies with which Mr. Vicefield now involved, namely Chantier Davie Canada Inc.