IPTE: Profit warning Q1 2009

IPTE (Euronext Brussels: IPTE) announces that, as a consequence of the economic and financial crisis, it expects sales to be down 20 to 30 percent compared to the EUR 65 million of the 1st quarter 2008.

Huub Baren: “The economic crisis is clearly hitting the electronics industry very hard. Sales to almost all customers are considerably slower. In the second half of 2008 we had seen a downturn coming and had already taken measures to counter it. The decline we are now seeing is turning out much stronger than we had expected. The Board of Directors has tasked management with examining all possible scenarios to guarantee our future profitability.

“The decline in sales will produce an undercoverage of costs in the first quarter. At the same time, a number of previously decided restructurings will take place during this period and will also impact the result. We are expecting an operating loss of EUR 1 to 2 million for the group in the 1st quarter.”

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