- Release Date: 13/02/13 10:53
- Summary: FORECAST: RAK: Rakon Market update 13 February 2013
- Price Sensitive: No
- Download Document 1.28KB
RAK 13/02/2013 08:53 FORECAST REL: 0853 HRS Rakon Limited FORECAST: RAK: Rakon Market update 13 February 2013 RAKON MARKET UPDATE 13 FEBRUARY 2013 (RAK) Rakon has just completed a reforecast for the FY13 year ending 31 March and wishes to adjust the previous guidance provided to the market on 20 December 2012. The previous guidance of an EBITDA range of $8m-$12m is now adjusted to $5m-$7m. The downward adjustment comes as a result of the Smart Wireless Device market's sudden & aggressive price reductions demanded of all key component suppliers. The Directors of Rakon are very disappointed to have to accept this downward reforecast, but wish to emphasise that the planned permanent cost reductions of $10m p.a. ($7m which take effect from 1 April 2013) are still intact and on train. The Company is compliant with its bank covenants. The Balance Sheet of Rakon has been the subject of extensive review over past months and even though strong (Net Assets of $189m & Net Tangible Assets of $0.80 per share, as at 30-Sep-12), will be the subject of actions to ensure it is properly aligned to a future for Rakon that allows the Company to profit from its strengths. -ends- Contact: Brent Robinson Rakon (09) 571 9202 www.rakon.com End CA:00232862 For:RAK Type:FORECAST Time:2013-02-13 08:53:39
- Forums
- NZX - By Stock
- RAK
- Ann: FORECAST: RAK: Rakon Market update 13 Februa
Ann: FORECAST: RAK: Rakon Market update 13 Februa
Featured News
Add RAK (NZSX) to my watchlist
The Watchlist
1CG
ONE CLICK GROUP LIMITED
Mark Waller, MD
Mark Waller
MD
Previous Video
Next Video
SPONSORED BY The Market Online