25 Feb, 2014

EMS Seven Seas ASA : Q4 2013 Report

EMS Seven Seas ASA presents the Fourth Quarter Results for 2013. Attached please find the Q4 2013 Report.

Highlights - Q4 2013

For Q4 2013, EMS reported total revenues of MUSD 106.1, an increase from MUSD 97.3 in Q3 2013, but a year-on-year decrease compared to MUSD 117.7 in Q4 2012.

The EBITDA came in at MUSD 2.2 in the quarter, an improvement compared to MUSD 1.4 and MUSD 1.1 in Q3 2013 and Q4 2012 respectively.

The gross margin increased from 18.4% in Q3 2013 to 18.9% in Q4 2013, a significant increase compared to the Q4 2012 level of 15.7%.  The large year over year increase is mainly driven by a change in product mix from military to commercial sales as share of total revenues. In addition, margins have improved within the segments. The increase from Q3 2013 is partially driven by year-end reception of supplier rebates accrued over the year.

Operating expenses were MUSD -17.9 compared to MUSD -16.6 in Q3 2013 and MUSD -17.4 in Q4 2012. The increase compared to last quarter is primarily due to costs associated with management changes in the Group.

The Company has been able to stabilize and improve the quarterly EBITDA over the last years. The Company continues the work on measures to increase operational efficiency and reduce the cost level, to improve profitability further.

Toril Eidesvik took over as the CEO of the company from 13 November 2013, replacing Morten Persen.


For further information, please contact:

Ole Anton Gulsvik
Chief Financial Officer
Phone: +47 995 68 520

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


Q4 2013 Report

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