Brief: Parrot Q4 net result swings to loss of 44.7 million euros
01/03/2017 07:31
March 1 (Reuters) - Parrot SA PARRO.PA :
* Q4 revenue 85.1 million euros ($89.8 million) versus 108.2
million euros year ago
* Q4 EBIT loss of 38.9 million euros versus profit of 5.1
million euros year ago
* Q4 net loss group share 44.7 million euros versus profit
4.5 million euros year ago
* The reorganization announced on January 9, 2017 is moving
forward
* Expects growth to accelerate for commercial drones
* The job protection plan proposed to employees in France is
currently being negotiated. It could lead to a net loss of 150
positions
* In other countries, the reorganization is currently being
finalized, with a reduction of around 100 positions
* Impact of transition on 2017 accounts is now estimated at
20 million euros (versus 25 million euros announced early
January), with around 2/3 non-recurring expenses
* Parrot is targeting global revenue growth and a
significant improvement in profitability in 2017
* Expects to see a very significant reduction in its cash
requirements, despite its payment for the remaining Pix4D
shares, scheduled for the second quarter, and the financing of
its transition in 2017
* Confirms its previous target to return to profitability by
2018
* Expects growth in commercial drone business, changes in
the range of consumer drones to ensure effective control over
margins in 2017
* Drive for operational efficiency, strict control over
costs and improvements in product mix to lead to significant
reduction in main sources of operational losses in 2017
Source text: http://bit.ly/2mDdIJE
Further company coverage: PARRO.PA
($1 = 0.9473 euros)
(Gdynia Newsroom)
((gdynia.newsroom@thomsonreuters.com; +48 58 772 0920;))