Riber cuts workforce despite bullish outlook
France-based MBE specialist Riber has reported sales of just €3.7 million ($4.6 million) for the first half of its fiscal 2004, which ended on June 30.
The company made a net loss of €4.7 million during the period, compared with a loss of €3.5 million in the first half of last year.
Riber blamed poor sales, downward pressure on selling prices and the unhelpful euro/US dollar exchange rate for the disappointing figures.
As a result of the lackluster performance, the company is to reduce its workforce and production expenses, partly by concentrating its operations onto a single site.
But with strong orders for research equipment in the pipeline (ten research machines are on order), Riber now expects sales to pick up in a big way next year as commercial device manufacturers gear up for increased production.
The company predicts full-year 2004 sales to hit €13 million before rising to €18-21 million in 2005, thanks to purchase demand for "wireless telecommunications, optoelectronics and new applications".
Riber said that it had cash and cash equivalents amounting to €8.4 million on June 30, down from €9.8 million at the beginning of the year.