EMS Seven Seas Reports Its 4Q Results for 2013

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

The EBITDA came in at USD 2.2 million in the quarter, an improvement compared to USD 1.4million and USD 1.1million 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 USD -17.9 million compared to USD -16.6 million in Q3 2013 and USD -17.4 million 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.

EMS Seven Seas, February 25, 2014

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