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6 months ago
BRIEF-Parrot Q4 net result swings to loss of 44.7 million euros
March 1, 2017 / 7:39 AM / 6 months ago

BRIEF-Parrot Q4 net result swings to loss of 44.7 million euros

March 1 (Reuters) - Parrot SA:

* 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: bit.ly/2mDdIJE Further company coverage: ($1 = 0.9473 euros) (Gdynia Newsroom)

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