DANE-ELEC Memory, manufacturer and distributor of digital products (Dram memory chips and storage and hand-held products), is pleased to announce the implementation of a new strategic set-up. Designed to protect its bottom line over the long-term, the company's new organization will cement its lasting development and ensure the creation of value for its shareholders.
Dane-Elec Memory posted consolidated revenues of ¤ 78.4 million for the first half of 2010, up 9% on the previous six months. This growth is fed by the North American market which now represents half of the group's sales, and by the recovery that appears to be taking shape for its subsidiary, Intervalle (distribution of hand-held products in France), after it lost two major contracts in 2008.
At the same time, the extremely high pressure that continues to weigh on prices and the extraordinary expenses generated over the period have resulted in an estimated net loss of ¤ 9 million for the first half of 2010.
Against this backdrop, Dane-Elec Memory has embarked on the strategic review of its activities in order to define a new business plan for 2011-2013 aimed at restoring the group's long-standing growth and profitability. This medium-term review goes hand-in-hand with more immediate streamlining measures, with Dane-Elec appointing a Head of Operations to oversee the process and reorganizing the group's general management to ensure it is a success from the word go.
David Haccoun, Chairman and CEO of Dane-Elec Memory, will manage the group's activities in Europe and the Middle East and its back office functions (R&D, marketing and finance). Deputy CEO, Nessim Bodokh, will focus on developing Dane-Elec's businesses in the United States and Asia, and on the redeployment of group subsidiary, Intervalle. Another priority will be to step up the commercialization of myDitto technology (including in the form of OEM license agreements) around the world. The two co-founders will continue to head up the group's core strategy.
Finally, alongside the talks underway with its banking partners, Dane-Elec Memory has already upped its financing capacity (tighter management of receivables in France, new bank loan in the United States). On September 15, 2010, the group's unused bank credit lines amounted to ¤ 5.5 million.
Next publication: H1 2010 results on Wednesday 29 September after the close of trading.
About DANE-ELEC Memory
Founded in France in 1985 by David Haccoun and Nessim Bodokh, Dane-Elec Memory is an international company headquartered near Paris. The company specializes in the manufacture and distribution of digital products: Dram memories and storage and hand-held products.
As a global player, Dane-Elec Memory operates in Europe, the United States, Asia, and the Middle East. The group has a manufacturing and assembly plant in Ireland, three assembly units in the United States, Ireland and France, and two packaging logistics platforms in the United States and France, making it extremely responsive to demand.
Dane-Elec Memory also has a hand-held product distribution subsidiary, Intervalle, in France.
In 2009, Dane-Elec Memory generated revenues of ¤ 180 million.
Dane-Elec Memory is listed on Segment C of Euronext Paris and has been awarded the label of Innovative Company by France's National Agency for Industrial Innovation, OSEO innovation.
ISIN: FR000036774, MNEMO: DAN, BLOOMBERG: DAN:FP, REUTERS: DEMY.PA.
All our financial information at www.dane-elec.fr or www.actusnews.com
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