Bloomberg News

Cicor Falls Most in Two Months as Sales Drop 11%: Zurich Mover

August 22, 2012

Cicor Technologies (CICN) fell the most in more than two months after reporting an 11 percent drop in first-half sales, citing weaker domestic demand and uncompleted pilot projects in China.

Cicor fell as much as 6.3 percent, the biggest drop since June 1, and was down 4.8 percent at 30.45 Swiss francs by 10:46 a.m. in Zurich. That gave the Boudry, Switzerland-based circuit- board maker a market value of 87 million francs ($90 million).

Cicor’s second-quarter revenue fell to 84.4 million francs from 94.6 million a year earlier, it said today in statement on Tensid newswire. Earnings before interest and tax advanced to 2.49 million francs from 2 million francs.

Cicor had “mixed results with microelectronics being the big culprit for the miss,” Andy Schnyder, an analyst at Vontobel Holding AG (VONN) based in Zurich, who recommends buying the stock, said in an note to clients. “We will meet the management and revisit our investment case.”

To contact the reporter on this story: Paul Verschuur in Zurich at pverschuur@bloomberg.net

To contact the editor responsible for this story: Mariajose Vera at mvera1@bloomberg.net


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