CEVA reports loss, 25% increase in revenue
CEVA Group reported a third quarter loss of 71 million euros ($91.3 million) compared to a loss of 46 million euros ($59.1 million) in the same 2007 period.
Revenue for the quarter was 1.6 billion euros ($2.1 billion) compared to 1.3 billion euros ($1.7 billion) in the same 2007 period, an increase of 25 percent.
The company said the primary driver of growth in the past nine months has been its acquisition of EGL, which was completed in August 2007. It noted operating income has been impacted by the costs associated with rebranding and integrating its businesses.
CEVA said, excluding the effect of changes in foreign currency, Contract Logistics revenue grew strongly for Europe and Asia Pacific because of new contract wins. Revenue within South America showed robust growth while those of North America have decreased in comparison with the prior year, adversely affected by economic slowdown and the full year effect of contract terminations in the prior year.