CEVA revenue fell 13% in 2009

CEVA revenue fell 13% in 2009    Logistics company CEVA said last week that 2009 revenue fell 13 percent to 5.5 billion euros ($7.4 billion) from 6.3 billion euros in 2008.
   “Following a challenging first quarter, we delivered solid and progressive results across the remainder of 2009 and, overall, we believe that CEVA responded well to a different and demanding trading environment, and is well positioned for the future,” said John Pattullo, CEVA’s chief executive officer.
   The company said it is “continuing to see steady improvements across the business as the global economy improves.

Pattullo

   “The global logistics markets fell precipitously in November 2008 and although there was some recovery later in 2009, the overall market declined by about 12 percent year-on-year,” CEVA said.
   “In the last quarter we continued to recover volumes and revenues; however as freight carriers removed capacity and rates increased, we saw price increases that we were unable to pass through immediately to customers. We expect to recover these margins in 2010.
   “One of our key sectors is automotive. Volumes in this segment continued to rally through the year including the fourth quarter. We remain focused on our strategy of increasing our share in other sectors to broaden our markets served and are pleased to report increases in our technology and industrial businesses, with particular growth in the fourth quarter among technology customers,” the company said.