April 28, 2020 / 4:48 PM / a month ago

BRIEF-Mauna Kea Technologies FY Net Loss Widens To 15.3 Million Euros

April 28 (Reuters) - MAUNA KEA TECHNOLOGIES SAS:

* MAUNA KEA TECHNOLOGIES REPORTS FULL YEAR 2019 FINANCIAL RESULTS AND FIRST QUARTER 2020 SALES RESULTS

* TOTAL REVENUE FOR THE FULL YEAR 2019 PERIOD INCREASED €0.6 MILLION, OR 8% YEAR-OVER-YEAR TO €8.5 MILLION

* OPERATING LOSS WAS €13.0 MILLION IN THE FULL YEAR 2019 PERIOD, COMPARED TO OPERATING LOSS OF €12.0 MILLION IN THE FULL YEAR 2018 PERIOD

* NET LOSS WAS €15.3 MILLION IN THE FULL YEAR 2019 PERIOD, COMPARED TO NET LOSS OF €12.8 MILLION IN THE FULL YEAR 2018 PERIOD

* AS OF DECEMBER 31, 2019, THE COMPANY HAD A CASH BALANCE OF €10.0 MILLION AND LONG-TERM DEBT OBLIGATIONS OF €15.5 MILLION, COMPARED TO €8.6 MILLION OF CASH AND €6.5 MILLION OF LONG-DEBT OBLIGATIONS, AS OF DECEMBER 31, 2018

* OUR NEAR-TERM OUTLOOK HAS BEEN CHALLENGED BY THE GLOBAL CRISIS CAUSED BY THE CORONAVIRUS, OR COVID-19, BEGINNING IN THE FIRST QUARTER OF 2020

* SEVERAL ACTIONS SHOULD PROVIDE SUFFICIENT LIQUIDITY TO MANAGE THE BUSINESS FOR THE NEXT TWELVE MONTHS

* Q1 2020 TOTAL SALES EUR 1.5 MLN, DOWN 14% YOY Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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