LUND, Sweden, March 5, 2002 (PRIMEZONE) -- DORO AB, listed on the O-list of the Stockholm Stock Exchange held its Annual General Meeting today. It was attended by 150 people.
Business situation
CEO Gunnar Akerblom presented an assessment of the business situation in his speech to the meeting: Restructuring is proceeding according to plan and the number of employees has been reduced to 236 (305 in 2001, with a planned reduction to around 200 employees by the end of June). Enhanced procedures for quality assurance are leading to considerably lower costs for quality in new products and are also making customers more satisfied. Several measures have been introduced regarding product supply to increase delivery security and underpin the Group's collective buying-in potential.
The CEO gave an account of DORO's corded and cordless product range, which is a result of the company's tighter focus on market analysis, target groups and choice of relevant sales channel. DORO's assessment is based on relatively weak demand in the market during the first half of the year and rising demand in the second half.
Akerblom expects Q1 to have generated lower sales than last year but significantly improved results. He stands by the assessment made in the Annual Report that the coming year will see a positive trend and a significant profit improvement. Conditions remain good for achieving a positive result in 2002.
Election of the Board of Directors
The following members were re-elected:
-- Rune Andersson, Anders Bulow, Ulf Korner, Joen Magnusson and Gunnar Akerblom
-- Tomas Persson was newly-elected Deputy member
-- Anders Frick was re-elected
Tomas Persson has been MD at Brio since 2000. He was formerly Managing Director of Ellos and held various positions at International Masters Publishers and Gambro. Bulow (re-election) was appointed Chairman of the Board at the first Board meeting. The Board's remuneration was set at SEK 550,000.
Dividend
No dividend will be paid out.
Future reports Q1: April 19; Q2: August 2; Q3: October 22; Financial statement: January 30, 2003 2002; Annual Report: mid-February 2003; 2002 AGM: March 13, 2003. The Annual Report and other information is available from www.doro.se
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