February 25, 2015 – Total revenues for 2014 were $20.8 million, on par with 2013. Fourth quarter revenues were $4.6 million, versus $6.1 million the same period last year. Asetek expects strong quarter-on-quarter revenue growth for the first and second quarter of 2015, mainly driven by the release of its Generation 5 platform of products.
During 2014, Asetek continued to invest in its growth strategy targeting large-scale adoption of liquid cooling of data centers. In February 2015, The California Energy Commission selected Asetek for a $3.5 million project to install RackCDU liquid cooling in two data centers. Yesterday, Asetek announced a global OEM purchase agreement with Fujitsu. Fujitsu will incorporate Asetek’s RackCDU liquid cooling technology into its high performance computing server product line and is expected to launch the first products in the second quarter of 2015.
Intellectual property is a key part of Asetek’s growth platform. In December 2014, the U.S. District Court unanimously ruled in favor of Asetek on all claims in its patent infringement lawsuit against CMI USA, Inc and in February 2015, the patent case with CoolIT Systems Inc. (“CoolIT”) was settled.
“We spent 2014 building momentum with continued data center and IP investments, and achieved progress with existing and potential partners. We are very pleased that our strategic efforts over the last couple of years are yielding results. When we now strengthen our balance sheet, we are preparing for accelerated growth with data center volume ramp-up and further partnering with top tier OEMs”said André Sloth Eriksen, founder and CEO of Asetek.
Fourth quarter material
The fourth quarter report and the webcast presentation are attached to this release and available from the company’s website www.asetek.com.
WebcastAsetek will give a presentation today at 08:30 CET which can be followed through a webcast or a conference call. CEO André Eriksen and CFO Peter Dam Madsen will represent the company.
A link to the webcast can be accessed from asetek.com/investor-relations/reports-presentations.
The conference call details are:
|Oslo, Norway||+47 2350 0486|
|Copenhagen, Denmark||+45 32 71 16 59|
|London, United Kingdom||+44 (0)20 3427 1915|
|New York, United States of America||+1 646 254 3367|
The conference call lines will be opened for participants to ask questions at the end of the presentation.
For further information, please contact:
Andre S. Eriksen, Chief Executive Officer
Mobile: +1 408 398 7437, e-mail: email@example.com
Peter Dam Madsen, Chief Financial Officer
Mobile: +1 408 813 4147, e-mail: firstname.lastname@example.org