HELSINKI, Feb. 12, 2002 (PRIMEZONE) -- The following release is being issued by the Proha Group:
"Since some news evaluations have mentioned Proha in a misleading financial context, which have caused unfounded speculations concerning Proha, we see it necessary to give the market correct information on the situation and the business development of the Proha Group.
Proha Group's net sales for 2001 were EUR 82 - 85 million, a 125% growth compared to 2000 (EUR 36.1 million) and a modest growth compared to the pro forma net sales for 2000. In accordance with the current preliminary information, the Group's total earnings are in line with the earlier forecasts, showing a loss of approximately EUR 5 million (EBITDA). The figure includes the effect of Opus360 transaction. In the Proha interim report for the third quarter 2001, the effect of Opus360 transaction was estimated to be EUR -4.9 million (EBITDA). The reorganization of Opus360 Corporation has been concluded.
Proha Group's cash assets on December 31, 2001 were EUR 5.9 million. In addition, the unused credit lines of the Group were approximately EUR 3.8 million.
The audited financial statement for 2001 will be published on March 14, 2002.
Proha management sees that the operational preconditions are normal, and there are no present financial problelms. On the basis of the preliminary information from January, the financial prospects for the first quarter in 2002 are positive and forecast even better financial year 2002 than expected earlier."
Proha Plc, Pekka Pere, President and CEO
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