STOCKHOLM, Sweden, Oct. 30, 2002 (PRIMEZONE) -- Studsvik AB (Stockholm:SVIK):
- Studsvik's net sales increased by 13 per cent to SEK 743.2 million (656.4).
- The result before tax improved considerably during the third quarter to SEK 10.3 million (-35.0). In total, the result for the period amounted to SEK -13.0 million (-99.1).
- Production in the Erwin facility continues to increase. The dismantling and decommissioning business in Germany is showing growth.
Net Sales During the third quarter, net sales amounted to SEK 250.5 million (247.9) and, for the period of January-September, amounted to SEK 743.2 million (656.4), which is an increase of about 13 per cent. All of the SBUs show an increase in net sales, with the exception of Nuclear Technology, which reports a marginal decrease.
Net sales outside Sweden increased during the period of January- September and amounted to 68 (65) per cent of net sales.
Result The operating result for the third quarter was SEK 8.2 million (-33.9). For the period of January-September, the operating result amounted to SEK -13.6 million (-92.9).
Profit before tax for the third quarter amounted to SEK 10.3 million (- 35.0) and, for the period of January-September, amounted to SEK -13.0 million (-99.1).
Expenses for legal fees and other expertise related to the arbitration process in the USA amounted to SEK 24.2 million in January-September.
A final agreement was reached concerning the purchase price for SINA. According to the acquisition agreement, the purchase price for the company is to be adjusted in relation to the company's profit for 1998 and 1999. In 2000, the purchase price reduction was calculated at EUR 2.1 million. This was also reported as a receivable in the consolidated accounts. In 2001, Studsvik took the case to an arbitration court. In August 2002, an agreement was reached whereby the purchase price was finally reduced by EUR 1.5 million. The difference of EUR 0.6 million, corresponding to SEK 5.1 million, has therefore been charged to operating result for the third quarter. SEK 0.9 million in expenses for the arbitration process have been charged to operating result for the quarter and SEK 1.6 million has been charged for the period of January-September.
During the fourth quarter, Studsvik will obtain a tax refund amounting to SEK 10.7 million, relating to the acquisition of SINA. The tax refund is reported as a reduction in tax expense in the third quarter and has had no impact on the operating profit. Interest is accrued on the purchase price adjustment and the tax refund. This corresponds to SEK 3.8 million which has been added to the result for the third quarter.
During the third quarter, THOR Treatment Technologies LLC (TTT) was founded. Studsvik and Washington Group Inc. each have a 50 per cent ownership stake in TTT. Studsvik granted the company an exclusive license to use the THOR process. The transaction resulted in a consolidated capital gain of SEK 17.3 million. This gain is reported as group income. Expenses for setting up TTT's operations, corresponding to SEK 4.9 million, have been charged to the result for the third quarter. Forthcoming Financial Information
Press release, January-December February 19, 2003 Interim report, January-March 2003 April 23, 2003 Interim report, January-June 2003 August 19, 2003 Interim report, January-September 2003 October 28, 2003 For further information contact: Studsvik Hans-Bertil Hakansson, President and Chief Executive Officer tel +46 155 22 10 26 or +46 709 67 70 26 (cellphone) Jerry Ericsson, Chief Financial Officer tel +46 155 22 10 32 or +46 709 67 70 32 (cellphone) See also www.studsvik.se
This interim report has not been reviewed by the company's auditors.
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http://www.waymaker.net/bitonline/2002/10/30/20021030BIT00800/wkr0002.pdf The full report