ARUNDEL, U.K., Jan. 16, 2003 (PRIMEZONE) -- E-learning solutions provider Futuremedia Plc (Nasdaq:FMDAY) today announced financial results for the 6-month and 3-month periods ending October 31, 2002. The Company's financial year ends on April 30.
For the six-month period ending October 31, 2002, the Company reported revenues of 617,000 pounds ($966,000). This represents an increase of 148,000 pounds ($232,000) or some 31.0% when compared with H1 fiscal 2002. The Company has reduced the operating loss to 386,000 pounds ($604,000), an improvement of 908,000 pounds or 70% compared with H1 2002.
For the three-month period ending October 31, 2002, the Company reported revenues of 275,000 pounds ($430,000), an increase of 51,000 pounds compared to Q2 2002. The operating loss for the quarter was 206,000 pounds ($323,000), representing a reduction of 420,000 pounds compared to Q2 2002.
Mats Johansson, CEO of Futuremedia, said: "I am happy to see continued confirmation of the effectiveness of our strategy. This half-year further encourages us in our belief that we can attain sustainable profitability over the next six months. Although there is still little evidence of an expected upswing in corporate IT spending, and the economic and political risks remain high, our order book is well filled. However, we continue resolutely to keep costs down. The Company also will be taking further steps to improve its balance sheet."
Summary results (unaudited):
Half Year to Half year to
Oct 31, 2002 Oct 31, 2001
Revenues 617,000 pounds ($966,000) 469,000 pounds
Operating Costs 1,003,000 pounds ($362,000) 1,763,000 pounds
Operating Loss 386,000 pounds ($604,000) 1,294,000 pounds
Net Loss 409,000 pounds ($642,000) 1,279,000 pounds
Weighted Shares 41,741,095 29,648,374
Loss per Share 0.010 pounds ($0.015) 0.043 pounds
Quarter to Quarter to
Oct 31, 2002 Oct 31, 2001
Revenues 275,000 pounds 224,000 pounds
Operating Costs 481,000 pounds 850,000 pounds
Operating Loss 206,000 pounds 626,000 pounds
Net Loss 225,000 pounds 623,000 pounds
Weighted Shares 43,054,002 29,648,374
Loss per Share 0.005 pounds 0.021 pounds
About Futuremedia PLC
Futuremedia plc (est 1983) is a Solutions Provider in the growing eLearning market with 20 years experience in the interactive media field supplying products and services to industrial and commercial business sectors and government, mainly in the U.K. and Continental Europe.
The Company has a proven track record in providing knowledge and training via Solstra, its proprietary Learning Management System which in its largest application has a capacity for 240,000 users.
Incorporated within its principal operation headquartered in the U.K., Futuremedia's Professional Services team identify and specify client requirements and Futuremedia's Content Studio then design and develop custom content for clients' needs. The Futuremedia Library unit specifies and administers any content required from its comprehensive range of third party products. The Solstra Team deploy Futuremedia's own Learning Management System enabling training to be rapidly administered, delivered and progress tracked.
Futuremedia's customers include Consignia (The U.K.'s Royal Mail), Ford Motor Company and BT. Training content from partners SmartForce, Centra Software, SkillSoft and NETg is supplied and supported.
Futuremedia can be found on the Web at http://www.futuremedia.co.uk
This press release contains forward-looking statements related to future results and speaks only of the Company's expectations as of the date hereof. Such statements include discussions concerning the Company's financial performance and strategic direction. Such statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from expectations. The risks and uncertainties include general market uncertainty due to political and economic circumstances, the early stage of the Internet and intranet learning and communications market, the management of growth, the ability of the Company to develop and successfully market new products, rapid technological change and competition, and other factors detailed in the Company's filings with the U.S. Securities and Exchange Commission. The Company expressly disclaims any obligation to release publicly any updates or revisions to any such statement to reflect any change in expectations or in information on which any such statement is based. All product names and trademarks mentioned herein are trademarks of Futuremedia or their respective owners.