STOCKHOLM, Sweden, July 22, 2004 (PRIMEZONE) -- Framfab AB (publ):
-- Net revenue for January-June was SEK 169.9 million (132.3), an increase of 28% from the same period of 2003. Net revenue per employee rose to an annual figure of SEK 966 thousand (649). Net revenue for the second quarter amounted to SEK 82.4 million, an increase of 38% from the same period of 2003. -- Earnings after tax totaled SEK 1.7 million (-72.7) for January-June and SEK 1.4 million (-69.3) for the second quarter. Earnings per share came to SEK 0.00 (-0.15) for January-June and SEK 0.00 (-0.14) for the second quarter. Operating earnings excluding amortization of goodwill were SEK 6.1 million (-38.5) in January-June and SEK 2.8 million (-32.9) in the second quarter. -- Cash flow for January-June was SEK 124.6 million (-27.8). Excluding restructuring charges, acquisitions and issues of new shares, cash flow amounted to SEK -0.8 million (-12.8). Excluding issues of new shares, second quarter cash flow was SEK 7.9 million (-1.9). Liquid funds were SEK 180.0 million as of June 30. Excluding capital raised by recent issue of new shares, liquid funds totaled SEK 29.7 million. -- During the second quarter, Framfab carried out an issue of new shares with the right of priority for existing shareholders. The issue was fully subscribed and raised approximately SEK 149 million after underwriting costs. Now Framfab's balance sheet is significantly stronger, the company is much better positioned to play a leading role in the ongoing consolidation of the European Interactive Marketing and Web Consulting sector. -- At the turn of the half-year, Framfab Germany hired 14 employees and took over a number of strategic customer relationships, including Postbank and Audi, from Blue Pier GmbH, which had entered preliminary bankruptcy proceedings. -- Framfab's primary objective for 2004 is to sustain profitability. However, the consulting services market remains difficult to foresee. Despite indications of greater propensity to invest among Framfab's clients, prospects are still uncertain. As a result, Framfab is not making a forecast for either the upcoming quarter or the whole of 2004.
Framfab is a leading European communications specialist in digital media and interactive solutions based on Internet technology. Most of Framfab's customers are large international companies, including 3M, American Express, AXA, Carlsberg Breweries, the Coca-Cola Company, Danske Bank, DuPont, Ericsson, Hydro Texaco, Kellogg's, Kraft Food International, Lloyds TSB, Nike, Nobel Biocare, Philip Morris International, Philips, Postbank, SAAB, Sara Lee Douwe Egberts, Swedish Match, Vodafone, Volvo Car Corporation, Volvo Group and UBS. Framfab operates in Denmark, Germany, the Netherlands, Switzerland, Sweden and the United Kingdom. The company is quoted on the O-list, Attract40 of Stockholmsborsen (ticker symbol FRAM). For additional information, see www.framfab.com.
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