GOTHENBURG, Sweden, Feb. 21, 2003 (PRIMEZONE) -- Sigma AB (publ) (Stockholm:SIGMb):
-- Veckans Affarer ranks Sigma as Sweden's No. 1 IT consultant
-- Projects involving functional sourcing increased 57% to SEK 160 M.
-- Profit (EBITA) for the full year amounted to SEK 0.7 M (loss 8.1).
-- Loss after financial items amounted to SEK 128.6 M (loss 294.1),
which includes a reduction of goodwill by a total of SEK 127.2 M
(265.3).
-- Forecast 2003 is a significantly better result EBITA than in 2002
Comments on market trends
During the fourth quarter, demand for consulting services was weak. Generally, demand has stabilized at a lower level and Sigma has taken strong measures to adapt to this lower level.
Net sales and earnings
Net sales in the fourth quarter amounted to SEK 234.2 M (390.0). Profit before goodwill amortization (EBITA) amounted to SEK 11.1 M (2.6). Earnings during the quarter were adversely affected by nonrecurring costs amounting to SEK 2.3 M (208.3). Earnings after financial items amounted to a loss of SEK 1.2 M (loss: 222.5).
Sales during the year amounted to SEK 1,115.7 M (1,405.4). The decline in sales is largely attributable to divested companies, as well as to the reduction of Group operations. Operating expenses decreased by SEK 297 M. Adjusted for company divestments, total costs for the year declined by SEK 162 M, which is twice the targeted amount specified in autumn 2001. Operating profit before goodwill amortization (EBITA) amounted to SEK 0.7 M (loss: 8.1), including that operating costs were affected continuously by the costs of personnel layoffs that took place during the year and were not related to discontinuation of operations. The Company also expensed investments in computers and other equipment in an amount of SEK 8.8 M (15.2), with an expected economic life of less than 3 years.
Operations that are to remain in the Group at year-end 2003 reported sales of SEK 815.3 M with an operating profit (EBITA) of SEK 28.6 M during the year.
Sigma AB (publ), Board of Directors
The full report can be downloaded from Sigma's Website at www.sigma.se.
For further information, contact:
Sune Nilsson, President Sigma AB (publ) Tel. +46-31-335 67 15 Mobile: +46-703-79 15 28 e-mail sune.nilsson@sigma.se Lars Sundqvist, CFO Sigma AB (publ) Tel. +46-31-335 67 16 Mobile: +46-703-79 22 02 e-mail lars.sundqvist@sigma.se This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: www.waymaker.net/bitonline/2003/02/21/20030221BIT00110/wkr0001.doc www.waymaker.net/bitonline/2003/02/21/20030221BIT00110/wkr0002.pdf