STOCKHOLM, Sweden, April 16, 2004 (PRIMEZONE) -- Framfab AB (publ):
-- Net revenue increased by 21% from the first quarter of 2003 to SEK
87.5 million (72.6) in the first quarter. Compared with the fourth
quarter 2003 net revenue increased with 25%. Net revenue per
employee rose by 37% from the previous year, representing an annual
rate of SEK 962 thousand (702).
-- Profit after tax for January-March was SEK 0.3 million (-3.4).
Earnings per share amounted to SEK 0.00 (-0.01). Operating earnings
before amortization on goodwill for the first quarter was SEK 3.3
million (-5.6)
-- Cash flow for January-March was SEK -33.6 million (-25.9), of which
SEK -11.2 million (-3.7) was attributable to restructuring costs
and SEK -6.3 million to acquisitions. The remaining part mainly
consists of losses from the fourth quarter 2003. Liquid funds
were SEK 22.2 million (23.7) as of March 31. Provided the company
maintains profitability the company assess current liquidity
position sufficient.
-- Framfab acquired Paregos Mediadesign AB during the period. Paregos
with operations in Stockholm and Skelleftea, involving 20 employees.
-- Recent acquisitions, SBIFramfab in London and Paregos in Sweden,
posted operating profits.
-- Our strategy has delivered a result in the first quarter during
which operating earnings were positive, and were higher than both
the corresponding period of 2003, and the fourth quarter of 2003.
Framfab plans to continue to grow organically, and by acquisition.
This will result in us strengthening our prominent market position
and gaining economies of scale, both of which are deemed essential
to long-term profitability.
-- 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 specialist in digital media solutions and communication based on Internet technology. Most of Framfab's customers are large international companies, including 3M, American Express, AXA, Carlsberg Breweries, Cheltenham and Gloucester Building Society, the Coca-Cola Company, Danske Bank, DuPont, Ericsson, Hydro Texaco, Kellogg's, Kraft Food International, Lloyds TSB, Nike, Nobel Biocare, Observer, Philip Morris International, Philips, Postbank, SAAB, Sara Lee Douwe Egberts, Vodafone, Volvo Car Corporation, Volvo Group and UBS. Framfab operates in Denmark, Germany, the Netherlands, Sweden, Switzerland, and the UK. The company is quoted on the O list of the Stockholm Stock Exchange (ticker symbol FRAM). For more information, please visit www.framfab.com.
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