AMSTERDAM, The Netherlands, May 13, 2004 (PRIMEZONE) -- Wolters Kluwer, a leading multinational publisher and information services company, announced today its results for the first quarter of 2004. While still early in the year, its first quarter results compared with last year show encouraging improvements in the underlying business.Highlights for first quarter of 2004 include:
* Three-year strategic plan firmly in place and producing positive results
* Revenues Euro 765 million, up 2% in constant currencies, organic revenues up 1%
* Ordinary EBITA Euro 105 million, up 11% in constant currencies
* Ordinary net income Euro 56 million, up 21% in constant currencies; Ordinary EPS of Euro 0.19, up 17% in constant currencies
* Strong revenue growth in Corporate & Financial Services and Health, US Tax and Accounting, Italy, Central & Eastern Europe, Spain and Scandinavia
* Restructuring efforts ongoing in the Netherlands, UK and Belgium; soft market conditions continue
* Cost savings, including FTE reductions, are on track; Personnel costs decreased as percentage of revenues
* Net debt reduced 16% from Euro 2.2 billion in Q1 2003 to Euro 1.8 billion
* Continued strong free cash flow of Euro 125 million versus Euro 40 million last year
* Full-year 2004 outlook given on October 30, maintained
Nancy McKinstry, Chairman of the Executive Board, comments: "The implementation of our three-year strategy is well on track, reflected in the good results within our growth areas of Corporate & Financial Services and Health, as well as our Tax business in North America. Sales of integrated products and services are clearly making headway in the market. With key customer wins and new product launches, the first quarter has given us a good start to 2004. First quarter results are in line with our outlook for the full year, and I am confident that our strategy will deliver sustained and profitable growth."
The full press release including tables can be downloaded from the following link: http://hugin.info/130682/R/945599/133142.pdf
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