STOCKHOLM, Sweden, Aug. 20, 2004 (PRIMEZONE) -- ProAct IT Group:
The second quarter shows a recovery compared to the first quarter of the year, both in terms of revenues and result. The Company's overhead has been significantly reduced in connection with the integration of Dimension. Service operations showed a continued favorable development. A growing contract base and stable consulting fee income, combined with lower costs, create opportunities for profitability during the second half of the year.
Second quarter summary
-- Revenues amounted to MSEK 230.5 (181.0), of which service revenue
accounted for MSEK 105.7 (87.5).
-- The operating result before amortization of goodwill (EBITA)
amounted to MSEK 1.0 (-14.8).
-- The net result was MSEK -3.5 (-14.2).
-- Liquid funds stood at MSEK 90.3 at the end of the period.
-- The number of employees was 355 (280) at the end of the period,
a decline by 30 persons during the second quarter.
January -- June in summary
-- Revenues amounted to MSEK 405.0 (357.7) of which service
revenue accounted for MSEK 205.3 (175.3).
-- The adjusted operating result before amortization of goodwill
(EBITA) was MSEK -11.1 (-15.2). Costs for action programs meant
additional charges against earnings of MSEK -39.8 (-9.5).
-- The net result was MSEK -62.5 (-26.5).
-- Earnings per share were SEK -5.48 (-2.81) per share.
Significant events during the second quarter
-- A four-year managed services contract was concluded with Ericsson
in Norway during the quarter.
-- A number of major deals have been closed with, among other,
Carmen Systems, ConocoPhillips, GE Medical, Geno, Spray,
TeliaSonera, Troms Kraft, Volvo and Vattenfall.
PROACT is an independent information and technology specialist targeting companies and organizations for management of rapidly growing information volumes and mission-critical information. PROACT combines leading specialist know-how and technology with experience from about 1,500 customers in solutions for IT infrastructure that contributes to making the customer's day-to-day business more profitable.
The PROACT Group has 360 employees and conducts business in Denmark, Finland, Latvia, Lithuania, Norway, Sweden and Switzerland. ProAct was founded in 1994. The Parent Company, PROACT IT Group AB, on the O-list of Stockholmsborsen, the Stockholm stock exchange, under the symbol PACT since 1999.
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