STOCKHOLM, July 14, 2005 (PRIMEZONE) -- Orc Software (Stockholm:ORC)
-- Revenue for January-June 2005 amounted to SEK 134 (128) million
with an operating income of SEK 9 (25) million, giving an
operating margin of 6.5 (19.1) percent. Income after taxes amounted
to SEK 7 (19) million.
-- According to the accounting principles applicable prior to the
adoption of IFRS, revenue for January-June 2005 would have
amounted to SEK 124 million and operating income to SEK 3 million.
-- Revenue for April-June 2005 amounted to SEK 68 (64) million with
an operating income of SEK 1 (11) million, giving an operating
margin of 1.5 (17.0) percent. Income after taxes amounted to SEK 1
(8) million.
-- Earnings per share for January-June 2005 amounted to SEK 0.53 (1.30).
-- A letter of intent was signed with OMX regarding development of a
new front office platform for sales to exchanges.
-- During the second quarter actions were taken in order to make the
business more efficient and to increase profitability. The cost
increase in comparison with the previous quarter of SEK 8 million
was related to increased costs for negative foreign exchange
differences related to IFRS, restructuring of an existing
Liquidator agreement and the efficiency program, of which SEK 4.2
million was attributable to the efficiency program. The program is
expected to result in annual savings of approximately SEK 15
million, with full effect from the beginning of 2006.
-- The target for the fourth quarter of 2005 is an operating margin
of at least 15 percent.
Orc Software provides technology for advanced market making, trading and brokerage. The Orc Technology is used in 22 countries and allows users to access more than 100 markets. The company is listed at Stockholmsborsen and has operations in Chicago, Frankfurt, Hong Kong, London, Milan, Moscow, New York, Stockholm, St Petersburg, Sydney, Tokyo, Toronto, Vienna and Zurich. In 2004, the company's total revenue amounted to SEK 247 million with an operating income of SEK 30 million. www.orcsoftware.com
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