ARUNDEL, U.K., Dec. 10, 2002 (PRIMEZONE) -- E-learning solutions provider Futuremedia Plc (Nasdaq:FMDAY) today announced financial results for the 3-month period ending July 31, 2002. The Company's financial year ends on April 30.
For the period ending July 31, 2002, the Company reported revenues of 342,000 pounds ($539,000). This represents an increase of 97,000 pounds ($153,000) or 40.0% on the prior quarter and an increase of 96,000 pounds or 40% when compared with Q1 2002. The Company has reduced the operating loss to 180,000 pounds ($284,000), an improvement of 107,000 pounds or 60% compared with the prior quarter, and an improvement of 487,000 pounds or 73% when compared with Q1 2002.
Mats Johansson, CEO of Futuremedia, said: "In 2003, we will continue the strategy started last year. I believe this quarter further confirms the improving trend the company has worked hard to attain during fiscal 2002.
"By focusing on our core strengths, and by continuing to trim costs, Futuremedia expects to be well positioned for the expected upswing in corporate IT spending during next year. The Company is also taking steps to improve its balance sheet.
"We recognise that markets are still very uncertain due to political and economic circumstances beyond our control. However, the level of our forward orders remains constant, which combined with stringent cost controls should allow us to reach sustainable profitability by the end of this fiscal year."
Highlight of the quarter:
-- As previously announced, the Company completed the acquisition of
C2W limited, a small U.K. based consultancy company specializing
in resource management, in a stock transaction at a net value of
29,000 pounds ($45,000). It is anticipated that the acquisition
will greatly assist the growth of the Company's knowledge
management capabilities, leveraging the contacts C2W has in the
resource, environmental and property sectors.
Summary results (unaudited):
Three Months Ended
April 30, % July 31, 2002 July 31, %
2002 2001
000 Pounds 000 $000 000
Pounds Pounds
Revenues 245 +40 342 539 246 40
Operating Costs 532 -- 522 823 913 -43
Operating Loss (287) -37 (180) (284) (667) -73
Net Loss (281) -35 (184) (290) (656) -72
Weighted
Shares 33,147,637 39,995,353 39,995,353 29,648,374
Loss per
Share 0.008 0.005 $0.007 0.022
Pounds Pounds Pounds
About Futuremedia PLC
Futuremedia Plc (est 1983) is a Solutions Provider in the growing eLearning market with 20 years experience in the interactive media field supplying products and services to industrial and commercial business sectors and government, mainly in the U.K. and Continental Europe.
The Company has a proven track record in providing knowledge and training via Solstra, its proprietary Learning Management System which in its largest application has a capacity for 240,000 users.
Incorporated within its principal operation headquartered in the UK, Futuremedia's Professional Services team identify and specify client requirements and Futuremedia's Content Studio then design and develop custom content for clients' needs. The Futuremedia Library unit specifies and administers any content required from its comprehensive range of third party products. The Solstra Team deploy Futuremedia's own Learning Management System enabling training to be rapidly administered, delivered and progress tracked.
Futuremedia's customers include Consignia (The U.K.'s Royal Mail), Ford Motor Company and BT. Training content from partners SmartForce, Centra Software, SkillSoft and NETg is supplied and supported.
Futuremedia can be found on the Web at http://www.futuremedia.co.uk
This press release contains forward-looking statements related to future results and speaks only of the Company's expectations as of the date hereof. Such statements include discussions concerning the Company's financial performance and strategic direction. Such statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from expectations. The risks and uncertainties include general market uncertainty due to political and economic circumstances, the early stage of the Internet and intranet learning and communications market, the management of growth, the ability of the Company to develop and successfully market new products, rapid technological change and competition, and other factors detailed in the Company's filings with the U.S. Securities and Exchange Commission. The Company expressly disclaims any obligation to release publicly any updates or revisions to any such statement to reflect any change in expectations or in information on which any such statement is based.
All product names and trademarks mentioned herein are trademarks of Futuremedia or their respective owners.