STOCKHOLM, Sweden, Oct. 23, 2003 (PRIMEZONE) -- Framfab AB (publ)
-- Net revenue was SEK 186.1 million (264.1) for January-September and
SEK 53.8 million (68.4) for the traditionally weaker third quarter.
-- The loss after tax for January-September was SEK -84.0 million (-
62.2), of which SEK -37.2 million was attributable to the divestment
of shares in B2 Bredband AB. Third quarter earnings improved
substantially from the previous quarter to SEK -11.3 million (-32.8).
Earnings per share amounted to SEK -0.17 (-0.13) for January-September
and SEK -0.02 (-0.07) for the third quarter.
-- Cash flow was SEK -3.0 million (-50.3) for January-September and
SEK 24.8 million (-25.8) for the third quarter.
-- Framfab strengthened its financial position and ownership structure
in September by carrying out a special issue of new shares that raised
SEK 34.1 million after underwriting expenses.
-- Costs continued to decrease according to plan in the third quarter.
Previously planned cost effectiveness measures implemented in the
second and third quarters will reduce costs by an estimated SEK 46
million on an annual basis.
-- On September 3, Framfab took over 14 employees and a number of
customer relationships from Icon Medialab in Denmark. The newly
acquired operation is expected to make a positive contribution to
operating earnings in 2003.
-- Framfab signed an agreement with SBI Group Inc. as of October 22
for the acquisition of SBIs London operations, including 62 employees.
The deal represents considerable international expansion, uniformly
distributed between Britain and the rest of Europe, of Framfabs client
base. The two companies also signed a strategic collaboration
agreement. The acquisition is conditional upon confirmation of certain
information about SBI (UK) and approval by a special meeting of Framfab
shareholders, scheduled for November 12.
-- The market remained weak in the third quarter. The company's
objective remains to attain profitability during the fourth quarter.
However, the impact of the sluggish economy on fourth quarter revenue
still appears uncertain.
The full report including tables can be downloaded from the enclosed link.
Framfab is a leading European specialist in digital media solutions and communication based on Internet technology. Most of Framfab's customers are big international companies, including 3M, AXA, the Coca-Cola Company, Danske Bank, Ericsson, Hydro Texaco, IKEA, Kellogg's, NEC Packard-Bell, Nike, Observer, Postbank, SAAB, Volvo Car Corporation and UBS. Framfab operates in Denmark, Germany, the Netherlands, Sweden and Switzerland. 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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The full report is available for download:
http://www.waymaker.net/bitonline/2003/10/23/20031023BIT00170/wkr0002.pdf