STOCKHOLM, Sweden, Feb. 13, 2004 (PRIMEZONE) -- ProAct IT Group AB: Operations and results evolving in the right direction The fourth quarter clearly shows that action taken during the year has generated effects on the Company's earnings as well as on its cash flow. Combined with increased service revenue, these efforts have laid the groundwork for continued sustained earnings improvement, even with no improvement in an unchanged market situation.
ProAct has completed the bid for Dimension and with this combination a powerful player in IT infrastructure is created. The combined group is expected to generate revenues of about MSEK 1,100 during 2004, about MSEK 500 of which is service revenue.
Fourth quarter summary
- Revenues amounted to MSEK 208.9 (260.2).
- The operating result before amortization of goodwill (EBITA) was MSEK 10.0 (-6.1).
- The net result amounted to MSEK 7.2 (-33.5).
- Cash flow for the quarter was positive by MSEK 6.3; liquid funds amounted to MSEK 124.2.
- The number of employees was 273 (338).
January-December in summary
- Revenues amounted to MSEK 694.8 (793.9), MSEK 334.7 (302.9) was service revenue.
- EBITA for operations amounted to MSEK 0.9 (-12.4). In addition, costs for action programs, MSEK -9.5 (-8.0) and writedown of inventory, MSEK -10.2, a total of MSEK -19,7, was charged to earnings.
- The net result was MSEK -26,5 (-54,1).
- Earnings per share was SEK -2.81 per share.
Important events during the fourth quarter -- A number of major transaction were consummated with, among others, Carmen Systems, Eniro, SEB, Statoil, the Municipality of Tammerfors and Vattenfall Data.
Important event after the reporting period -- The public offer for Dimension AB has been completed.
For further information, please contact: Henrik Holm, President & CEO Telephone: +46-8-410 666 00 e-post: itgroup@proact.se
Address: Djupdalsvagen 7, P.O. Box 466, SE-191 24 Sollentuna, Sweden
Organization number: 556494-3446
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