ORBIS AG

Earnings Release • Nov 20, 2002

News Details

Ad-hoc | 20 November 2002 08:19

ORBIS AG english

ORBIS AG: consolidation efforts yield positive results Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– ORBIS AG: consolidation efforts yield positive results EBIT improves 85.7% over 2nd quarter of 2002 Saarbrücken, November 20, 2002 —- The business consulting firm ORBIS AG recorded sales of EUR 20.2 million during the first nine months of the current fiscal year for a 4.1% increase over the comparable period of the previous year (EUR 19.4 million). The nine-month results contain EUR1.4 million as the result of the repositioning of the company in the fall of 2001, which includes the disso-lution of deferred income and charges. Earnings before interest and tax (EBIT) improved 53.8% to minus EUR 3.0 million (previous year: minus EUR 6.4 mil-lion). The result after tax and minority interest was minus EUR 2.9 million (previ-ous year: minus EUR 3.6 million) for an improvement of 18.2%. The result per share improved 18.2% to minus EUR 0.323 (previous year: EUR 0.395). Consolidation efforts initiated at the end of last year and beginning of this year clearly had a positive effect during the third quarter. Although the divestiture of holdings during the third quarter led to a 4.6% decline is sales over the second quarter, earnings improved 85.7% from minus EUR 1.8 million during the second quarter to minus EUR 0.3 during the third quarter. The cash flow from operations improved significantly during the course of the quarter, landing in the black for the first time in the third quarter at EUR 0.3 million. As of September 30th ORBIS AG had 281 employees (previous year: 444), or 48 employees fewer than during the previous quarter. ORBIS will continue to concentrate on carrying out consolidation efforts during the fourth quarter. A potential decline in sales is to be expected. ORBIS is there-fore revising its sales projection for 2002 downward from EUR 28 million to EUR 26 million. This might have a negative effect on fourth-quarter earnings. For further information contact: Klaus Kieren, Management Spokesman and CFO of ORBIS AG Tel: +49 (0)681 99 24 999, e-mail: klaus.kieren@orbis.de end of ad-hoc-announcement (c)DGAP 20.11.2002 ——————————————————————————– WKN: 522 877; ISIN: DE0005228779; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München, Hannover und Stuttgart 200819 Nov 02