Wolford AG — Earnings Release 2003

Sep 17, 2003

News Details

Ad-hoc | 17 September 2003 08:29

Wolford AG english

Wolford increased bottom line in first quarter despite low sales Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Wolford increased bottom line in first quarter despite low sales The first quarter is traditionally Wolford’s weakest in the seasonal cycle. Sales in May, June and July (the months which make up the quarter), have on average represented less than 20 percent of annual sales for the past several years. Yet the costs incurred over the period amount to about one-quarter of full-year expenses. The past quarter confirmed that the restructuring measures remain an unqualified success: Amid easing sales, profitability was slightly improved. Sales of the Wolford Group receded in the first quarter of this fiscal year from EUR 26.10 million in the year-earlier quarter to EUR 23.54 million, a decrease of 9.8 percent. The pre-tax loss (EBT) improved by 2.4 percent to a negative EUR 3.59 million and the net loss for the quarter rallied by 3.8 percent to a negative EUR 2.27 million. The negative absolute levels are in keeping with the nature of the company’s earnings cycle. Thus, they result from the fact that sales and costs do not move in exact unison from one season to the next. Thanks to the improved financing structure and lower gearing, the financial result rose by 21.2 percent to a negative EUR 0.41 million. The rewards of the restructuring are clearly visible in the leaner cost structure: In the first quarter, staff costs were reduced by more than EUR 1.0 million (6.3 percent) as a result of laying off 63 employees since the beginning of the fiscal year. In “other operating expenses”, Wolford achieved savings of EUR 1.30 million (17.7 percent). The management aims for full-year sales at last year’s level and for further improvement in profitability. For detailed financial statements please refer to our website http//www.wolford.com. Contact: Peter Simma, Chief Financial Officer, Tel. +43 (0) 5574/690 Ext. 1213, Nikolaus Kogler, Investor Relations Officer, Tel. +43 (0) 5574/690 Ext. 2448 investor@wolford.com Wolford AG, Wolfordstrasse 1, A-6901 Bregenz, Austria, http://www.wolford.com end of ad-hoc-announcement (c)DGAP 17.09.2003 ——————————————————————————– WKN: 083400; ISIN: AT0000834007; Index: ATX Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin-Bremen, Frankfurt, Hamburg, München und Stuttgart 170829 Sep 03