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Pironet NDH: Restructuring programme started
Cologne, Germany (ots) - Pironet NDH did not manage to escape the recession in the IT market. For this reason, the company was not able to reach its set goals in the first quarter of the current business year in full scale.
The company's sales revenues amounted to Euro 6.0 m in the first three month of the year. This represented an approx. 28% rise on the comparable year-ago figure of Euro 4.7 m.
As regards earnings, the tense situation in the IT field and a deteriorated cost structure were reflected in an operative loss before interest and taxes (ebit) of Euro -1.9 m against Euro -0.6 m in the first three month of last year. Net income for the quarter showed a loss of Euro -0.8 m compared with Euro -0.6 m last year. It was strongly affected by tax factors and by a significant year-on-year arise in net financial result. The quarterly loss per share remained unchanged on the year at Euro -0.05.
To cope with our negative performance, we have worked out a far-reaching restructuring programme on the basis of changed market conditions and cost structure which relates to all levels of our company. Initial measures were implemented in the quarter under review. They will become fully effective during the further course of the year.
On the one hand, the restructuring scheme includes comprehensive cost-cutting measures both through reductions in personnel, consultancy and marketing costs and through a restrictive investment strategy. On the other, it provides for re-orientating and intensifying our sales activities and organisational changes. Taking all given factors into consideration, the company expects on a realistic basis to be able to maintain last year's sales in the current business year.
The Board of Management
ots Original Text Service: PIRONET NDH Internet: www.presseportal.de
Contact: PIRONET NDH, Investor Relations Josef-Lammerting Allee 14-18 D-50933 Köln