Atea issues financial guidance for second quarter of 2015
(NORWAY) Atea ASA today issued financial guidance for the second quarter of 2015.
The company expects revenue in the second quarter of approximately MNOK 6400 - 6600, compared with revenue of MNOK 5981 during Q2 2014. The company expects an adjusted EBITDA (before share based compensation) of approximately MNOK 140 - 160 during the second quarter of 2015.
The company's financial guidance is based on weaker- than-expected performance in the Norwegian and Danish business units, which have been impacted by slower market conditions. Furthermore, the business has experienced postponed demand from public customers following a corruption investigation in Denmark. Additional details on the corruption investigation were provided in a stock exchange notice on June 10.
Based on the positive medium and long-term outlook for the business, the Board has decided to reactivate the company's Share Buyback Program, as authorized by the shareholders at the Annual General Meeting 2015.
The company has released a separate stock exchange announcement regarding the Share Buyback program.
For further information, please contact:
Steinar Sønsteby, CEO Atea ASA, mobile +47 930 55 655
Robert Giori, CFO Atea ASA, mobile +47 934 09 188
Atea is the leading supplier of IT infrastructure and system integration in the Nordic and Baltic regions with 6,500 employees. Atea is present in 90 cities in Norway, Sweden, Denmark, Finland, Lithuania, Latvia and Estonia. Atea delivers IT products from leading vendors and assists its customers with specialist competencies within IT infrastructure services. Atea had revenue of approximately NOK 25 billion in 2014 and is listed on Oslo Stock Exchange.