Interim Report January – March 2012

Continued growth despite weaker license sales

• Sales for January-March increased with 11 percent to SEK 156.9 (141.8) million
• Operating profit EBITDA for the period was SEK -11.7 (-2.6) million
• Earnings per share after tax for the first quarter were SEK -0.27 (-0.04)
• Cash-flow from operating activities for the period was SEK 39.2 (52.2) million
• ReadSoft acquired foxray AG during the quarter

CEO comment:

Acquisition in Germany strengthens our offering

“The first quarter, which is typically the weakest of the year, has been an intense quarter with mixed results. Our total sales continues to grow, and we delivered a solid growth of 11 percent, whereof 6 percent organic growth, which proves that our global business remains strong. As part of our strategy to be active in the consolidation of our market, and to further strengthen our offer, we acquired the German company foxray AG – a technology leading provider of platforms and solutions for business process automation – in February. foxray’s product suite xbound fits perfectly together with our data capture technology and will enhance our competitiveness significantly. This gives us an even stronger offer to the BPO (Business Process Outsourcing) segment and to the banking and insurance sectors. 

Despite our growth, we had a number of deals that shifted into the next quarter, which primarily affected our license revenue and thus our EBITDA-result. We have also worked hard during the quarter with integrating our foxray acquisition into our existing business in order to create to the best and fastest way to start selling our joint offering. In connection with this process, we have taken some integration costs, which also affected our results for this quarter. We see that the postponed deals are not business lost to competitors, but primarily negotiations that have been delayed because of our potential clients’ selection and evaluation processes. We can also see that some of these deals have already been closed during the on-going second quarter.

It is gratifying to see that some of our smaller emerging markets, such as Brazil, Benelux and Asia, continue to develop well with strong growth figures. Mature markets such as Sweden and Norway also show good growth. Among several important events during the quarter, I would like to mention the strategic agreement we signed with a world-leading outsourcing company, as well as a successful partnership allowing a good positioning of our solutions for Microsoft Dynamics NAV customers in Europe. We also continue to generate a strong cash flow from our operating activities.

We see the current market situation in a positively way and we remain optimistic that we can increase both our growth and our result during the year compared to last year.”

Per Åkerberg
President and CEO 


Read the entire report in the attached PDF.


Invitation to telephone conference / audiocast for the presentation of ReadSoft's Interim Report for January-March 2012

On Friday, April 27, 2012, at 9:00 CET, are analysts, investors, media and other interested parties invited to attend a telephone conference where ReadSoft’s President and CEO Per Åkerberg will comment on the published Year-End Report and answer questions. The presentation will be held in English.


Link to webcast:         click here 
Day and time:             Friday, April 27, 2012 at 09.00 CET
Phone number:          +46 (0)8 506 857 59 or +44 (0) 207 108 6303

You can also access the presentation via our website www.readsoft.se or www.readsoft.com.


This is information of the type that ReadSoft AB (publ) is obligated to disclose in accordance with the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication on April 26, 2012 at 13.50 CET.

For additional information please contact:

Per Åkerberg, President and CEO
Phone+46 42 490 21 00 
Johan Holmqvist, Vice President Corporate Communications
Phone: +46 42-490 21 98 or +46 708-37 66 77
Jan Bertilsson, CFO
Phone: +46 42-490 21 43 or +46 708-37 66 16

e-mail: firstname.lastname@readsoft.com

About ReadSoft
ReadSoft is a leading global provider of software solutions for Document Process Automation. ReadSoft’s software enables companies to automate document processes such as accounts payable processing, document capture, document sorting, and order to cash. ReadSoft is by far the world’s number one choice for automated invoice processing, especially into business systems from SAP and Oracle. Since the start in 1991, ReadSoft has grown to a worldwide group with operations in 16 countries on five continents and a network of local and global partners. The head office is located in Helsingborg, Sweden, and the ReadSoft share is traded on the NASDAQ OMX Stockholm's Small Cap list. For more information about ReadSoft, please visit www.readsoft.com.

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