English

Consolidated 3 month Interim Statement of Össur hf.

Report this content 

                        
The interim figures of Össur hf. for the first quarter of the year reveal that results from the operation of the Company exceeded the Company's expectations. The interim statement is published in Icelandic and English, together with notes, on the Össur hf. website, http://fjarmal.ossur.is and http://finance.ossur.com respectively.<br>
<p><br>
·  The turnover of the Company for the quarter amounted to ISK 1,420 million<br>
<p><br>
·  Earnings before financial items and taxes (EBIDTA) amounted to ISK 191 million<br>
<p><br>
·  Profit after taxes was ISK 56 million<br>
<p><br>
The key figures from the Company accounts are as follows:<br>
<br>
<br>
<br>
                                              January-March 2001<br>
                                              ISK thousand<br>
	<br>
Operating revenues                            1.421,00<br>
	<br>
Operating expenses                            1.275,00<br>
	<br>
Earnings before interest                        146,00<br>
	<br>
Earnings before interest and taxes (EBIDTA)     191,00<br>
	<br>
Financial items                                 -31,00<br>
	<br>
Profit before taxes                             115,00<br>
	<br>
Profit                                           56,00<br>
<br>
<br>
	<br>
<br>
The operating revenues of the Company amounted to ISK 1421 million and operating expenses amounted to ISK 1275.  Earnings before interest amounted to ISK 146 million, and earnings before depreciation (EBIDTA) amounted to ISK 191 million.  Financial items are negative by ISK 31 million, and profit before taxes amounted to ISK 115 million.  The profit for the quarter amounted to ISK 56 million.<br>
<p><br>
Cash from operations amounted to ISK 148 million over the period.<br>
<p><br>
The quarter reflects the operations of all subsidiaries acquired last year, which makes comparison of key figures with last year's results difficult.  The results for last year include Flex-Foot in the consolidated accounts for 9 months, Century XXII Innovations for one month and Karlsson & Bergström and Pi Medical for 2 months.  <br>
<p><br>
First-Quarter Operation according to projections<br>
<p><br>
Over the first quarter, the Company has been focusing its efforts on consolidating the company, and on 30. March the Century XXII Innovations’ sales office and warehouse were closed and its activities moved to the Company's U.S. office in Aliso Viejo, California.  At the same time the decision was made to discontinue the Company's sales and marketing office in the UK, and the sales staff and technical advisors for the UK market will operate from a joint Europe Office in Eindhoven, Holland. <br>
<p> <br>
The Company has been working on setting up its new operating structure and making good progress.  In connection with this work, the Company is in the process of introducing a new analysis and information system, which will facilitate all monitoring of individual operating units.<br>
<p><br>
In the course of the year the Company plans to market close to 20 new products within its current product line.  A new multiaxial foot, "TALUX", was introduced in the first quarter, together with a new prosthetic liner for individuals who have lost a residual limb above the knee.  At the same time, sales of a new ICEROSS liner with active skin care, which have been successful in North America, were begun in Europe.  Most of the Company's new products for this year are scheduled for introduction in the second and third quarters.<br>
<p><br>
Prospects in the Operation of the Company<br>
<p><br>
The management of Össur has pointed out that there is some uncertainty with regards to planning for the year 2001, as the Company is engaged in extensive changes in its distribution system, both in the United States and in Europe, entailing that the Company itself will take over sales in some of these markets which were previously handled by distributors.  <br>
<p><br>
The Company has projected sales of ISK 6,100 million and profits of ISK 700 million.  The Company's plans, published earlier this year, assumed better results in the second half of the year followed by a substantial increase in volume and profits when the new sales system was in place.  <br>
<p><br>
“The results of the 3 month interim statement are somewhat better then predicted but nevertheless there appears to be no reason at this stage to change the Company's forecast” said Jon Sigurdsson, CEO/President of Össur.<br>
<p><br>
Open Teleconference with Management<br>
<p><br>
On Friday, 27 April, at 11:00 a.m., investors and others interested in the operation of the Company are invited to participate in an open teleconference.  At the conference, Mr. Jon Sigurdsson, CEO, and Mr. Arni Alvar Arason, CFO, will discuss the conclusions of the interim statement.ement.ment.




                                            

                

            

        

    

    



    

        
 Subscribe