Interim Report January-June 2005: Profitability, growth and strong financial position
Nocom reports both good profitability and strong growth for the first half of 2005.The intensive work to integrate the acquired companies TurnIT and IAR Systems is now essentially completed.The year’s second quarter saw a distinctly positive earnings trend for the Group, with an operating profit of SEK 8.8 million for the quarter.
The new Group also has a strong financial standing.Nocom has received approximately SEK 106 million in liquid assets from the year’s new stock issues and the sale of the greater part of Arete, formerly a part of TurnIT.The Group’s refinancing has been implemented and considerable amortizations on interest-bearing liabilities were made during the second quarter.Nocom’s strengthened financial position provides a stable platform for continued growth.
“The integration process has been proactive and rapid.The Group exhibited a positive earnings trend during the second quarter.All operations now report stable or improved results, which is particularly pleasing,” says Stefan Skarin, CEO of Nocom.
“In a short time we’ve created a profitable group with a strong cash flow while successfully reducing our overall risk exposure.We expect the Group to continue to show positive development for the rest of the year, especially during the fourth quarter.Financially and operatively, we’re equipped for further growth and profitability.”
Extracts from the Interim Report:
Second quarter, April – June 2005:
·Sales totaled SEK 176.7 (49.8) million
·Operating profit totaled SEK 8.8 (3.1) million.
·Profit after financial items totaled SEK 8.0 (3.1) million
·Cash flow from current operations totaled SEK -8.9 (-1.8) million
·Available liquid assets totaled SEK 108.2 (24.1) million as of June 30
·During the quarter the Group received a total of SEK 77.5 million in liquid assets from new Nocom stock issues, the sale of the greater part of Arete, and subscriptions to new TurnIT shares when the TurnIT option program matured in May
·Earnings per share totaled SEK 0.08 (0.07)
·Equity per share totaled SEK 3.97 (1.42) as of June 30
First six months, January – June 2005:
·Sales totaled SEK 237.2 (101.3) million
·Operating profit totaled SEK 5.8 (7.8) million.
·Profit after financial items totaled SEK 4.9 (7.8) million
·Earnings per share totaled SEK 0.06 (0.19)
·Cash flow from current operations totaled SEK -11.8 (-7.0) million
·Capital infusion from new stock issues and disposals totaled SEK 106.3 million
For more information, please contact:
Stefan Skarin CEO, Nocom
cell: +46 708 65 10 05
Stefan StrömCFO, Nocom
cell: +46 708 65 10 68