BRAIN FORCE Group
29.05.2007 08:32
Ad-hoc: Final first quarter 2007 figures
The BRAIN FORCE group confirms the preliminary first quarter figures for 2007 (ending on March 31, 2007) which were announced on May 9, 2007. Net sales in the first three months rose by 6.4 percent to EUR 23.56 million (previous year: EUR 22.14 million). EBITDA (earnings before depreciation and amortization) was EUR 0.40 million (previous year: EUR 1.98 million), and EBIT (earnings before interest and tax) EUR -0.69 million (previous year: EUR 1.17 million). The EBIT adjusted for depreciation and amortization expense based on purchase price allocation was EUR -0.35 million. Earnings per share were EUR -0.08 (previous year: fully diluted EUR 0.05).

As at the reporting date, the group held free cash of approx. EUR 23 million. The operating cash flow in the first three months increased by 60 percent to EUR 0.69 million (previous year: EUR 0.41 million). Together with an excellent equity ratio of 50.9percent, this is a very sound basis to finance the group's buy and build strategy going forward.

BRAIN FORCE will probably make significant acquisitions in the field of IT management software and Software as a Service within the second quarter. Through this, the group will develop one of the highest growth markets in the IT sector and greatly enhance its position as a managed services provider.