Distribution of company announcements to the professional platforms, finance portals and syndication of important corporate news to a wide variety of news aggregators and financial news systems.
Readsoft AB (STO:RSOFB) Focuses operations in response to weakend market * The turnover for the first nine months increased by 11% to SEK 401.8 (362.7) million * Results EBITDA for the first nine months was SEK 7.6 (4.7) million * Results per share for the first nine months were SEK -0.64 (-0.12) * The turnover for the third quarter increased by 2% to SEK 127.9 (125.9) million * Results EBITDA for the third quarter was SEK 3.8 (3.0) million * Results per share for the third quarter was SEK -0.36 (-0.14) * Cash-flow from the current business for the first nine months was SEK 52.0 (19.6) million * ReadSoft has decided to focus its development resources on three product areas and to implement a savings program to cut down costs by SEK 40-45 million. The total non-recurring costs for these actions are estimated at SEK 20 million. SEK 10.8 million will be charged to the third quarter earnings and is write-downs for activated software development costs.
"ReadSoft's business operations did not develop as planned during the third quarter of 2008. The state of uncertain markets around the world has influenced customers' willingness to invest, and, in turn, growth and results were lower than expected. However, performance varied greatly from market to market. Sales in "USA and the rest of the world" increased by approximately 24 percent, while at the same time the large European markets displayed negative growth. Results in other geographic segments also varied significantly.
Due to the decrease in growth and the turbulent economic situation, ReadSoft has decided to take measures in response to the weakened market. This includes postponing the development of one of our products and focusing development on three specific product areas: SAP, Oracle and Capture. Activity is now focused on our most successful areas, building a stable platform from which to meet the demands of a tougher market."
Jan Andersson President and CEO
For more information please contact: Jan Andersson, President and CEO Phone: +46 708-37 66 00 Jonna Opitz, Vice President Corporate Communications Phone: +46 42-490 21 08 or +46 733-37 86 68 Jan Bertilsson, CFO Phone: +46 42-490 21 43, e-mail: firstname.lastname@readsoft.com
About ReadSoft ReadSoft is a leading global provider of software solutions for Document Automation. ReadSoft's software enables companies to automate document processes such as data entry, classification, ERP matching, workflows, e-invoicing etc. The results are faster and less expensive document processing, and increased control. ReadSoft is by far the world's number one choice for invoice automation solutions. Specialized solution labs for SAP, Oracle, Microsoft and Capture processes ensure cutting edge solutions with great customer value. 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 Nordic Exchange Small Cap list. For more information about ReadSoft, please visit www.readsoft.com.
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
