Qurius Q1 Business Update 2010
(in EUR x 1,000) |
Q1 2010 |
Q1 2009 |
|
|
Net sales |
27,278 |
31,123 |
|
EBIT (before restructuring) |
189 |
1,234 |
|
Restructuring costs |
-1,909 |
-228 |
|
EBIT |
-1,720 |
1,006 |
|
Net result |
-1,935 |
176 |
|
Earnings per share (in EUR) |
-0.02 |
0.00 |
|
28 April 2010 – In the first quarter of 2010 Qurius concluded its final round of restructuring measures aimed at further reducing the cost base going forward. First quarter EBIT (before restructuring) amounted to EUR 0.2 million (2009: EUR 1.2 million).
Leen Zevenbergen, CEO: “This quarter we have put in place the last round of restructuring measures. In the Netherlands we have changed to organization from a business line set up to a functional organization. The purpose is to enhance customer focus and market responsiveness. The new organization is ideally positioned to provide high level service delivery and support to our customers. At the same time unnessesary internal slack, caused by cross business line interactions, will be avoided. The effects of these measures will become visible immediately. In Spain, we have taken further action to strengthen management by hiring a seasoned service delivery manager and an experienced financial manager. ”
Although Qurius has been able to succesfully reduce its cost structure with EUR 1.8 million compared to Q1, 2009, this was exceeded by the shortfall in gross margin of EUR 2.9 million. Net software sales, particularly in the Netherland and Germany, have been impacted by continued customer reluctance to engage in larger transactions. Although the sales pipeline and our prospect lists look promising, closing larger transactions was challenging this quarter. In addition, service revenues this period have been impacted by lower software license sales in previous quarters.
For the full press release in pdf click here.