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Unterschleißheim (pte019/17.02.2003/10:51) - Brain Force Software AG http://www.brainforce.com, an IT services company listed on the Nemax, announced today that it has closed the fiscal year 2002 on a positive note. Of all subsidiaries, the German locations were the most profitable, bringing in 39.6 per cent of turnover.
Earnings before interest and taxes rose by 100.72 per cent, leading to a significant upswing from minus 9.1m in the previous year to plus 65,400 euros.
In spite of a general drop in turnover from 65.78m to 58.97m euros, Brain Force managed to increase its EBITDA to 1.9m euros, which company representatives say points toward the company's strong earning power.
By the end of the year, Brain Force's EBIT had jumped to 247,300 euros, compared to 101,400 in the fourth quarter of the previous year. Capital resources increased by 11.8 per cent to 11.05m euros, while liquid assets amounted to 2.54m euros and the volume of orders rose to 14.03m euros.
In addition to Germany, Brain Force has subsidiaries in Italy, Spain, Switzerland, Austria, the Netherlands and Great Britain. The final end-of-year results will be presented at a press conference at the end of March.
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