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Basle (pte017/20.02.2003/11:24) - Swiss content management software designer Day Software Holding AG http://www.day.com has ended the fiscal year 2002 with red figures.
With a 27 per cent drop in turnover to 9.99m euros (SF 14.7m) the Basle based firm has reported total losses of 22.7m euros (SF 33.4m) for 2002. In the previous year, Day recorded losses of 42.6m euros. The company has, however, managed to reduce its operating losses from 43.7 to 21.4m euros.
According to the annual report released on 19 February, liquid assets have dwindled from 28.6m euros to a mere 6.1m euros (SF 9m).
In spite of these grim figures, Day remains optimistic about being able to make a profit. CEO Michael Moppert said: "The company is on its way to profitability." He pointed out that they had increased their collaboration with large industrial clients and the European public sector, and that turnover had mainly suffered from sinking software licensing and service sales. Income through sales decreased from 9.2 to 5.9m euros (SF 8.7m).
Day has continued to reduce its marketing and distribution expenditures, which fell by 39 per cent to 11.8m euros (SF 17.4m) in 2002. Personnel cuts have also been made: of 238 employees in 2001, only 116 remain.
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