XRT Releases 2002 Consolidated Results

Operating profit reached EUR 3.6 million

Consolidated revenue 2002 : EUR 40.3 million

2002 consolidated revenue decreased by 6.1%, excluding results from discontinued operations.
XRT revenue for the 4th quarter 2002 was EUR 12.0 million, representing a 1.5% decrease compared to the same quarter of 2001.

2002 consolidated revenue was EUR 40.3 million, representing a 6.1% decrease compared to 2001 excluding results from discontinued operations. The decrease in revenue experienced during the first three quarters 2002 declined due to the closing of several significant contracts during the fourth quarter.

In 2002, XRT acquired 300 new customers, of which 100 were acquired in the 4th quarter including: Andrade Gutierres (Brazil – Construction), Arcelor (France – Steel – and Spain), AVU Aktiengesellschaft für Versorgungsunternehmen (Germany - Energy & Environment), BNP Brokerage Services (USA - Credit), Caja de Murcia (Spain – Savings bank), California State Automobile Association (USA - Automobile Association), Cognis Deutschland Gmbh & Co (Germany – Chemical company), Kroymans (Benelux – Marketing and Communication), Radian Group Inc (USA – Credit guaranties), Saint-Gobain Systèmes d’Information (France), Sonae Group (Portugal and Brazil – Retail, Construction), Utrecht University (Benelux - University), Zeekanaal (Benelux – Public authority).

Consolidated gross margin at EUR 28,7 million represents 71% of 2002 revenue.

Continuing cost control measures initiated by the Group resulted in a 13.5% reduction in operating expenses for 2002 as compared to 2001. As a result, 2002 operating income is a EUR 3.6 million profit, representing an increase of 61.5% as compared to 2001. This operating income represents 8.9% of revenue compared to 5.0% last year.
The extraordinary income recorded in 2002 resulted from the EUR 6.6 million deletion of XRT bank debts following the signing of an agreement with XRT banks in November 2002.
After goodwill amortization and share in profit in equity companies, the Group net result is a EUR 3.7 million profit.

As of December 31, 2002, shareholders’ equity is EUR 18.8 million, which increased by EUR 11.0 million compared to December 31, 2001. The Group has cash of EUR 4.2 million at the end of December 2002, compared to EUR 2.1 million as of December 31, 2001

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