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October 28, 1999

Earnings Report: ECsoft Group Plc

By CBR Staff Writer

ECsoft Group plc, the UK application services provider listed in London and on Nasdaq, yesterday said third-quarter net income fell to $726,000 from $2.8m a year earlier, as revenue slipped to $25.8m from $26.9m. Net income for the nine months also fell to $3.8m from $6.3m, despite a 4.6% rise in revenue to $83.7m. Net income in the quarter was achieved after deduction of a one-time charge connected with employee terminations of $695,000. Adjusted for this one-time payment and purchase goodwill, net income was $1.7m. Terje Laugerud, ECsoft’s president and ceo said the company’s restructuring is now complete, and that despite the decline in performance, the company is satisfied with the quarter. Y2K related negative impacts on the business were partly offset by growth in information systems management services, including outsourcing, which now accounts for 28% of business compared to 23% last year.

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