Amsterdam-based Getronics’ sales fell 7% to 586m euros ($696m) compared to the year-ago quarter, but excluding currency fluctuations the dip was 5%. Product revenue fell 16% to 149m euros ($177m) as a result of the company refocusing its business on services. Services revenue fell 4% to 437m euros ($519m), but the fall was entirely because of currency changes.
Earnings before interest taxes and amortization increased to 7m euros ($8.3m) from a loss of 22m euros ($26m) in the first quarter of 2003. It has now completed the reorganization of its debts and has agreed a new three-year credit facility of 175m euros ($208m), of which 75m euros ($89m) is available for acquisitions.
CEO Klaas Wagenaar said its backlog and pipeline improved during the quarter and that the market, with the exception of continental Europe, demonstrated modest signs of recovery during the quarter.
This article is based on material originally published by ComputerWire
