Frankfurt, Germany-based itelligence turned in preliminary fourth quarter revenue ended December 31 2002 of 40m euros ($42.8m), down 25% on the previous year, although profitability was not disclosed. The results follow a profit warning last August, in which itelligence said revenue for the full year would be flat on 2001, compared to previous guidance of 10% revenue growth.
However the company misjudged its revenue and profit by some way, and for the year 2002 period, preliminary revenues actually fell 8% to 168m euros ($179.8m), and guidance of an EBIT profit margin of 5% actually resulted in an EBIT loss before interest and tax of between 2.8m euros ($2.99m) and 5.3m euros ($5.67m). The company said the wide discrepancy on the bottom line is due to continuing risks in the Italian market as well as final results of the company’s impairment tests. Despite the disappointing results, itelligence said its expects consulting and license revenue to stabilize in the first quarter of 2003.
Source: Computerwire
