Adecco Shows Continued Revenue Growth.CHESEREX, Switzerland--(BUSINESS WIRE)--November 5, 1996--Adecco (formerly Adia) reported today revenues for the third quarter ended September 30, 1996 of CHF CHF In currencies, this is the abbreviation for the Swiss Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 2,024 million from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the , excluding the cleaning and security business, which was sold in September 1996. This represents an increase of 68% due to the merger with the French Ecco Group. Pro Forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma Results On a like for like basis, including the revenues of both Adia and Ecco for the period July 1996 to September 1996, sales were CHF 2,356 million, up 6.7% over the same period of the previous year. Revenues, excluding the effects of the acquisitions of Roevin (UK), BCI BCI Bat Conservation International BCI Brain-Computer Interface BCI Business Continuity Institute BCI Business Cycle Indicators BCI Banco de Credito e Inversiones (Chilean bank) BCI Bell Canada International (USA), EcoNova (CH) and the divestment of PGA (1) (Professional Graphics Adapter) An early IBM PC display standard for 3D processing with 640x480x256 resolution. It was not widely used. (2) (Programmable Gate Array) See gate array and FPGA. (USA), which is a better measure for the strength of the business, increased by 8.6% in the third quarter and by 7.8% for the 9 months ended September 30, 1996. Pro Forma Results by Region France continues to present a challenging economic environment. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. PromaTT (Franch temporary employees' union), the temporary staffing market declined 7% in the third quarter. Therefore, with a decline in revenues of 4%, Adecco continued to gain market share. We do not expect a significant change to the market outlook for the remainder of the year. Europe, outside of France, performed extremely well showing revenues increasing by 23% for the quarter. Great Britain Great Britain, officially United Kingdom of Great Britain and Northern Ireland, constitutional monarchy (2005 est. pop. 60,441,000), 94,226 sq mi (244,044 sq km), on the British Isles, off W Europe. The country is often referred to simply as Britain. , Spain and the Netherlands increased sales by over 30%, whereas only Germany experienced a 4.4% decline in sales. As expected, North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. continued to post strong revenue increases. Generalist and specialty brands performed equally well in the third quarter. For once the strengthening US Dollar had a positive impact on sales measured in Swiss Francs. Finally, revenues of the Asia/Pacific region increased by 13%. Growth would have been significantly higher without the 20% decline of the Japanese Yen. "Given the challenging economic environment, especially in France, Germany and Switzerland, we are pleased with Adecco's top line growth. We are currently focusing all of our efforts on the integration of the Adia and Ecco business to release potential synergies and further strengthen the position of Adecco to ensure continued growth," commented John Bowmer, Chief Executive Officer of Adecco. Adecco will not release earnings until the merger accounting and restatement of the Ecco financial statements to USGAAP USGAAP United States Generally Accepted Accounting Principles is completed and audited. The next earnings release will cover Adecco's business year ending December 31, 1996. -0-
Pro Forma Revenues of Adecco(a)
Quarter Ended Nine Months Ended
September 30, 1996 September 30, 1996
in Mio. CHF. 1996 1995 % Change 1996 1995 % Change
France 1,061 1,104 -4.0 2,854 2,940 -3.4
Rest of
Europe(b) 595 483 23.2 1,514 1,248 21.3
North
America(c) 486 395 23.0 1,382 1,162 19.0
Asia/Pacific 151 133 13.3 410 361 13.6
Acquisitions,
Divestments,
Other 62 93 n.m. 146 286 n.m.
Total Adecco 2,356 2,208 6.7 6,306 5,996 5.2
(a) Includes revenues of Ecco and Adia, excluding sales of Security
and Cleaning business.
(b) Excludes acquisitions of Roevin and EcoNova.
(c) Excludes acquisitions of BCI and divestment of PGA.
CONTACT: Peter Pfister, Chief Financial Officer Mark Eaton, Corporate Controller Telephone: ++1 (415) 610-1000 Francois Vassard, Vice President Marketing and Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Telefone ++33 472 82 58 58 |
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