Adecco first quarter 1997 revenue grows 29%.LAUSANNE, Switzerland--(BUSINESS WIRE)--April 30, 1997--Adecco SA today announced that income before amortisation of goodwill for the quarter ended March 30, 1997 was 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. 45.3 million, which is a 37% increase compared with 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 CHF 33.0 million for the first quarter of last year. Adecco believes that income before amortisation of goodwill is the most relevant measure of the company's financial performance, because it is a measure of the company's ability to fund growth and to distribute dividends. Under US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). , Adecco reported a net loss for the quarter of CHF 68.7 million after amortisation of goodwill of CHF 114 million. Strong Revenue Growth Revenue increased 29% to CHF 2,335 million in the quarter ended March 30, 1997, up from pro forma CHF 1,806 million for the same period in 1996. The weaker Swiss franc Noun 1. Swiss franc - the basic unit of money in Switzerland franc - the basic monetary unit in many countries; equal to 100 centimes centime - a fractional monetary unit of several countries: France and Algeria and Belgium and Burkina Faso and Burundi and positively impacted revenues by 15%. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the period grew by 24% to CHF 74 million, up from pro forma CHF 60 million for the previous year. The slight decrease in operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: reflects increased marketing spending on the global launch of the Adecco brand name in January. France has begun to show a broad based strengthening, with a revenue gain of 16% in Swiss francs and 8% in local currency. The United Kingdom and the Netherlands continue to show extremely strong revenue gains. Despite facing challenging economic environments, Germany and Switzerland generated acceptable profits. Modest revenue improvements are beginning to show. Excluding France, revenue for the rest of Europe was up 37%. 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. continues to post solid revenue growth in Adecco's mainstream brand as well as in each of the specialty brands, with total revenue for the region growing by 40% for the quarter. The Asia-Pacific region posted revenue growth of 49% including Icon, Adecco's Australia-based information technology consulting Information technology consulting (IT consulting or business and technology services) is a field that focuses on advising businesses on how best to use information technology to meet their business objectives. firm, which was acquired in late 1996. Excluding that acquisition, revenues for the region grew by 35%. CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. John Bowmer said, "We are delighted with these results. They prove that our decision to quickly implement the merger and switch to one global brand name for the mainstream business was correct. We now need to maintain our revenue growth while fully exploiting the economies of scale of the merged entity, thereby improving our operating margins." -0- Unaudited Financial Results in CHF million 1997 1996(a) % Change Revenue 2,334.7 1,806.3 29% Operating income 74.0 59.6 24% Net Income Before Amortisation of Goodwill 45.3 33.0 37% Amortisation of Goodwill 114.0 103.1 11% Net Loss (68.7) (70.1) 2% (a) Pro forma as if the merger of Adia and Ecco had happened at the beginning of 1996, excluding merger related costs, non-recurring gains from disposal of assets, and results of discontinued operations. Revenues by Region in CHF million 1997 1996 % Change France 940 810 16% Rest of Europe 594 433 37% North America 609 434 40% Rest of World 192 129 49% Total 2,335 1,806 29% Specialty/Career Services Brands (included in Geographic Regions) 234 121 93% CONTACT: Adecco SA Peter Pfister or Mark Eaton Mark Eaton can refer to more than one person:
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