jobpilot AG - 08/2001

jobpilot AG has announced financial results for the second quarter 2001. Group net sales totalled 12.3 million Euro in the second quarter of 2001, a 7% decrease from Q1 net sales (13.2 million Euro), but a strong 73 percent growth compared to Q2 2000 (7.1 million Euro). The decrease in sales reflected the slowdown in recruitment spending especially in Germany. At the same time net sales outside Germany increased by 5% compared to Q1 and comprised 34% of total net sales in Q2 2001, a new high.

Pro forma EBIT, excluding one-off restructuring charges of 1.9 million Euro, totalled -5,4 million Euro, a significant 13% improvement from the first quarter 2001 (-6.2 million Euro) and 45% better than in the second quarter of 2000 (-9.8 million Euro). EBIT in Germany, excluding restructuring charges of 900.000 Euro, totalled 1.9 million Euro in the second quarter of 2001, a strong improvement of 59% compared to 1.2 million in quarter 1 of this year.

As a result of a strategic operational review initiated in the first quarter of 2001 and developments in overall market conditions, jobpilot reduced its operating cost base and personnel count on a group-wide basis in the second quarter by approximately 15%. The action was prompted by the clear aim to reach profitability in the fourth quarter of 2001. Cost savings will have full effect already in the third quarter of 2001.

ìThe remainder of 2001 presents jobpilot with a number of significant opportunities and challengesî, said Dr. Roland Metzger, CEO of jobpilot AG. ìWe have emerged from the second quarter a leaner organization with a clear focus on the core growth markets of Europe. Costs are firmly under control and our focus remains on achieving profitability at the group level in the 4th quarter of 2001.î

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