DGAP-News: COR&FJA AG: COR&FJA publishes nine-months report

New Post Public Reply Private Reply Replies (0) Message Board

News Desk 2018

Nov 28, 2013 at 3:30 AM

DGAP-News: COR&FJA AG: COR&FJA publishes nine-months report for 2013

DGAP-News: COR&FJA AG / Key word(s): Quarter Results COR&FJA AG: COR&FJA publishes nine-months report for 2013 28.11.2013 / 09:23 --------------------------------------------------------------------- COR&FJA publishes nine-months report for 2013 (Leinfelden-Echterdingen, 28 November 2013) - In the first nine months of the 2013 financial year, COR&FJA AG generated aggregate turnover of 95.1 million euros (30 September 2012: 101.6 million euros) and earnings before interest, taxes, depreciation of property, plant and equipment and amortisation of intangible assets (EBITDA) of -5.7 million euros (30 September 2012: -1.1 million euros). Cash flow from operating activity developed positively, increasing sharply compared with the corresponding period last year to 10.3 million euros (30 September 2012: -5.3 million euros). At the end of the third quarter in 2013, COR&FJA's workforce comprised 1,118 employees in total (30 September 2012: 1,210 employees). From an overall perspective, the company's economic development in the reporting period fell considerably short of expectations. The key factors contributing to this development have been the persistently subdued volume of business with existing customers and longer preliminary stages for new acquisitions, which are a consequence of the general market situation. In addition, quite a number of employees are currently being retrained for jobs in other areas due to the company's strategic reorientation and it is therefore not possible to invoice this work. In conjunction with the one-off expenses reported through profit and loss that resulted from the sale of the subsidiary COR&FJA Banking Solutions GmbH in the financial year 2013, a further reduction in the earnings forecast for the current year had to be announced just a few days ago. This reveals that earnings before interest, taxes, depreciation of property, plant and equipment and amortisation of intangible assets (EBITDA) are now expected to more or less break even, while the forecast for aggregate turnover in 2013 has been adjusted to 133.0 million euros. Subject to the occurrence of the conditions precedent, the sale of COR&FJA Banking Solutions GmbH will nevertheless lead in total to a considerable deconsolidation sum that is likely to be realised in 2014. Despite the recent change in the forecast, COR&FJA is cautiously optimistic about the current financial year and about the company's further development. This is because the sale of its Banking segment will enable COR&FJA to virtually complete its previously announced strategic corporate reorientation. In Europe, the company is henceforth going to concentrate on its core business of developing and marketing standard software solutions for life insurance companies. In the past, COR&FJA has achieved its greatest successes and generated a large part of its outstanding reputation with customers in this business segment. About COR&FJA The COR&FJA Group is one of the leading software and consulting companies for the European financial services industry, focusing on insurance companies, banks and providers of company pension funds. Its service spectrum ranges from standard software and the provision of consultancy services to the handling of IT operations (i.e. application service providing). The COR&FJA Group has its head office in Leinfelden-Echterdingen and offices in Munich, Aachen, DÃ¼sseldorf, Frankfurt, Hamburg, Kiel, Cologne and St. Georgen, as well as subsidiaries in the Netherlands, Denmark, Austria, Switzerland, Slovakia, Slovenia, Poland, the Czech Republic, Portugal, Spain and the USA. It currently employs a workforce of nearly 1,100. Contact COR&FJA AG Corporate Communications HumboldtstraÃ?e 35 70771 Leinfelden-Echterdingen, Germany Tel. +49 711 94958-0 E-mail: presse@cor.fja.com Internet: www.cor.fja.com End of Corporate News --------------------------------------------------------------------- 28.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: COR&FJA AG HumboldtstraÃ?e 35 70771 Leinfelden-Echterdingen Germany Phone: +49 (0)711 94958-0 Fax: +49 (0)711 94958-49 E-mail: investor.relations@cor.fja.com Internet: www.cor.fja.com ISIN: DE0005130108 WKN: 513010 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, DÃ¼sseldorf, Hamburg, MÃ¼nchen, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 242078 28.11.2013

Newer

Older

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Dickinson Brands Celebrates Witch Hazel Legacy with Event

Witch Hazel's Timeless Appeal You don’t get to celebrate over one and a half centuries of a product without doing something right. Dickinson Brands Inc. is throwing a bash worth noticing as they mark the sixth annual National Witch Hazel Day on October 21st. It’s a head-nod to the versatile witch hazel, a product that’s been part of New England's heritage since the...

Chicago Scenic Studios’ Equipment Up for Grabs in Auction

A Peek into the Sale: What's on the Block? Get that coffee brewing and settle in, because we've got to unpack some interesting stuff happening with Chicago Scenic Studios. This isn't just any Craigslist decampment—Integra Asset Solutions is rolling out an online auction come October 27 that’ll have equipment-savvy investors’ ears perking up like they just snagged a...

QFIN Faces Class Action: Investors' Role Explored

Cracks in the Facade: QFIN's Legal Mess You're cruising down the usual market lanes when—bam!—news breaks that Qfin Holdings, Inc. (NASDAQ: QFIN) finds itself hip-deep in a class action lawsuit. Seems like our pals at Schall, Brown & Schwartz LLP have thrown the gauntlet down, with claims of some serious smoke and mirrors during the March to August stretch of 2026....

ASTS Fraud Lawsuit: Investors' Chance to Step Up

Investors Grapple with AST SpaceMobile's Legal Challenges When I hear 'securities fraud lawsuit,' my gut instinct as a trader is to dig deep into the grime and figure out what's lurking beneath. AST SpaceMobile, those folks aiming to shake up the satellite game, have some explaining to do. If you've been holding onto ASTS shares between March 4, 2025, and July 15, 2026,...

New Jersey Homeowners Face Mold Risks in Crawl Spaces

Understanding the Invisible Threat of Crawl Space Mold Crawl space mold—it hides in the shadows beneath your home, biding its time until it wreaks havoc on indoor air quality. In the context of New Jersey's environmental quirks, this isn't a trivial concern. With humidity hanging around like an unwanted guest and sneaky water intrusions, those dark nooks under houses...

First Student Reduces Collisions by 63% with HALO Tech

Making Every School Bus Ride Safer Here's some good news in the world of transportation, especially if you're keen on keeping kids safe on the daily school bus run. First Student's HALO™ Connected Transportation Platform claims it made a significant dent in reducing accidents—specifically, a 63% cut in forward collision risk. It's a big promise when you're talking...

Moore Law Urges Millrose Investors: Join the Action

Is Millrose Playing a Risky Game? When I caught wind of this latest debacle with Millrose Properties, Inc. (NYSE: MRP), my gut reaction was a mix of curiosity and skepticism. Hunterbrook Media's report just blasted across the headlines, digging up some dirt on Millrose's recent financial maneuvers. Apparently, these cats have been busy buying homes to the tune of $200...

Nomada Fund Launches: A Game-Changer in New Media

Changing the Investment Game In a world where tech isn't the only kingmaker, distribution is the new play. Welcome the Nomada Fund, a fresh face on the investment scene that's swapping cash for exposure. Forget the traditional media-for-equity model that only old-timers still drool over—these guys are taking it up a notch with their new Distribution for Equity approach,...

Tenant Improvement: Key to Adapting Lease Spaces

Adapting Space or Adapting Business? Here's the thing that keeps popping up in commercial real estate: tenant improvement construction. This isn't just modifying a structure—it's about rethinking how businesses operate within a certain space. The HelloNation article gives you the lowdown straight from Bradley Quakenbush of White Oak Commercial Group. When businesses...

Angels on Call Sets Benchmark for Specialized Homecare

Pioneering a New Standard in Homecare Take a gander at Angels on Call Homecare. They're not just another name in a crowded field; they've carved out a niche—specializing in elite care for Dementia and Parkinson's patients. You don't usually hear homecare and innovation in the same breath, do you? But these folks are setting a fresh benchmark. Independent feedback has...