jobpilot reaches profitability one quarter sooner than expected

Compared to the fourth quarter of 2001, EBIT rose by 1.4 million Euro from minus 1.2 million Euro to plus 0.2 million Euro in the first quarter. In comparison with the first quarter of the previous year (EBIT minus 6.2 million Euro), the EBIT in fact increased by 6.4 million Euro. Not included in these figures are the total of 2.4 million Euro in extraordinary expenditures. These one-off costs were incurred in the first quarter in connection with the acquisition of jobpilot by Adecco SA and its resulting integration into the Swiss group.

In the words of Dr. Roland Metzger, CEO of jobpilot AG: The fact that we have already reached this important threshold of profitability makes one thing very clear: We went public with the company based on a business plan which was both promising and realistic, and have worked both diligently and consistently over the two year period to implement it. And as the e-Recruiting pacemaker within the Adecco group, we will continue to do so in the future as well.

Net sales for the first quarter of 2002 were approximately 8.4 million Euro, reflecting a 13% decrease as compared to the fourth quarter of 2001 (9.7 million Euro) attributable to the serious economic downturn in 2001. Compared to the first quarter of the previous year, there was a significant decline amounting to 36% (13.2 million Euro). At the same time, the volume of billings continued to grow: Worldwide amounts billed during the first three months totalled 9.2 million Euro. This represents a rise of about five percent over the fourth quarter of 2001 (8.8 million Euro).

As Willi Stahlmann, jobpilot AGís CFO stated: We have managed to achieve a significantly better result on lower sales. This achievement is attributable principally to ongoing management of costs, concentration on core markets, increases in productivity, and efficiently implemented restructurings within the group. The volume of billings has now increased again for two quarters - we are moving, in other words, in the right direction.

The full report for the first quarter of 2002 is being published on jobpilot AGís PR/IR pages.