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EXACT RESULTS FALL ON COUNTRY EXITS
Exact ended 2011 with a 5.5-percent drop in revenue because of the company’s closure of operations in several countries last year and divestment of its Sligo subsidiary in 2010. Net profit dropped to about $19.3 million, off by 55.7 percent from 2010. The bottom line was impacted by an impairment charge of about $24 million for its Longview operations.
Revenue reached about $215.6 million for the year ended December 31. However, the company said like-for-like revenue showed a slight increase. In making its exit from several countries, Exact, which publishes Macola, Progression and Synergy, reduced the number of corporate entities to 13 from 33 a year earlier. However, Exact reported license revenue in the Americas jumped 16.9 percent on sales to new customers of Job Boss and what it termed “cross- and deep-sell across all propositions.” Total Americas revenue reached $58.2 million, a six-tenths-of-a-percent increase while EBITDA hit $15.9 million, down 4.4 percent. Exact predicted single-digit revenue and EBITDA growth on a like-for-like basis in 2012 while it pledged to step up investments in R&D and “the commercial route to market.” Financial reporting changed as corporate expenses were allocated to regions, a change from previous practice. Frugality was also being practiced as Exact sold its corporate airplane and three apartments in Delft, while selling and leasing back its Dutch car fleet for a total savings of roughly $8.5 million. Much of its inflow went out with a one-time excess cash dividend payment of about $17.1 million.
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