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COLUMBUS REPORTS LOSS
The lousy European economy took a toll on the 2011 results for Columbus, the Dynamics reseller formerly known as Columbus IT Partner. The company lost about $1.8 million for the most recently ended year, compared to a net result of about $2.4 million. The latter number represents earnings before the impact of currency exchange on the results of subsidiaries.
The annual report noted that during the summer demand almost completely stopped – the result of the debt crisis – and Columbus divested its French and Spanish operations and ended a franchise agreement in Italy. Results in the North America, largely the United States, were good. Revenue was about $21.3 million, up 8 percent, while EBIT was down to $1.74 million. That was partly the result from the growth of the employee base to 80, from 78, and lower efficiency from new staff. Columbus also reported a considerable increase in the use of subcontractors. The North American operations showed revenue from software was off by 6 percent and that for maintenance down 3 percent. The bulk of income was from consultancy, about $12.7 million which rose by 16 percent.
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