As a result of the company’s challenges, Blom lost a major portion of its equity in 2010 due to weak operating results and special write-downs. Accordingly the company's Extraordinary General Meeting of 18 March resolved to carry out a rights issue of new shares. The new issue was carried out during the period from 5 April to 19 April. A total of 212,946,563 shares were subscribed for at NOK 0.30 per share, which corresponds to gross proceeds of NOK 64 million.
In addition, the company has strengthened its liquidity reserves by issuing a new one-year bond loan of NOK 50 million.
The company posted revenues of NOK 94 million in the 1st quarter, compared with NOK 122 million for the same quarter in 2010. The reduction in revenues in the first quarter of the year resulted in a worsening of EBITDA, which was compensated for in part by workforce reductions and other cost cuts. EBITDA for the quarter was
NOK -18 million, compared with NOK -7 million for the corresponding quarter in 2010. This corresponds to an EBITDA margin of -19.6 per cent, compared with -5.6 per cent in the 1st quarter of 2010. The operating loss for the quarter was NOK -33 million, compared with NOK -28 million for the same period in 2010. The loss before tax was NOK -45 million, compared with NOK -39 million for the corresponding period in 2010.
The operating revenues for the respective segments were NOK 82 million for Geo Engineering Services and NOK 11 million for Information Services in the 1st quarter. The comparative figures for the 1st quarter of 2010 were NOK 106 million for Geo Engineering Services and NOK 16 million for Information Services.
For further information please contact the CEO, Dirk Blaauw, on tel. +47 22 13 19 20 or CFO Lars Bakklund on tel. +47 22 13 19 34.