Buongiorno (BIT: BNG), a Milan-based mobile content company, released preliminary figures for 2009 and despite a 18 percent decrease in sales year-over-year, executives remained upbeat about the company’s performance.
Over the past year, the company has tried to focus on new opportunities, moving away from more traditional mobile content to branch out into services, like social networking and mobile advertising. Buongiorno’s CEO Andrea Casalini: “We are really satisfied with how 2009 ended, given the challenging economic environment…We can look with confidence to 2010, a year where we want to get back on a growth path and substantially increase our investments in new initiatives.”
The company said revenues fell to 259 million euros ($361.9 million) in 2009 from 316 million euros ($441.5 million) in the year ago period. The decrease was attributed to a “rationalization of the product portfolio and changes in the accounting principles of some contracts.” Buongiorno said EBITDA, which is earnings before some expenses, such as interest, taxes and depreciation, totaled Euro 39 million ($54.5 million), which was flat compared to a year ago. Margins improved slightly to 15 percent from 12.4 percent. The company’s final results will be reviewed by the Board on March 15.
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