HELSINKI, Finland, April 12, 2002 (PRIMEZONE) -- Artemis International Solutions Corporation (AISC), sub-group of Proha Plc, has released its financial results for period January 1 - December 31, 2001. AISC reported total revenue of USD 67.6 million for fiscal year 2001, an increase of 42% over the USD 47.6 million recorded for the corresponding period in 2000. The net loss for the year 2001 was USD 59.6 million compared to a net loss of USD 9,2 million for the corresponding period in 2000. The net loss includes a pre-tax impairment charge of USD 43.4 million, based on the value of the goodwill and intangible assets recorded by Artemis in conjunction with its August 24, 2000 acquisition by Proha Plc.
The AISC fiscal year 2001 results include the results of the former Opus360 Corporation's operations from July 31, 2001, as well as consolidation of the Company's Singapore, Hong Kong, Korean, Finnish, French, German and Italian subsidiaries contributed by Proha for the entire fiscal year 2001.
The financial results and consolidation follow U.S. accounting principles (USGAAP). Due to differences in accounting principles between United States and Finland the Artemis results are not comparable with the results reported by Proha in its financial statements for 2001, prepared in accordance with the Finnish accounting principles.
The Artemis press release will be displayed in detail on the Artemis web site at www.artemisintl.com and can be seen through the Nasdaq website http://www.nasdaq.com, under symbol AISC.
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