Interim Report Jan-Sep 2011 admin October 2011 Breadcrumb Home Interim Report Jan-Sep 2011 July - SeptemberNet sales totaled SEK 42.1 million (39.8)Software revenue (licenses and maintenance) amounted to SEK 33.5 million (32.1)EBITDA was SEK 9.0 million (7.9) and EBITDA margin 21 percent (20)Net earnings per share amounted to SEK 1.32 (0.92)Cash flow from continuing operations was SEK -2.3 million (-0.3)January - SeptemberNet sales totaled SEK 135.5 million (130.1), and increased by 4 percent (0.1)Software revenue (licenses and maintenance) amounted to SEK 108.7 million (104.0)EBITDA was SEK 23.7 million (19.3), and EBITDA margin 17 percent (15)Net earnings per share amounted to SEK 2.88 (1.86)Cash flow from continuing operations was SEK 19.7 million (1.7)CEO’s comment on performanceThe recovery in the ERP system market we witnessed during the spring has continued during the third quarter, despite global financial concerns. Jeeves has experienced a stable inflow of customer inquiries. At the same time, we are seeing some customers either canceling or postponing their procurement processes for new ERP systems. This is mainly the case for the larger companies in the SME segment, while a number of deals have been reached with smaller clients.Jeeves' growth amounts to 4 percent for the period. During the quarter, our new sales have been weaker than expected, while our maintenance income remains stable. We have continued to improve our margin, which is positive. EBITDA margin for the period has strengthened further, and now amounts to 17 percent. Our focus on increased cost control and more even capacity utilization for our consulting operation are the most important reasons for this.On our international markets, we are pleased with the growing interest in our products among potential partners in the US. We have seen a healthy level of activity among our existing partners continuing during the third quarter. In Europe including Norway, sales have been weak with few new deals.With its broad customer base and large proportion of maintenance agreements, Jeeves continues to demonstrate stability in uncertain times.