Eurodrip announced a relative and coincidental reduction of her key figures for the first quarter of 2004.

S.A. 2004 2003 Δ% GROUP 2004 2003 Δ%
Revenues 3.636.566 4.466.349 -18,6
Revenues 8.219.409 8.791.094 -6,5
Gross Profit1.163.975 1.464.783 -20,6
Gross Profit2.442.885 2.681.026 -8,9
Gross Profit
Margin 32% 32,79% ---
Gross Profit
Margin 29,80% 32,17% -7,4
EBITDA 470.119 700.438 -32,9
EBITDA 1.086.160 1.530.687 -29,1
Margin 13% 15,69% -7 Margin 13,30% 17,50% -24
Profit before
Taxes 13.284 323.396 -96 Profit before
Taxes 419.314 544.935 -23,1

The two main reasons for the reduction are the following:
1) The delay in commencing of already approved contract amounting to one (1) million Euro which began in April, but had been budgeted for the Q1, 2004. Respectively in 2003 and for the same time frame projects amounting to a total of 0,8 millions euro had been invoiced.
2) The reduction of sales in the mother company of 200.000 euro comparatively with 2003, that are owed in shift of sales form Q1 to Q2, 2004 because the unfavourable meteorological phenomena of January and February.

The company's Management view is that the above causes and facts are coincidental and for this reason does not proceed in revision of objectives and the 2004 budget that has been approved and published.

The company believes that upon completion of Q2 and Q3, 2004 the above negative consequences will be eliminated and the key figures will move to reach those announced for 2004 budget.

Finally, as it has been announced, the objectives for the budget of 2004 are for EURODRIP S.A. sales of 19,4 millions euro and profits pre taxes of 0,898 millions euro and for the group sales of 37 millions euro and pre-tax and rights of minority profits of 2,8 millions euro.