· Net sales amounted to SEK 42.2 million (27.5)
· EBITDA was SEK -6.8 million (-3.6)
· Earnings per share totaled SEK -0.29 (-0.17) before dilution

HIGHLIGHTS

Continued top-line growth

· Net sales increased by 54% compared to Q1 2011
· A larger portfolio together with growing market shares behind growth in net sales

Gross margin affecting EBITDA profitability

· Seeking to improve the gross margin by realizing greater efficiencies
· Operating costs in line with expectations

Operations well funded

· New credit facility of SEK 85 million from SEB implemented in March
· New share issue to provide SEK 75 million
BUSINESS UPDATE

During the first quarter 2012, Bluefish has continued to strengthen its position by building market share in local markets. The development in the Nordic markets and Germany has been particularly strong. This has resulted in a continued solid year-over-year growth in net sales. Net sales during the first quarter  amounted to SEK 42.2...