euro adhoc: PANDATEL AG
quarterly or semiannual financial statement
Pandatel
cuts loss by half
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
30.08.2006
Ad hoc disclosure pursuant to Art. 15 WpHG Hanover, 30 August 2006
Pandatel cuts loss by half
In the first half of 2006, revenues amounted to EUR 4.5m compared to EUR 5.9m in the first half of 2005. But, earnings before taxes improved from EUR minus 6.9m to EUR minus 3.5m. At 06/30/2006, liquidity, including short-term investments on hand, amounted to EUR 4.7m compared to EUR 7.9m at the beginning of the year. The decrease of cash is especially due to the payoff of the social plan (close to EUR 2m), as well as the cost associated with exiting the former rental agreement for Hamburg locations (EUR 0.8m). The company has not burned significant cash for operational reasons. The company is hoping for an annual turnover of EUR 8.5m regardless the fact that the number of product models for sale has been consolidated and decreased from 1,300 to 170 models.
Dowslake Venture Ltd. and the new management have made reducing the loss the top of their priority. They included the company's relocation to Hanover, the shut-down of production facilities and development centers, and the utilization of internal rationalization potentials. The number of employees was reduced from an average of 120 in H1/2005 to 53 for H1/2006.
The company presented more figures at its annual general meeting on 08/29/2006 and will publish its semi-annual report on 08/31/2006.
About PANDATEL AG: PANDATEL is a German corporation based in Hanover. PANDATEL was formed in 1987 as Pan Dacom Telekommunikation GmbH. It went public at Frankfurt stock exchange in November 1999. Majority shareholder is Dowslake Venture Ltd. (U.S.A.) with Dr. Dan D. Yang as CEO. In March 2006, Dr. Yang became also CEO of PANDATEL AG. PANDATEL is specialized in Ethernet technologies. For further information please visit www.pandatel.com
end of announcement euro adhoc 30.08.2006 14:41:59
Further inquiry note:
Further information:
insignis GmbH, Agency for Communication
Raik Packeiser
Berliner Allee 9 - 11
30175 Hanover, Germany
Phone: .+49 511 33 65 15 31
Fax +49 511 33 65 15 33
Email raik.packeiser@insignis.de
Branche: Telecommunications Equipment
ISIN: DE0006916307
WKN: 691630
Index: Prime All Share
Börsen: Frankfurter Wertpapierbörse / regulated dealing/prime
standard
Börse Berlin-Bremen / free trade
Hamburger Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Niedersächsische Börse zu Hannover / free trade
Bayerische Börse / free trade