euro adhoc: Beta Systems Software AG
Quarterly or Semiannual Financial Statements
Beta Systems Software AG Announces Results For The First Quarter 2003 (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
- Start of "Go Ahead Beta" program - Management reaffirms outlook for 2003 despite ongoing weak economic environment
Berlin, May 7, 2003 - Beta Systems Software AG, Berlin, today announced results for the first quarter ending March 31, 2003.
Financial Highlights First Quarter 2003 - Sales revenues decreased by 15.8% to Euro 9.3 million (Q1 2002: Euro 11.1 million) - Operating loss of Euro 1.5 million (Q1 2002: operating profit Euro 0.3 million) - Pre-tax loss of Euro 1.2 million (Q1 2002: pre-tax profit Euro 0.7 million) - Net loss of Euro 0.5 million (Euro 0.14 per share) - Non-recurring result effect of Euro 0.3 million through integration costs of Systor Security Solutions GmbH - Positive cash flow of Euro 8.1 million in first quarter of 2003 - Increased cash position of Euro 23.7 million
End of ad hoc announcement
Issuer's information/explanatory remarks concerning this ad hoc announcement:
Comments of the Management Board Karl-Joachim Veigel, CEO of Beta Systems Software AG, commented: "Beta Systems operates in a strongly cyclical industry, and this is reflected in our results for the first quarter. In what was a typically weak quarter in terms of sales and profits, we were able to generate modest license sales, in contrast to the strong results at the end of 2002 and compared with an extraordinarily positive Q1 2002. Sales in the first quarter of 2003 fell slightly short of our forecast, and are a clear indication of our customers' expected reluctance to invest at the beginning of the new fiscal year."
Mr Veigel added: "With the acquisition of the operating business of Systor Security Solutions GmbH, we started our 'Go Ahead Beta' program in the first quarter of 2003. The integration of our new employees, products and partners is going according to plan. In particular, the very positive customer response and support for the recently acquired Security Administration Manager product line have been very pleasing. We sold a license and maintenance agreement to a large Swiss financial group in the first quarter which will also lead to significant revenues resulting from associated services during 2003. The current costs of the new security product line were largely covered by the almost seamless business acquisition shortly after the inclusion of SAM in our sales portfolio, so that only the scheduled non-recurring integration costs of Euro 0.3 million had an impact on our quarterly result."
Mr Veigel concluded: "Despite the Euro 2.2 million cash outflow resulting from the acquisition, we have been able to further expand our liquidity position with a positive cash flow of Euro 8.1 million, and are extremely well equipped to implement our growth program. We expect the acquisition to bring a further significant growth in sales to over Euro 50 million for the fiscal year 2003, and a further improvement of the pre-tax result at the fiscal year level."
Conference Call The results for the first quarter of 2003 will be commented by Management on Wednesday, May 7, 2003 within the scope of a telephone conference. The conference will take place at 14.00 CET on telephone number +49 (0)69 / 58 999 0509 (access code: "betasystems"). A tape recording of the telephone conference will be available for twenty-four hours after on telephone number 069 / 58 999 0532 (access code: 783832). Mr Arne Baßler is available on telephone number 030 726 118 -170 to answer any questions you may have ahead of the telephone conference.
end of announcement euro adhoc 07.05.2003
Further inquiry note:
Arne Baßler Beta Systems Software AG Tel.: +49 (0)30 726 118 0 Fax: +49 (0)30 726 118 800 E-Mail:
ir@betasystems.com
Branche: Software
ISIN: DE0005224406
WKN: 522440
Index: Nemax All Share, Nemax Software, Prime Standard
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Niedersächsische Börse zu Hannover / free trade
Berliner Wertpapierbörse / free trade
Hamburger Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade