euro adhoc: USU Software AG
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USU Software AG publishes nine-monthly figures
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USU Software AG publishes nine-monthly figures
Möglingen, 18 November 2004. - In Q3 2004, USU Software AG (ISIN DE000A0BVU28) achieved Group sales of TEUR 4,754 (PY: TEUR 4,776), which were higher than expected. Despite the necessary adjustment of employee capacity in 2003, which led to a staff being reduced to 180 employees (PY: 229), year-on-year sales were almost constant. While the positive trend in the consultation division continued, the Company showed only a marginal improvement in the licensing division, which was still below its own expectations. As a result of the structural changes introduced in the previous yearEURs quarter to cut costs, the Company EBITDA improved significantly from TEUR -1,373 in the previous yearEURs quarter to -234 TEUR in Q3 2004. EBIT amounted to TEUR -328 (PY: TEUR -1,707). USU Software AG achieved quarterly net income of TEUR 13, including interest income, after a loss of TEUR -1,231 in the equivalent period of the previous year.
In the first nine months of 2004, Group sales totalled TEUR 13,447 (PY: TEUR 14,758). EBITDA improved to TEUR -446 (PY: TEUR -2.942), EBIT was TEUR -864 (PY: TEUR -3,808). Net income was TEUR 221 (PY: TEUR -2.263). With an average number of shares of 8,605,593 (PY: 8,605,593), earnings per share was EUR 0.03 (PY: EUR -0.26).
For Q4 2004, the Management Board expects higher sales than the previous year of TEUR 4,301, and another positive quarterly result. In this respect the Company is confident that it will be able to implement the extension of profitability successfully, even though profits for the whole year 2004 are likely to be lower than original expectations. For the 2005 financial year, the Management Board is targeting a significant increase in operating results on a steady development of sales. It also expects to achieve net income for the year, even without the interest income from funds being used for the special distribution.
end of ad-hoc-announcement
Issuer´s information and explanatory remarks concerning this ad-hoc-announcement:
USU Software AG publishes nine-monthly figures
· Q3 sales above expectations · Year-on-year earnings improvement · Nine-monthly figures confirm positive trend · Whole year earnings expected to be lower than scheduled · Special distribution announced for 18 February 2005
Möglingen, 18 November 2004. - In Q3 2004, USU Software AG generated higher than expected sales of TEUR 4,754. This clearly exceeds the corresponding sales of the two previous quarters. Despite reduced employee capacity, the Company almost achieved the sales of the previous yearEURs quarter of TEUR 4,776. Above all, utilisation of employees in the consultation area was increased. This makes us confident for the coming months. The cost basis fell year-on-year by TEUR 1,506 to TEUR 5,081 (PY: TEUR 6,587). This includes largely materials and staff costs, costs for freelance employees, legal and consultation costs, as well as a settlement to avoid legal action, costs for outsourced products and services, rent and depreciation.
In Q3, EBITDA improved significantly to TEUR -234 (PY: TEUR -1,373), while EBIT improved to TEUR -328 (PY: TEUR -1,707). In Q3 2004, as in the previous quarters, the Company achieved a slight surplus of TEUR 13 (PY: TEUR -1,231).
The YTD sales in the first three quarters of the financial year are TEUR 13,447 (PY: TEUR 14,758). Broken down by segment, the Business Solutions division contributed TEUR 7,098 (PY: TEUR 8,523), while the IT-Controlling division posted slight growth to TEUR 6,349 (PY: TEUR 6,235). At the same time, in the first three quarters of the 2004 financial year, USU Software reduced Group costs by TEUR 4,608, approximately one quarter, to TEUR 14,399 (PY: 19.007).
In the first three quarters, the Company posted EBITDA of TEUR -446 (PY: TEUR -2,942) and EBIT of TEUR -864 (PY: TEUR -3,808). Net income in the first three quarters was TEUR 221 (PY: TEUR -2,263) and thus confirms the positive trend in business development. With an average 8,605,593 (PY: 8,605,593) shares, earnings per share in the first three quarters are EUR 0.03 (PY: EUR -0.26). This figure takes into account the amalgamation of shares at a ratio of 2:1, which took place at the end of August.
USU Software remains very solidly financed. Liquid funds amount to TEUR 46,684 (31.12.2003: TEUR 47,841). There was a reduction in financial funds by TEUR 980 as against the previous quarter. The main cause of this is unfinished services in fixed price projects which have not yet been invoiced. The invoicing for several projects will be carried out in Q4. This will result in a corresponding inflow of funds in that period. As a result of the multi-level procedure relating to the forthcoming special distribution, the equity ratio fell from 88.5% as of 31 December 2003 to 45.0% at the end of Q3 2004. After the special distribution, this will again move back to a level clearly above 80%. The company plans to carry out the special distribution of EUR 4.00 per share, which was resolved at the Annual General Meeting on 15 July 2004, on 18 February 2005.
The Management Board expects higher sales than the previous year of TEUR 4,301 for Q4 2004, and, again, positive earnings for the quarter. While utilization in the consultation area is likely to remain at a very high level, the license division, which has developed in a restrained fashion up until now, holds significant potential for improving earnings in the traditionally strong Q4. There is also positive momentum from the extension of the partner network. As of October 2004, the network includes the former Intel subsidiary LANDesk. From the current perspective, total income for the whole year 2004 is likely to fall below original expectations. For the 2005 financial year, the Management Board is targeting a significant increase in operating results and net income on a steady development of sales.
The Management Board will give further information at this year´s Analyst Conference at the German Equity Forum in Frankfurt on 23 November 2004.
This press release is available at http://www.usu-software.de.
USU Software AG As a software and solution provider, we have been offering our customers value added-oriented IT products and tailored application solutions for over 25 years. In the field of IT-Controlling, analysts see USU as one of Europe's market leaders. We support customers in achieving transparent management of the economic efficiency of their IT in the context of comprehensive controlling. In this, the new Valuemation product suite addresses expertise issues such as IT asset management, IT finance management or service / change management. In the Business Solutions area, USU successfully moulds IT knowledge and specialist expertise into customised systems as a solution provider. Together with our own process models and expertise attained in major projects, established knowledge management products supplement our broad offering. Longstanding customer relations connect USU with market leaders in all areas of the economy. Further information can be found at www.usu-software.de
end of announcement euro adhoc 18.11.2004 07:06:29
Further inquiry note:
Contact
USU Software AG
Investor Relations
Falk Sorge
Tel.: 0 71 41 / 48 67 351
Fax: 0 71 41 / 48 67 108
Email: f.sorge@usu-software.de
USU Software AG
Corporate Communications
Dr. Thomas Gerick
Tel.: 0 71 41 / 48 67 440
Fax: 0 71 41 / 48 67 909
Email: t.gerick@usu-software.de
Branche: Software
ISIN: DE000A0BVU28
WKN: A0BVU2
Index: Prime Standard, CDAX, Prime All Share
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Berliner Wertpapierbörse / free trade
Hamburger Wertpapierbörse / free trade
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