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euro adhoc: USU Software AG (english)

Möglingen, 19.05.2004 - Disclosure announcement transmitted by euro adhoc.The issuer is responsible for the content of this announcement.

USU Software AG USU Software AG generates positive quarterly result

USU Software AG generates positive quarterlyresult

Möglingen, May 19, 2004. USU Software AG generated a return toprofitability as early as the first quarter of the 2004 financialyear. The structural measures implemented in the previous yearresulted in a positive quarterly result of TEUR 119 (PY: TEUR-182)and earnings per share of EUR 0.01 (PY: EUR-0.01). In the 2003financial year, the company sold loss-making participations andconcentrated the Group branches. This resulted is Group personnellevels declining to 195 as of March 31, 2004 (PY: 245 employees).

As a result of the measures taken, EBITDA was almost balanced in thereporting period. At TEUR-64 (PY: TEUR-517), there was aconsiderable improvement against the previous year. In the firstthree months of the 2004 financial year, EBIT totalled TEUR-228 (PY:TEUR-790).

As a result of the structural changes, sales declined to TEUR 4,566(PY: TEUR 5,607), but were at the upper end of the expected range.Overall, the USU Software Group posted a slight recovery in its corebusiness, with consultancy revenues moving up strongly as a result ofthe high number of workdays.

Because of the reduced level of receivables and liabilities, thebalance sheet total declined to TEUR 73,147 (December 31, 2003: TEUR75,311). At the same time, shareholders? equity increased slightly,primarily as a result of the positive quarterly result, to TEUR66,819 (December 31, 2003: TEUR 66,657). The equity ratio moved up to91.3% (December 31, 2003: 88.5%).At the end of the first quarter in 2004, liquid funds and investmentstotalled TEUR 47,633 (December 31, 2003: TEUR 47,841).

Due to the pleasing development in the first quarter of 2004, theManagement Board reiterated its planning for the whole year, withsales between EUR 16.0 million and EUR 18.0 million and net income ofbetween EUR 1.0 million and EUR 1.5 million.

end of ad-hoc-announcement

Issuer´s information and explanatory remarks concerning thisad-hoc-announcement:

USU Software AG generates positive quarterly result

· Return to profitability achieved · EBITDA almost balanced· Liquidity remains at a high level · Planning for the 2004 financial year confirmed

Möglingen, May 19, 2004. USU Software AG generated a return toprofitability as early as the first quarter of the 2004 financialyear. The structural measures implemented in the previous yearresulted in a positive quarterly result of TEUR 119 (PY: TEUR-182)and earnings per share of EUR 0.01 (PY: EUR-0.01). In the 2003financial year, the company sold loss-making participations andconcentrated the Group branches. This resulted is Group personnellevels declining to 195 as of March 31, 2004 (PY: 245 employees).

The reduced cost basis is reflected in the lower cost of revenuesfigure of TEUR 2,714 (PY: TEUR 3,509). At the same time, in thereporting period selling and marketing expenses as well as researchand development expenses combined with general and administrativeexpenses were down to TEUR 2,122 (PY: TEUR 2,883). While research anddevelopment expenses remained virtually stable at TEUR 706 (PY: TEUR766), the result of the cost saving measures made in the previousyear particularly impacted the reduction of sales and marketingexpenses to TEUR 836 (PY: TEUR 1,419). Contributions made to savingshere were primarily the concentration of marketing activities ondirect marketing, combined with targeted customer address throughindividual events. General and administrative expenses declined toTEUR 580 (PY: TEUR 698).

As a result of the measures taken, EBITDA was almost balanced in thereporting period. At TEUR-64 (PY: TEUR-517), there was aconsiderable improvement against the previous year. Includingdeprecation on tangible and intangible assets of TEUR 164 (PY: 272TEUR), EBIT totalled TEUR-228 (PY: TEUR-790).

As a result of the structural changes, sales declined to TEUR 4,566(PY: TEUR 5,607), but were at the upper end of the expected range.Overall, the USU Software Group posted a slight recovery in its corebusiness, with consultancy revenues moving up strongly as a result ofthe high number of workdays.

As of March 31, 2004 the company reduced Group trade accountsreceivable by TEUR 1,464 to TEUR 2,827 (December 31, 2003: TEUR4,291). In the same period, accruals and liabilities were againreduced considerably, by TEUR 2,326 to the current figure of TEUR6,328 (December 31, 2003: TEUR 8,654). As a result of thereinvestment of marketable securities which matured, otherinvestments in current assets increased to TEUR 5,786 (December 31,2003: TEUR 5,622), while debt securities in non-current assets moveddown slightly to TEUR 34,426 (December 31, 2003: TEUR 34,563). At the same time shareholders? equity increased slightly, primarilyas a result of the net income for the period, to TEUR 66,819 from theTEUR 66,657 posted on December 31, 2003. The equity ratio moved up to91.3% (December 31, 2003: 88.5%). As of March 31, 2004, liquid fundsand investments totalled TEUR 47,633 (December 31, 2003: TEUR47,841).

"In the first three months of the current financial year, businesshas developed very pleasingly at USU Software AG. With a positivequarterly result of sales exceeding EUR 4.5 million, we slightlyoutperformed our expectations. The strong sales in March made amaterial contribution, with a higher number of workdays. At the sametime, we maintained the capacity utilisation of our consultants at ahigh level, while achieving progress in the license business. We areconfident that this development will continue in the coming quarters.We are retaining our original planning to generate sales between EUR16.0 million and EUR 18.0 million and net income between EUR 1.0million and EUR 1.5 million", stated Bernhard Oberschmidt, Chairmanof the USU Software AG Management Board.

The ad-hoc notification and the related press release can be accessedat http://www.usu-software.com. The detailed Q1 2004 report will beavailable shortly for downloading at the company?s web site.

Contact:USU Software AGInvestor RelationsFalk SorgeTel.: + 49 / 71 41 / 48 67 351Fax: + 49 / 71 41 / 48 67 108E-mail: f.sorge@usu-software.de

USU Software AGCorporate CommunicationsDr. Thomas GerickTel.: + 49 / 71 41 / 48 67 440Fax: + 49 / 71 41 / 48 67 909E-mail: t.gerick@usu-software.de

Further inquiry note:Falk SorgeTel.: +49 (0)7141 4867 351E-Mail: f.sorge@usu-software.deTel: +49 (0)7141 4867 0FAX: +49 (0)7141 4867 20Email: investor@usu-openshop.com

Ende der Mitteilung

WKN: 780470ISIN: DE0007804700Marktsegment: CDAX, Prime Standard, regulated dealingBaden-Württembergische Wertpapierbörse, Frankfurter Wertpapierbörse;free trade Berliner Wertpapierbörse, Bayerische Börse, HamburgerWertpapierbörse, Bremer Wertpapierbörse (BWB), Börse Düsseldorf

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