029 Group SE

Earnings Release • Oct 22, 2001

News Details

Ad-hoc | 22 October 2001 08:36

Brainpower N.V. english

Brainpower revises 3rd quarter revenue guidance Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Brainpower revises 3rd quarter revenue guidance, remains on target for full- year revenues of EUR 8 million Brainpower (Neuer Markt: BPW), provider of investment analysis and decision support software tools for the investment community, today revises downward its expectations for third quarter revenues, although the Company reiterates its recently announced EUR 8 million revenue target for the full year ending December 31, 2001. The company expects to report revenues for the 3rd quarter ended September 30, 2001 of approximately EUR 2.2 million, down from the previously announced EUR 3 million expectation. The shortfall is due to delayed recognition, from the 3rd to the 4th quarter, of approximately EUR 0.8 million in fees from a one- off software development project. Bill Holwell, Vice President Finance and Acting Chief Financial Officer, states, “As the project will be completed and the final invoice sent in the 4th quarter, we feel that under the revenue recognition rules Brainpower uses, where revenues for software development projects are recognized on a percentage completion basis, it is best practice to recognize an appropriate portion of revenues at that time rather than in the 3rd quarter. This accounting treatment will have no net negative effect on full year targets.” Brainpower will announce 3rd quarter results on November 2, 2001. ABOUT BRAINPOWER Brainpower is a developer and supplier of investment analysis and decision support tools for investment professionals and online financial service providers. Brainpower’s solutions are differentiated by their advanced capabilities to support enhanced decision-making for investment professionals and their clients, including retail investors. The organisation’s high-end decision support tools for investment professionals, Brainpower Finest and Brainpower TOP FUNDS, support the analysis and management of stocks, mutual funds and portfolios. The technology is database-independent operating in a client/server environment and is based on recognised industry standards and solutions. Brainpower NetXceed supplies the key functionalities of Brainpower Finest and Brainpower TOP FUNDS offering for online financial service providers. For further information see: http://www.brainpowerweb.com or contact: Curtis E. Fox Director, Communications & Investor Relations Tel : +44 (0) 20 7392 7117 Email: cfox@brainpowerweb.com end of ad-hoc-announcement (c)DGAP 22.10.2001 ——————————————————————————– WKN: 553169; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Hamburg, Hannover, Düsseldorf, Stuttgart und München 220836 Okt 01