029 Group SE

Earnings Release • Nov 6, 2003

News Details

Ad-hoc | 6 November 2003 08:31

Brainpower N.V. english

Brainpower N.V. Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Brainpower N.V. (Frankfurt: BPW), provider of enterprise-wide decision-support solutions to global asset managers, announces a substantial reduction in EBITDA losses and operating expenses for the quarter ended September 30, 2003. Revenues equaled 1.42 million Euros for the third quarter, down 2% from second quarter revenues of 1.46 million Euros and down 22% from the year ago period. EBITDA losses before restructuring costs equaled 1.11 million Euros, a significant improvement from EBITDA losses of 1.46 million Euros in the previous period and 1.54 million Euros in the third quarter 2002. Rocco Pellegrinelli, Chief Executive Officer, commented: As we forecasted in our second quarter earnings announcement, new business was soft during the normally slow third quarter, resulting in a slight decrease in total revenue backlog. However, we anticipate a strong fourth quarter helped by the launch of two new products whose development was completed during the third quarter. The first new product is an application specifically designed for professional hedge funds investors. The second is an extremely innovative system for powering the advisory business at private banks. Both new products will help strengthen our offer and expand new market niches. Early reception from customers has been extremely positive. Bill Holwell, Chief Financial Officer, commented: Brainpower continues to work hard at driving costs out of our business. We successfully reduced operating costs by 15% quarter on quarter and 26% year on year. Management expects further significant reductions in operating costs in the fourth quarter as the full benefit of our latest restructuring program is realized. Our EBITDA losses ended the quarter at their lowest level since the fourth quarter 2000 – the first full trading period after Brainpower’s listing on the Deutsche Börse. At an EBIT level, our Italian country operation, Brainpower’s largest, was in the black for the third consecutive quarter. Cash used in the quarter was 657,000 Euros, a significant improvement over the previous quarter in which 1.7 million Euros was used. Brainpower ended the quarter with cash and cash equivalents of 1.5 million Euros. end of ad-hoc-announcement (c)DGAP 06.11.2003 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: ABOUT BRAINPOWER Brainpower develops and supplies investment analysis and decision support solutions 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. Customers include leading players in the fields of asset management, private banking and online financial services. Brainpower is currently represented in major financial centers including: Amsterdam, Frankfurt, London, Lugano, Milan, Madrid, New York and Zurich. For further information see: http://www.brainpowerweb.com or contact: Curtis E. Fox Director Investor Relations Brainpower N.V. Tel: +44 (0) 20 7337 9123 Email: cfox@brainpowerweb.com ——————————————————————————– WKN: 553169; ISIN: NL0000238228; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 060831 Nov 03