029 Group SE

Earnings Release • May 8, 2003

News Details

Ad-hoc | 8 May 2003 08:29

Brainpower N.V. english

Brainpower N.V. Q1 Financial Results for the period ended March 31, 2003 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Brainpower N.V.(Frankfurt: BPW), provider of enterprise-wide investment analytics, attribution and decision-support solutions, today announces financial results for the quarter ended March 31, 2003. Rocco Pellegrinelli, Chairman and Chief Executive Officer of Brainpower, commented: “Revenues for the quarter ended March 31, 2003 equaled 1.4 million Euros, down from 1.8 million Euros in the previous quarter. This reduction was largely attributable to a number of contracts that expired in the second half of last year and were not renewed, particularly from clients in the e-brokerage sector. However, going forward the weakness from this customer segment will have minimal impact on our revenues, as our exposure to e-brokerage business is now very small. Costs were significantly lower in the first quarter than in the first quarter 2002 and remained steady from the previous quarter, primarily due to the successful implementation of a cost reduction program launched in May of last year. During the quarter we implemented a new plan to further develop third party sales and marketing channels. The new team responsible for third party alliances is developing partnerships with a shortlist of world-class organizations. We envisage that these efforts will lead to meaningful commercial agreements in the foreseeable future.” Bill Holwell, Chief Financial Officer, commented: “EBITDA losses before restructuring costs equaled 1.59 million Euros, up slightly from the previous period and considerably lower than the year ago period. Cash used in the quarter was 1.2 million Euros, representing an improvement of approximately 800,000 Euros over the previous quarter’s cash usage, excluding final receipts from a large software development contract received during 2002. Brainpower ended the quarter with cash and cash equivalents of 3.9 million Euros, which we believe is sufficient to fund operations until the Company reaches EBITDA breakeven. The Company is, however, exploring additional funding options in case business opportunities should require additional capital.” end of ad-hoc-announcement (c)DGAP 08.05.2003 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Full text of this announcement, including financial statements, can be found at: http://www.brainpowerweb.com Additional information: 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. 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, Geneva, London, Lugano, Milan, Madrid, New York and Zurich. For further information visit: http://www.brainpowerweb.com (English), http://www.brainpower.de (German), or contact: William Holwell Chief Financial Officer Brainpower N.V. Tel: +44 (0) 20 7392 7100 Email: investor@brainpowerweb.com ——————————————————————————– WKN: 553169; ISIN: NL0000238228; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 080829 Mai 03