029 Group SE

Earnings Release • Feb 19, 2004

News Details

Ad-hoc | 19 February 2004 08:31

Brainpower N.V. 4th Quarter and Full-Year Results 2003

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Brainpower N.V. 4th Quarter and Full-Year Results 2003 Brainpower NV (Prime Standard: BPW) provider of analytic applications, technology and data management solutions to the investment community announces results for the Fourth Quarter and Full Year ended December 31, 2003. Revenues of 1.75 million Euros, 23% above previous quarter’s results Full-year and fourth quarter operating expenses down substantially Fourth quarter net losses reduced by 54% from previous year’s figure Revenues equaled 1.75 million Euros for the fourth quarter 2003, up 23% from the previous quarter. Revenues were down slightly, however, from 1.85 million Euros in the fourth quarter ended December 31, 2002. EBITDA losses narrowed substantially from 1.29 million Euros in the year ago period to an EBITDA loss of 403,000 Euros in the fourth quarter 2003. Rocco Pellegrinelli, Chief Executive Officer stated; “We made tremendous technological strides during the quarter. Our R&D team completed work on several new products, including Brainpower ProActiv(TM), which serves the private client advisory market. We recently announced the first major client for Brainpower ProActiv(TM) in Italy. We also launched a new version of our popular multi-asset class application, Brainpower Suite. To date, more than 20 clients have upgraded to the new product and we see this trend continuing in 2004. With our substantial reduction in operating costs and the increase in quarter- on-quarter revenues, I’m happy to report that Brainpower made significant headway toward achieving our EBITDA breakeven target. The combination of increasing IT budgets at large financial institutions in our target markets and our expanded product offering will enable the company to reach EBITDA breakeven during 2004.” Bill Holwell, Chief Financial Officer of Brainpower, added, “We were successful in reducing operating costs by 28% before depreciation and amortization over the year and we will continue to focus on cost reduction. At December 31, 2003, Brainpower’s total backlog of booked revenue to be recognized over the next two to three years equaled 7.2 million Euros, up from 6.6 million Euros one year ago.” end of ad-hoc-announcement (c)DGAP 19.02.2004 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: ABOUT BRAINPOWER Brainpower provides analytic applications, technology and data management solutions to the global investment management community. Brainpower’s distinctive approach to addressing the portfolio manager’s workflow delivers middle-office functionality and analytic power, and back-office reporting capabilities to the front office – on the fly. 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, Communications & 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 190831 Feb 04