029 Group SE

Earnings Release • Aug 2, 2001

News Details

Ad-hoc | 2 August 2001 08:00

Brainpower N.V. english

Ad hoc announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Quarter Results for the three months ended June 30, 2001 BRAINPOWER EXCEEDS REVENUE FORECASTS IN SECOND QUARTER – Revenue increased 112% to EUR 1,823,936 (Q2 2000: EUR 860,729) – Total backlog of revenue booked rises to EUR 10.6 million to be recognised over 2-3 years – Strong cash balance of EUR 19.5 million and shareholders equity of EUR 21.1 million – Loss of EUR 2.4 million, of which EUR 275,289 relates to non-cash charges, in line with management expectations Brainpower N.V. (Neuer Markt, BPW), a global provider of e-finance and intranet financial applications to both online financial service providers and investment professionals, has announced its second quarter results for the three months ended June 30, 2001. Rocco Pellegrinelli, CEO of Brainpower commented: “We are pleased that Brainpower exceeded revenue expectations while at the same time keeping our costs in-line with forecasts. Our Company continues to be very healthy, both financially and operationally, remaining on target to meet our business objectives. The growth of our customer base remains solid and consistent with our plans. We continue to add Blue-Chip clients and are pleased to have had two customers’ internet sites go live recently: Zurich Financial Services (Zurich.com) and DLJdirect (now part of Credit Suisse First Boston).” “A vital aspect of our strategy is to continue the development of international strategic partnerships. In the second quarter, we signed a pan-European alliance with S1 Corporation, a leading provider of e-Finance solutions with more than 1,500 clients globally, and in Italy the Company signed alliances with IrisCube and Prometeia Calcolo, two of Italy’s top independent IT consulting firms. Furthermore, Brainpower announced this week an agreement with GFA, a division of FERI Trust, the foremost mutual funds data provider in Germany.” Jennifer Wick, CFO, added: “Brainpower is in a strong financial position. We have a backlog of booked revenues of EUR 10.6 million, which will be recognized over the next 2-3 years. Revenues of EUR 1,823,936 for the three months ended June 30, 2001 exceeded our revenue expectations and represent an increase of 112% over last year. Our balance sheet is strong with cash and cash equivalents of EUR 19.5 million at the end of the period.” “The Company’s cash used in operations for the quarter was EUR 2.7 million of which EUR 265,290 related to recruitment costs and EUR 197,770 related to consultancy costs. In addition, the Company used EUR 0.5 million on office renovation costs, which will be capitalized and depreciated over 10-12 years. The equity as of June 30, 2001 was EUR 21.1 million. The losses of EUR 2.4 million, of which EUR 275,289 are non-cash items, are in line with our estimates, and lower than the net loss incurred during the first quarter.” Contact: Brainpower N.V. Curtis E. Fox Director, Communications & Investor Relations Tel.: +44 (0) 20 7392 7117 Fax: +44 (0) 20 7392 7198 E-mail: cfox@brainpowerweb.com end of ad hoc announcement (c) DGAP 02.08.2001 ——————————————————————————– WKN: 553169; Index: Listed: Neuer Markt in Frankfurt, Freiverkehr in Berlin, Bremen, Hamburg, Hannover, Düsseldorf, Stuttgart und München 020800 Aug 01