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Earnings Release • Nov 21, 2001

News Details

Ad-hoc | 21 November 2001 07:56

BOV AG english

BOV AG achieves its Q3 sales target and successfully continues its favorable ear Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– BOV AG achieves its Q3 sales target and successfully continues its favorable earnigns trend BOV expects Q4 sales to develop on a stable level +++ Turnaround expected in Jahr 2002 +++ BOV AG booked total output of Euro 6.9 million in Q3 and sales were therefore in line with expectations and concur with recent forecasts by analysts. Despite tough market conditions, in the first nine months, BOV AG has recorded total sales of Euro 22.4 million, a figure 25.1 percent up on the year-before period. Earnings in Q3 were clearly influenced by significant cost reductions thanks to the consistent implementation of the restructuring measures initiated the prior quarter. As expected, EBITDA in Q3 was a negative Euro 1.2 million and the loss for the first nine months Euro 4.7 million. In the third quarter, if we compare monthly earnings we can clearly discern an upward trend. EBITDA in July was still a negative Euro 0.7 million, while the figure had improved to a loss of Euro 0.3 million in August and of only Euro 0.2 million in September. In other words, BOV has made good progress down the road toward breaking even. Given the current state of orders, it would appear that in the very poor economic climate, the fourth quarter, which traditionally sees the strongest sales, will be relatively restrained in the current year. From the current viewpoint, management assumes that Q4 sales will be on a par with those for the third quarter and the positive earnings trend will continue. BOV AG accordingly anticipates annual sales on the order of Euro 29.0-29.5 million and a loss for the year before interest, taxes, depreciation and amortization of Euro 5.5-5.8 million. BOV AG believes that financial 2002 will see substantial improvement in the demand for e-services in the IT market. One indicator for this is the volume of offers outstanding. Moreover, cash and cash equivalents totaling Euro 17.4 million form a sound basis for further growth. end of ad-hoc-announcement (c)DGAP 21.11.2001 ——————————————————————————– WKN: 549 370; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München , Stuttgart, Hannover 210756 Nov 01