ATOSS Software AG — Earnings Release 2002

Jul 25, 2002

News Details

Corporate | 25 July 2002 09:30

ATOSS Software AG english

ATOSS increases sales by 12% in second quarter, sharp improvement in results Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– ATOSS increases second-quarter sales by 12% compared with previous year, sharp improvement in results Munich, July 25, 2002 – In the second quarter of 2002, ATOSS Software AG, Munich, the leading supplier of software solutions in the field of Staff Efficiency Management (SEM), posted aggregate sales of TEur 5,418. This represents an increase of 12% compared with the previous year. Operating results increased by TEur 1,661 to TEur 237. This revenue increase can be attributed to the 46% increase in Services sales (TEur 1,890), Maintenance sales of TEur 1,685 (+7%) and other revenues (TEur 272, +11%). The software licenses (TEur 1,050, -11%) and hardware (TEur 522, – 5%) fields continued to decline, a trend that the company puts down to the cautious investment policies adopted by companies. The Munich-based software manufacturer has thereby achieved sales of TEur 10,857 (previous year: TEur 10,511) as per mid-year 2002, representing a 3% increase in aggregate sales compared with the first six months of 2001. The Services division posted TEur 3,259 (+26%), Maintenance TEur 3,389 (+23%), Software TEur 2,501 (-27%), Hardware TEur 1,137 (-3%) and Miscellaneous TEur 570 (+1%). The proportion of sales claimed by foreign operations increased from 9% in the previous year to 14%. Thanks to the cost discipline that has been implemented over the past year and the sales increases in the Services division, operating results (EBIT) rose by TEur 1,661 to TEur 237 in the first half of the year (previous year TEur – 1,424), while annual results were up by TEur 1,016 to TEur 509. Earnings per share (EPS) amounted to Eur 0.13 (previous year: -0.13) as per 30.06.2002. In Q2, operating results (EBIT) increased by TEur -1,248 to TEur 111 compared with the corresponding period of the previous year, while annual results rose from TEur -540 to TEur 344. -We are highly satisfied with what we have achieved in the first half of the year. We have succeeded in exactly fulfilling our plans and thereby satisfying the expectations of our investors, even under persistently adverse market conditions”, commented Andreas F.J. Obereder, Chairman of the Board of ATOSS. Capital ratio unchanged at 90%, high liquidity Although ATOSS reduced its operating costs by 15% in the first six months of 2002, the software developer increased its investment in research and development from TEur 1,451 to TEur 1,806 whilst holding the prices of its products steady. Group cash flow was up from from TEur -109 to TEur 1,413 as per the end of the last reporting period. The consolidated balance sheet as per 30.06.2002 clearly distinguishes the software specialist from the majority of the companies listed on the Neuer Markt: it shows that the cash position of approx. Eur 31.8 million is counterbalanced by liabilities of only Eur 1.4 million and accruals of Eur 2.2 million, while the capital ratio of 89% remains at the very high level of 31.12.2001. The number of the company’s employees fell from 177 to 165 as per 30.06.2002. Price trend: decoupled from the Neuer Markt On the basis of the reporting period from 1.1.-30.06.2002, the ATOSS stock managed to hold its ground and evade the negative trend on the Neuer Markt. A slight increase of about 4% in the ATOSS stock price contrasts with sharp falls in the indices. The NEMAX 50 index declined by 47%, for example, and the NEMAX- ALL-SHARE fell by 39%. The company’s portfolio of own shares increased to 166,091, or 4.1% of the capital stock, in the second quarter as per 30.06.2002 as a result of further purchases on the stock market. The company still intends to use them to underlay existing employee participation models. ATOSS will step up the pace of the buyback only if it intends to finance a concrete acquisition with its own shares. Outlook: plans should continue to be fulfilled, significant improvement in results In the current, third, quarter, ATOSS expects sales at the level of the previous two quarters and a further stabilization of results. It is expecting to achieve a higher level of sales in the fourth quarter, however. For the year as a whole, then, the Management Board still expects slight sales growth to produce a sharp improvement in results and a positive cash flow. Moreover, the fulfillment of the company’s plans and an open and transparent reporting policy founded on fundamentally sound accounting methods, plus the high liquidity of ATOSS, should give the company’s shareholders a strong sense of security. Further information: ATOSS Software AG Christof Leiber Am Moosfeld 3, D-81829 Munich Tel.:+49 (0) 89 42771 265 Fax:+49 (0)89 42771 100 revolution-in-time@atoss.com http://www.atoss.com end of message, (c)DGAP 25.07.2002 ——————————————————————————– WKN: 510 440; ISIN: DE0005104400; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München, Stuttgart 250930 Jul 02