CeoTronics AG

Earnings Release • Aug 18, 2004

News Details

Ad-hoc | 18 August 2004 17:41

CeoTronics AG: Consolidated results for the year as of May 31, 2004 …

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Consolidated results for the year as of May 31, 2004 / proposed dividend payment Revenues up 9.7% / EBITDA EUR1,317 thousand / EBIT EUR866 thousand / earnings before taxes EUR727 thousand / net income for the year EUR316 thousand / gross cash flow EUR767 thousand / order backlog up 178% /own expectations exceeded/ proposed dividend of EUR0.13 per share CeoTronics AG Audio Video Data Communication, listed in the Prime Standard (ISIN: DE0005407407), recorded year-on-year growth in consolidated revenues of 9.7%, from EUR12,366 thousand to EUR13,568 thousand in fiscal year 2003/2004. It achieved this despite the disappointing economic developments in CeoTronics’ priority markets and the budgetary situation at its public-sector customers. EBITDA (earnings before interest, taxes, depreciation and goodwill amortization/impairment) improved by EUR1,356 thousand from EUR-39 thousand in the prior-year period to EUR1,317 thousand. EBIT rose by EUR1,409 thousand from EUR-543 thousand to EUR866 thousand. The net loss of EUR567 thousand recorded in the previous year was turned into a profit of EUR316 thousand. As a result, consolidated net income increased by EUR883 thousand. In the period under review, gross cash flow improved by EUR830 thousand year-on-year, from EUR-63 thousand to EUR767 thousand. Earnings per share rose by EUR0.41 to EUR0.15, as against a loss per share of EUR-0.26 in the prior-year period. Consolidated equity amounted to EUR10,060 thousand as of May 31, 2004, while the equity ratio was 70.2% (previous year: 70.7%). As of the balance sheet date, the Group’s order backlog was up 177.9% year- on-year. The number of employees fell by 2 as against the same period of the previous year from 127 to 125. As a result of the disappointing performance of CeoTronics, Inc., USA, the latter’s carrying amount was written down in CeoTronics AG Deutschland’s balance sheet in the fourth quarter of fiscal year 2003/2004. The accrual for Group risks was therefore reversed. The CeoTronics parent company generated net income for the year of EUR364 thousand in fiscal 2003/2004, increasing its order backlog by 150.8%. The Supervisory Board agreed with the Board of Management’s proposal, to be submitted to the General Meeting, for a dividend payment of EUR0.13 per share from the parent company’s net retained profits of EUR1,008,303.45. end of ad-hoc-announcement (c)DGAP 18.08.2004 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: A comparison of the Q4 2003/2004 results with those of Q4 2002/2003 reveals 33.7% growth in consolidated revenues from EUR3,153 thousand to EUR4,214 thousand, and an improvement in EBITDA of EUR923 thousand from EUR-102 thousand to EUR831 thousand. EBIT increased by EUR863 thousand from EUR-151 thousand to EUR712 thousand. The net loss of EUR10 thousand recorded in the comparable quarter of the previous year was turned into net income of EUR311 thousand as of May 31, 2004, an improvement in net income of EUR321 thousand. Gross cash flow increased by EUR371 thousand year-on-year for the period from March 1 – May 31, from EUR59 thousand to EUR430 thousand. Quarterly earnings per share improved to EUR0.14, compared with EUR0.00 in the prior-year quarter. The Board of Management’s expectations with regard to revenue growth, an improvement in all key earnings figures, and the order backlog were exceeded. “We are satisfied with the results of operations overall and believe that we will be able to increase revenues and again generate positive earnings in fiscal year 2004/2005 due to our high order backlog as of August 16, 2004 (up 201% year-on-year), new products, and the continued improvement of our cost structure,” commented Thomas H. Günther, Chairman of the Board of Management. Additional information: CeoTronics AG Audio Video Data Communication Investor Relations, Adam-Opel-Strasse 6, 63322 Rödermark, Germany Tel: +49(0)6074/8751-722, Fax: +49(0)6074/8751-720 e-mail: vorstand@ceotronics.com, Internet: http://www.ceotronics.com ——————————————————————————– WKN: 540740; ISIN: DE0005407407; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 181741 Aug 04