Evotec SE — Earnings Release 2002

May 15, 2002

News Details

Ad-hoc | 15 May 2002 07:53

Evotec OAI AG english

Evotec OAI AG Q1 2002: Overachieved revenue goal for Q1 and strong order book Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Evotec OAI revenues for Q1 2002 amounted to EUR 16.9m, an increase of 50% over Q1 of the previous year (2001: EUR 11.3m) and significantly above the expected average year-on-year growth rate. Q1 revenues include EUR 2.3m deferred from Q4 2001 into Q1 2002 as a consequence of our strictly adopting the relevant revenue recognition policy (SAB 101) under US GAAP and US GAAS. Even after adjusting for this deferral, Q1 revenue growth reached an impressive 30%, which represents the upper end of our organic growth expectations. The Evotec OAI group operating loss for Q1 2002 decreased by 83% to EUR (7.0)m (2001: EUR (40.5)m). This significant improvement is mainly following changes in US GAAP regulations regarding goodwill amortisation from acquisitions. Amortisation is significantly lower and limited to non-goodwill intangible items. Excluding merger-related amortisation of intangible assets the Evotec OAI group loss from operations for Q1 improved by 33% to EUR (4.1)m (2001: EUR (6.1)m). Net loss in the first three months amounted to EUR (5.7)m, an 86% improvement over Q1 2001 (2001: EUR (40.1)m). Net income per share amounted to EUR (0.16) (Q1 2001: EUR (1.13)). EBITDA improved by 83% to EUR (0.7)m (2001: EUR (3.9)m). EBITDA per share improved to EUR (0.02) from EUR (0.11) in 2001. Cash and marketable securities as of March 31, 2002 amounted to EUR 26.1m, only EUR 1.8m less than at year end 2001. We extended several multi-year collaborations, including Roche, Serono, Amgen and Vertex. In addition, we expanded our customer base adding partnerships with Ionix, Point, SiREEN. Evotec OAI continued its strong growth in Q1 2002. Our order book is strong: as of May 1, 2002, it already accounts for approximately 60% of analysts’ revenue expectations for the current fiscal year (consensus: EUR 85m). Our performance is a clear validation of our business strategy. On the basis of a promising business development pipeline we remain confident to achieve analysts’ revenue targets for 2002. end of ad-hoc-announcement (c)DGAP 15.05.2002 ——————————————————————————– WKN: 566480; ISIN: DE0005664809; Index: NEMAX-50 Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 150753 Mai 02