INTERSHOP Communications AG — Earnings Release 2001

Oct 31, 2001

News Details

Ad-hoc | 31 October 2001 08:50

INTERSHOP Communications english

Intershop Reports Third Quarter 2001 Financial Results Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Intershop Reports Third Quarter 2001 Financial Results Hamburg, Germany. October 31, 2001. Intershop Communications AG (Neuer Markt: ISH, Nasdaq: ISHP), a global provider of e-business software, today announced financial results for the third quarter of fiscal 2001, ended September 30, 2001. Third quarter revenue totaled Euro 14.7 million compared with revenue of Euro 22.0 million in the second quarter of 2001. The decline in revenue was primarily related to the weak corporate IT spending environment and seasonal effects in Europe. Sales were also impacted by Intershops migration from a pure eCommerce platform provider to a vendor of higher-value industry-specific solutions. Excluding 21.1 million Euros in one-time charges, primarily related to restructuring, Intershop recorded a third quarter net loss of Euro 23.1 million or a net loss of Euro 0.26 per share during the third quarter of 2001. This compares to a net loss of Euro 24.7 million or a net loss of Euro 0.28 per share in the second quarter of 2001, excluding one-time charges of Euro 3.6 million. Continued cost reduction reduced Intershops quarterly cash burn to Euro 10.4 million in the third quarter of 2001, compared to Euro 20.1 million in the second quarter of 2001. Intershop ended the third quarter of 2001 with total liquidity including cash, cash equivalents, marketable securities, and restricted cash at Euro 45.2 million compared with Euro 55.6 million as of June 30, 2001. Intershop expects its cost base excluding depreciation and amortization will be below 25 million Euros in the fourth quarter. At this reduced cost level, Intershop is now able to break even with revenues of 22 to 25 million Euros. Even though Intershop expects that total revenues for the fourth quarter 2001 will be higher than third quarter 2001 total revenues, Intershop cautions that in light of the current IT spending weakness, EBITDA breakeven on a quarterly basis will not be achieved before 2002. end of ad-hoc-announcement (c)DGAP 31.10.2001 ——————————————————————————– WKN: 622700; Index: NEMAX 50 Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München, Stuttgart 310850 Okt 01