INTERSHOP Communications AG — Earnings Release 2009

Feb 24, 2010

News Details

Ad-hoc | 24 February 2010 08:26

Intershop exceeds 2009 forecasts

Intershop Communications AG / Final Results

24.02.2010 08:26

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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• Revenues rise by 13% to EUR 31.8 million
• EBITDA improved by 60% to EUR 3.8 million
• EBIT rises by 7% to EUR 2.0 million
• Further growth predicted

Jena, February 24, 2010 - Intershop Communications AG (ISIN: DE000A0EPUH1),
a provider of integrated e-commerce solutions, today announced its
preliminary figures for fiscal year 2009.

Revenues rose by 13% to EUR 31.8 million. The Company therefore exceeded
its growth forecast of 7% to 11% in 2009. The main reasons for the increase
in revenues were important contracts with strategic customers (Platinum
Accounts) and a large number of additional new customers. In the past
fiscal year, Intershop recorded a significant increase in the license
segment in particular. License revenues rose from EUR 4.1 million to EUR
6.9 million, an increase of 69%. In the services, maintenance, and other
segment, Intershop recorded a 4% increase in revenues to EUR 24.9 million.

Gross profit rose considerably by 31% to EUR 14.9 million, corresponding to
a rise in the gross margin to 47% from 41% in the prior-year period.
Earnings before interest, tax, depreciation, and amortization (EBITDA)
increased by a good 60% to EUR 3.8 million; operating profit (EBIT) rose by
7% to EUR 2.0 million. Operating expenses in fiscal year 2009 were up
approximately 35% on the prior-year level. This increase reflects in
particular Intershop's investments in innovation, which resulted in
significantly higher research and development personnel costs. Further
reasons include the amortization of software development costs and higher
expenses for marketing, sales, and administration. Earnings before tax rose
from EUR 1.8 million to EUR 2.1 million; consolidated net income for the
period amounted to EUR 1.7 million compared with EUR 1.5 million in the
previous year. Basic earnings per share amounted to EUR 0.07 and EUR 0.06
to diluted basic following EUR 0.06 in the 2008 reporting period.

Intershop's preliminary consolidated balance sheet as of December 31, 2009
continues to show a strong financial position. Total assets rose by 16% to
EUR 28.7 million compared with December 31, 2008. Higher trade receivables
related to major license and service contracts were the main reason for
this increase.

As a result of outstanding receivables, (unrestricted) cash amounted to EUR
6.3 million as of December 31, 2009, down approximately 22% on the end of
2008. However, cash rose again significantly as of February 22, 2010 to
approximately EUR 13 million. Intershop had no financial liabilities as of
the end of 2009. Equity increased by 13% compared with the previous year's
level to EUR 18.4 million, corresponding to an equity ratio of 64%.

Intershop also generated a positive operating cash flow of EUR 0.8 million
in 2009 (previous year: EUR 3.0 million). The lower inflow from operating
activities, despite the increase in earnings, is mainly the result of the
above-mentioned increase in trade receivables.

Overall, Intershop exceeded its revenue and earnings growth targets in
2009. The Company more than offset lost revenue and valuation allowances
relating to Quelle, an insolvent key client, with more than 70 new projects
in the past fiscal year. Provided that the macroeconomic situation is
stable, the Management Board expects additional organic revenue growth of
7% to 13% and sustained positive earnings in 2010.

All figures are preliminary and are subject to audit.

Investor Relations:
Stephan Leschke
T: +49-3641-50-1371
F: +49-3641-50-1309
ir@intershop.com

24.02.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English
Company: Intershop Communications AG
Intershop Tower
07740 Jena
Deutschland
Phone: +49 (0)3641-50-0
Fax: +49 (0)3641-50-1002
E-mail: ir@intershop.de
Internet: www.intershop.de
ISIN: DE000A0EPUH1, DE000A0C4ZE3
WKN: A0EPUH, A0C4ZE
Indices: CDAX, PRIMEALL, TECHALLSHARE
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart, Hamburg

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