IVU Traffic Technologies AG — Earnings Release 2003

Aug 15, 2003

News Details

Ad-hoc | 15 August 2003 08:12

IVU Traffic Technologies english

IVU Traffic Technologies AG (WKN 744 850) announces semi-annual figures Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– IVU Traffic Technologies AG earned Euro 9.4 million in sales during the first half 2003, which amounts to a 15 percent decline over the same period in the previous year. Earnings before interest and taxes (EBIT) dropped 60 percent to Euro -4.7 million, while the Euro -4.9 million in consolidated net income is around 50 percent lower than the figure reported for the first half of 2002. However, both the EBIT and consolidated net income for the first half of 2003 are not fully comparable to the previous year, since the company derived substantial extraordinary gains from the sale of companies and the write-back of reserves in 2002. Adjusted for these special effects and for one-time expenses arising from layoffs in the second quarter, EBIT improved roughly 13 percent to Euro -4.2 million over a twelve-month period, while consolidated net income increased over 15 percent to roughly Euro -4.4 million. Due to the seasonal nature of its business, IVU typically reports negative results in the first few quarters. Over half of annual sales revenues are usually generated in the fourth quarter, when IVU customers use up their budgets, while costs are evenly distributed over all four quarters. For the year as a whole, the company anticipates a balanced result and expects revenues to remain at roughly the same level as last year. Like every year, the fourth quarter will play a determining role. The launch of a new version of MICROBUS, IVU’s best-selling planning and scheduling system, offers additional potential. Earnings are expected to improve substantially in 2004, due entirely to the staff cuts that were initiated in the first quarter and have now been almost entirely implemented. Over eighty percent of the laid-off employees have signed the liquidation contracts they were offered; only four complaints of unfair dismissal were filed. The complete report can be found at www.ivu.de. For more information, contact: Gerd Henghuber Head of Corporate Communications IVU Traffic Technologies AG Telefon +49.30.85906-800 end of ad-hoc-announcement (c)DGAP 15.08.2003 ——————————————————————————– WKN: 744850; ISIN: DE0007448508; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hannover, München und Stuttgart 150812 Aug 03