Panamax AG

Earnings Release • Nov 12, 2001

News Details

Ad-hoc | 12 November 2001 00:38

Pandatel AG english

PANDATEL revises its forecasts – focus on growth segments Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Hamburg. PANDATEL AG, the specialist for fiber-optic and copper-based network access and transmission technology, will probably not quite achieve the sales and earnings targets set for business 2001 and announced at the General Shareholders’ Meeting at the end of May. However, in light of the ongoing consolidation in the telecoms market, it is increasingly difficult to make accurate predictions. To date, the Company had targeted sales of at most 20 percent below the level of the prior year (2000: EUR 36.5 million) and a profit. Following announcement of the figures for the first nine months PANDATEL now expects sales to contract up to 25 percent and to balance the books (net income for 2000: EUR 5.6 million). In the first three quarters of 2001, PANDATEL booked sales totaling EUR 21.1 million, and owing to the declining sales booked negative EBIT of EUR 0.1 million. Net income for the period comes to EUR 0.3 million as compared with EUR 2.7 million for the year-before period. PANDATEL continues to possess a sound balance-sheet structure with cash and cash equivalents of EUR 20.6 million and an equity-assets ratio of 88.7 percent. The decline in PANDATEL sales is line with the overall weak trend in the market for network infrastructure. The market is expected to recover as of 2003. However, trends for the various market segments differ greatly. PANDATEL is focusing its strategic gearing on fields that are continuing to grow, in particular the markets for MAN (Metropolitan Area Networks) and access systems as well as SAN (Storage Area Networks). PANDATEL is convinced that once the current phase of market corrections is over it will be better positioned than before. Key factors for PANDATEL’s ongoing success are its ability to develop up-to-date products for growth segments, high liquidity, lean cost structures, and its global distribution network. Should you have any questions, please do not hesitate to contact: Dietlinde Bamberger, Investor Relations; phone (040)644 14 244; fax (040)644 5792; e-mail: IR@pandatel.com. The Board of Management will be providing additional details today as part of the DVFA Technology Forum in Frankfurt at 2 p.m. Moreover, the report on the first nine months of 2001 can be downloaded by clicking www.pandatel.com. end of ad-hoc-announcement (c)DGAP 11.11.2001 ——————————————————————————– WKN: 691630; Index: NEMAX 50 Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 120038 Nov 01