secunet Security Networks AG

Earnings Release • Nov 13, 2003

News Details

Corporate | 13 November 2003 07:35

Secunet AG english

Weak Q3 – balanced annual result 2003 remains attainable Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Weak Q3 – balanced annual result 2003 remains attainable From January to September 2003, secunet Security Networks AG recorded revenues of EUR 14.9 million. This is a decline of 6% compared to the same period of last year (EUR 15.8 million). Revenues in the third quarter of 2003 (July to September) totalled EUR 4.6 million, which is a decrease of 16% compared to the third quarter of 2002 (EUR 5.5 million). This weak revenues performance reflects both the market situation, which continues to be restrained, and the fact that a major customer wants to position itself as a provider of IT security solutions and thus considerably reduced its volume of orders compared to the previous year. Although secunet focused more intensively on product business, the company was still not able to compensate completely for the losses caused by this development. The operative result (EBIT – earnings before interest and taxes) for the first nine months of 2003 came in at minus EUR 1.4 million, which is EUR 1.0 million below the EBIT of the first nine months of 2002 (minus EUR 0.4 million). The EBIT for the third quarter of 2003 was minus EUR 0.5 million (third quarter 2002: EUR 0.1 million). secunet remains committed to its cost cutting course: Personnel expenses decreased in the first nine months of 2003 by 8% to EUR 8.7 million (January to September 2002: EUR 9.4 million). The number of employees fell from 183 as of 30 September 2002 to 175 as of 30 September 2003. Other operating expenses decreased by 12% to EUR 3.4 million (January to September 2002: EUR 3.8 million). secunet’s operations are on a solid financial footing. Cash and cash equivalents amounted to EUR 7.6 million as of 30 September 2003. The equity ratio was 78% as of 30 September 2003, with total assets of EUR 20.3 million. At the end of the period, secunet had orders on hand worth EUR 6.3 million, slightly less than the orders on hand at the end of 2002 (EUR 6.5 million). The fourth quarter is typically the strongest in the year as regards revenues for secunet, and the best financial results are usually achieved in this quarter as well. Even though development in the first three quarters of the year 2003 was at the lower end of the company’s expectations, a balanced result for the entire year 2003 remains attainable. Please find the 9-month report on the Internet at http://www.secunet.com/ investor relations / financial reports . For further information please contact: Dr. Jörg Chittka, Head of Investor Relations, secunet Security Networks AG, Tel.: +49 (0)2054 123 127, Fax: +49 (0)2054 123 456, Email: investor.relations@secunet.com end of message, (c)DGAP 13.11.2003 ——————————————————————————– WKN: 727650; ISIN: DE0007276503; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 130735 Nov 03