Softing AG — Earnings Release 2003

Feb 26, 2004

News Details

Ad-hoc | 26 February 2004 08:32

Softing AG announces full achievement of goals for fiscal 2003 and plans for pro

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Softing AG announces full achievement of goals for fiscal 2003 and plans for pro Continuing the positive trend from the first three quarters of fiscal 2003, the Softing Group today announced encouraging results for the fourth quarter of 2003 as well. Softing recorded sales revenues of EUR 5.9 million for the fourth quarter of 2003 (2002: EUR 5.8 million). As a result, sales revenues for the full fiscal year increased by more than 7% to EUR 20.3 million (2002: EUR 18.9 million). At EUR 0.1 million, the result from operations for fiscal 2003 was on target. The final extraordinary repositioning expenditures amounted to approximately EUR 0.5 million. They primarily comprise the closure of the Italian subsidiary and the reduction of the Executive Board. Taking into account these expenditures, the operating result was EUR -0.4 million (2002: EUR -6.9 million), which is an impressive improvement of EUR 6.5 million in just one year and underscores the successful reorientation of Softing. The operating result in the fourth quarter came in at EUR 0.1 million (2002: EUR -3.4 million). The incoming orders in the Softing Group amounted to EUR 20.1 million (2002: EUR 20.4 million). This item was impacted by extraordinary effects in 2002. Cash and cash equivalents as of December 31, 2003 were EUR 6.0 million, up EUR 1.1 million compared to the previous year (EUR 4.9 million). In the fourth quarter alone, cash and cash equivalents increased by EUR 0.8 million. The Executive Board of Softing AG does not expect the economy to improve noticeably before mid 2004. Nevertheless, Softing expects incoming orders and sales revenues to increase in fiscal 2004. The company’s plans call for revenues to grow to more than EUR 21 million, of which about two thirds will probably be attributable to the second half of the year. The Executive Board expects an operating income of more than EUR 0.5 million and a clearly positive cash flow for fiscal 2004. The Annual Report 2003 can be downloaded in pdf format from the investor relations section at http://www.softing.com from March 9, 2003. end of ad-hoc-announcement (c)DGAP 26.02.2004 ——————————————————————————– WKN: 517800; ISIN: DE0005178008; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 260832 Feb 04