USU Software AG — Earnings Release 2002

Aug 23, 2002

News Details

Ad-hoc | 23 August 2002 08:31

USU-Openshop AG english

USU-Openshop AG announces result for the first half of 2002 and outlook Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– The reporting period comprises the first two quarters 2002, consisting of the six months from January 1, 2002 to June 30, 2002. USU AG was consolidated as of March 11, 2002. To secure the comparability of information for the first two quarters 2002 with those of following periods additional pro-forma details on the consolidated income statement are entered which represent a pro-forma consolidation of USU AG as at January 1, 2002. Möglingen, August 23, 2002 – In the first six months of the 2002 financial year the USU-Openshop Group posted sales of EUR 9.1 million (PY: EUR 2.9 million). Taking into consideration the sales of USU AG from January 1, 2002, USU-Openshop would have achieved pro-forma sales of EUR 13.5 million (PY pro forma: EUR 22.0 million). The pro-forma sales decline was the result of the discontinuation of the low-margin merchandise business and the reduction of the product portfolio. Pleasingly pro forma sales in second quarter 2002 increased by 13.6% to EUR 7.2 million (pro-forma Q1 2002: EUR 6.3 million) against the previous quarter, due to slight improvement in the licensing business. EBITDA of USU-Openshop improved to EUR -9.4 million (PY EUR -11.2 million) against the previous year. Pro forma EBITDA was EUR -11.7 million (PY EUR -11.2 million). This figure includes restructuring and special expenses caused by the necessary reduction in personnel, portfolio adjustments and location closures as well as special amortizations of a total of EUR 3.8 million. In the first six months of the 2002 financial year the net loss was reduced to a total of EUR -10.0 million (PY EUR -11.2 million). Pro forma the net loss was EUR -15.9 million (PY EUR -11.9 million). Liquid funds and capital investments totaled EUR 63.3 million as at June 30, 2002 (December 31, 2002: EUR 60.9 million). The Management Board anticipates a stabilization of sales and considerably lower basis costs for the second half of 2002, as compared to the first half of 2002. Short-term attainment of the break-even and a positive result in the 2003 financial year continue to be the primary goals of the company. The Management Board Contact: USU-Openshop AG, Falk Sorge, Phone +49-(0)7141-4867-351, ir@usu- openshop.com end of ad-hoc-announcement (c)DGAP 23.08.2002 ——————————————————————————– WKN: 780470; ISIN: DE0007804700; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München und Stuttgart 230831 Aug 02