USU Software AG — Earnings Release 2002

Mar 27, 2003

News Details

Corporate | 27 March 2003 10:14

USU-Openshop AG english

USU-Openshop achieves break even on a quarterly basis (part 1) Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– USU-Openshop achieves break even on a quarterly basis – 4Q net result positive – Restructuring and non-recurring effects characterize 2002 financial year – Net income planned for 2002 financial year – Complete takeover of USU AG envisaged The reporting period at USU-Openshop covers the financial year of the company from January to December 2002. USU was consolidated as at March 11, 2002. To secure comparability of the figures for the four quarters of 2002 with those of the following period, additional pro forma information on the consolidated profit and loss account has been provided, showing a pro forma consolidation of USU AG as of January 1, 2002. Möglingen/Stuttgart, March 27, 2003. For the last three months of the 2002 financial year, USU-Openshop generated a positive net quarterly result of EUR 0.1 million despite negative general economic conditions. This means that the breakeven on a quarterly basis was achieved to the end of the 2002 financial year, despite the difficult general situation. In the 2002 financial year, USU-Openshop generated consolidated sales of EUR 19.5 million (PY: EUR 3.5 million). On a pro forma basis* sales declined from EUR 37.3 million in the previous year to EUR 24.0 million as a result of the concentration on core business activities and the negative general economic situation. Due to the losses in the first nine months, USU-Openshop generated a net loss for the year of EUR 38.4 million (PY: net loss of EUR 26.1 million). Pro forma* the net loss was EUR 43.8 million (PY: a loss of 30.7 million). The result was impacted primarily by restructuring and non-recurring charges of EUR 12.9 million together with depreciation on goodwill, tangible and financial assets and non-scheduled writedowns on fixed assets which did not impact cash flow of EUR 19.3 million Euro. With an average number of shares of 15,753,455 (PY: 9,500,000), earnings per share were EUR -2.44 (PY: EUR -2.75 per share). At the end of the 2002 financial year the company had liquid funds and investments totalling EUR 55.3 million (PY: EUR 60.9 million). As a result of the considerable improvement in the fourth quarter, the Board of Management is expecting a slight increase in sales and positive net income for the 2003 financial year. The current financial year the USU-Openshop Board of Management is also examining the complete takeover of USU AG within the framework of a squeeze out. USU-Openshop already currently holds 95.99% of the shares. (End of part 1) end of message, (c)DGAP 27.03.2003 ——————————————————————————– WKN: 780470; ISIN: DE0007804700; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Düsseldorf, Hamburg, Hannover, München und Stuttgart 271014 Mär 03