USU Software AG publishes half-yearly figures
Moeglingen (ots)
- Sales and earnings in line with forecasts
- Cost-cutting measures take effect
- Further rise in equity ratio
- Liquidity base remains sound
- Special distribution expected in Q1 2005
- Company aiming for further profitability growth
In the fist six months of the current financial year, USU Software AG generated consolidated net income of TEUR 208. In the same period of the previous year, the Company recorded a loss of TEUR 1,032. In the period under review, EBITDA amounted to TEUR 212 (PY: TEUR -1,569). Including writedowns of TEUR 324 (PY: TEUR 532), EBIT amounted to TEUR -536 (PY: TEUR -2,100).
At TEUR 8,693 (PY: TEUR 9,982), sales were in line with forecasts. The decline in consolidated sales was primarily as a result of the concentration of the portfolio and the associated workforce reduction to 188 employees (PY: 240). At the same time, these measures reduced the Group's cost basis.
In the first six months of the 2004 financial year, cost of sales were reduced by TEUR 1,696 as against the previous year to TEUR 5,357 (PY: TEUR 7,053). Despite increased marketing activities in Q2 2004 for the new version 4 of USU KnowledgeMiner and the Valuemation product suite, marketing and sales costs declined by a total of TEUR 483 year-on-year to TEUR 1,657 (PY: TEUR 2,140). General and administrative expenses were reduced by TEUR 687 to TEUR 949 (PY: TEUR 1,636). In addition to lower materials and staff costs as well as savings from outsourcing, positive tax effects also contributed to this position. Costs for research and development activities fell only slightly by TEUR 236 to TEUR 1,355 (PY: TEUR 1,591). In this area, USU Software AG already has a highly cost effective and efficient development company in the Czech subsidiary USU Software s.r.o, where around 50 employees work on the further development of Group products.
Examined separately, sales for Q2 2004 were within the target corridor at TEUR 4,127 (PY: TEUR 4,375). At the same time - and as in the previous quarter - quarterly results were in positive territory at TEUR 89 (PY: TEUR 850). EBITDA improved year-on-year to TEUR -149 (PY: TEUR -1,052). Earnings before interest and taxes amounted to TEUR -309 (PY: TEUR -1,310).
In addition, order book development at USU Software AG was also pleasing. Thanks to new customer projects and follow-up orders from existing customers, the order book rose considerably as against the previous quarter from TEUR 4,668 as of 31 March 2004 to TEUR 6,134 (PY: TEUR 5,940) at the end of Q2. The order book was also up compared to the previous year.
As of the end of the first half of 2004, current assets declined by TEUR 2,203 to TEUR 20,678 (31 December 2003: TEUR 22,881) as a result of reduced trade accounts receivable and the refund of tax prepayments. In the same period, Group accruals and liabilities fell by a total of TEUR 3,054 to TEUR 5,600 (31 December 2003: TEUR 8,654). In line with this, the balance sheet total declined to TEUR 72,405 (31 December 2003: TEUR 75,311). At the same time, shareholders' equity grew to TEUR 66,805 (31 December 2003: TEUR 66,657), primarily as a result of the net income for the half-year period. The equity ratio rose to 92.3% (31 December 2003: 88.5%).
As of 30 June 2004, liquid funds and investments totalled TEUR 47,664 (31 December 2003: TEUR 47,841), up slightly as against the previous quarter (31 March 2004: TEUR 47,633).
On 15 July 2004, as a result of the positive development of business, the Annual General Meeting resolved to distribute the share of liquidity not required for the Company's operating activities to the shareholders. In line with the provisions of the German Stock Corporation Act, the distribution will be made six months after the publication of the entry of the respective Annual General Meeting resolution of a capital reduction in the Commercial Register of the Company at the earliest, provisionally therefore in Q1 2005. The surplus distribution entails a consolidation of the Company's bearer shares in the ratio 2:1. The amount of the resolved distribution corresponds to EUR 2.00 per share prior to the consolidation of shares, and EUR 4.00 per new share certificate after consolidation.
USU Software AG is anticipating a slight improvement in business development in the second half of 2004. In addition to an increased capacity utilisation rate in consulting business, the Management Board is forecasting a slight increase in license revenues following a muted Q2. Key impetus is expected in the seasonally stronger Q4 in particular. Overall, with the current cost structure and improving general conditions on the economy, the Management Board is optimistic of further increasing profitability with sales in the region of between EUR 4.0 and EUR 4.5 million per quarter.
USU Software AG
As a software and solution provider, we have been offering our customers value added-oriented IT products and tailored application solutions for over 25 years. In the field of IT-Controlling, analysts see USU as one of Europe's market leaders. We support customers in achieving transparent management of the economic efficiency of their IT in the context of comprehensive controlling. In this, the new Valuemation product suite addresses expertise issues such as IT-asset management, IT-finance management or service / change management. In the Business Solutions area, USU successfully moulds IT knowledge and specialist expertise into customised systems as a solution provider. Together with our own process models and expertise attained in major projects, established knowledge management products supplement our broad offering. Longstanding customer relations connect USU with market leaders in all areas of the economy. Further information can be found at www.usu-software.de
ots Original Text Service: USU Software AG Internet: http://www.presseportal.de
Contact:
USU Software AG
Investor Relations
Falk Sorge
Tel.: + 49 (0) 71 41 / 48 67 351
Fax: + 49 (0) 71 41 / 48 67 108
e-mail: f.sorge@usu-software.de
USU Software AG
Corporate Communications
Dr. Thomas Gerick
Tel.: + 49 (0) 71 41 / 48 67 440
Fax: + 49 (0) 71 41 / 48 67 909
e-mail: t.gerick@usu-software.de
Original content of: USU Software AG, transmitted by news aktuell