ots Ad hoc-Service: Bertrandt AG <DE0005232805> Revenues up 46% in the 2nd quarter of fiscal 1999/2000
Tamm (ots Ad hoc-Service) -
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Inadequate utilization of resources in the first six months has led to downward corrections to earnings forecasts
Further rapid growth of the Bertrandt Group led to higher revenues in the first half of fiscal 1999/2000. The revenue figure of DM 178.7 million recorded as of March 31, 2000 was thus up 46 % year on year (March 31, 1999: DM 122.3 million). The Company expects business to pick up substantially in the 2nd half as a result of the large number of development projects commencing over the next few months. As seen from today's aspect, there are good chances of business turning up by the end of the current financial year, so Bertrandt is sticking with its revenue target of DM 400 million for fiscal 1999/2000.
The rather restrained placement of orders on the part of customers already observed in the first quarter led to considerable project delays again in the 2nd quarter and to a corresponding underutilization of resources. At the same time, the Company continued its resolute recruitment of employees for future projects. Similarly, the large expenditure involved in expanding the Bertrandt Group had to be coped with. These factors had a negative impact on earnings in the 1st half, and as far as can be determined at this stage they cannot be offset in the remaining six months despite the anticipated uptrend in business.
Earnings on ordinary business activity were substantially below budget in the period under review. As of March 31, 2000 the figure came to DM 7.7 million (March 31, 1999: DM 13.2 million). At the half, German GAAP (HGB)-based net income amounted to DM 4.4 million (March 31, 1999: DM 6.3 million). Net income calculated according to US GAAP stood at DM 5.0 million as of March 31, 2000 (March 31, 1999: DM 7.8 million) and DVFA/SG-based earnings at DM 3.3 million (March 31, 1999: DM 5.9 million). Per share, DVFA/SG-based earnings as of March 31, 2000 came to DM 0.98 (March 31, 1999: DM 1.96). As opposed to the figure of DM 37 million originally budgeted for earnings on ordinary business activity, the current projection is for approximately DM 20 million. The target for DVFA-based earnings has meanwhile been corrected down from DM 18.4 million to DM 9 million. This corresponds to DVFA-based earnings per share of DM 2.70 on 3,324,600 shares. DVFA/SG-based cash flow is now budgeted at DM 35 million, down from DM 44 million.
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