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USU Software AG

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 von: USU Software AG, übermittelt durch news aktuell

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