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USU Software AG

USU generates significant increase in sales and earnings

Möglingen (ots)

- Significant expansion in product business
   - Moderate increase in Group costs
   - Earnings growth exceeds sales growth
   - Continued solid balance sheet structure
   - Management Board confirms forecasts
USU Software AG and its subsidiaries (referred to below as: "USU
Group" or "USU") increased its year-on-year Group sales by EUR 890 k
(18.5%) to EUR 5,694 k (PY: EUR 4,804 k) in the first quarter of
2006. Thanks to the expansion of the high-margin product business and
moderate cost increases, the USU Group was able to continue the
positive earnings trend of previous quarters: EBITDA thus increased
from EUR -15 k in the first three months of the 2005 financial year
to EUR 345 k in the three months ending March 31, 2006. EBIT improved
by EUR 381 k to EUR 212 k (PY: EUR -169 k). The USU Group reported
net income for the period of EUR 295 k in the first quarter of 2006,
compared to a net loss of EUR -115 k the previous year. Earnings per
share in the reporting period were EUR 0.03 (PY: EUR -0.01).
The Management Board also confirmed its full-year forecast of an
above-average market increase in Group sales and even higher
percentage rise in earnings, as well as its announced aim of allowing
the shareholders of USU Software AG to participate in the company's
success through the distribution of a dividend for the current
financial year.
Significant expansion in product business
In particular as a result of the acquisition of many new
customers, including, for example, the BMW Group and VfB Stuttgart,
orders from existing customers such as W&W Informatik, VR Kreditwerk
and Infineon as well as the successful development of the partner
business, the USU Group doubled its year-on-year license sales to EUR
734 k (PY: 367 k). At EUR 593 k, USU's maintenance revenue was 18.8%
higher than the previous year (PY: EUR 499 k). With sales of EUR
4,333 k, the consultancy business generated growth of 14.1% (PY: EUR
3,799 k). Other income in the reporting period amounted to EUR 34 k
(PY: EUR 139 k). At EUR 5,694 k, the USU Group generated overall
year-on-year sales growth of EUR 890 k or 18.5% (PY: EUR 4,804 k).
Moderate increase in Group costs
Group costs increased less sharply than sales, rising by EUR 469 k
(9.4%) to EUR 5,475 k (PY: EUR 5,006 k). The absolute increase in
costs is essentially attributable to the expansion of the consultancy
business and the resulting additional utilization of internal and
external consultants. In addition to involving employees of the Czech
subsidiary USU Software s.r.o. in consultancy projects, the USU Group
has begun to expand its team of internal consultants by taking on a
number of qualified consultants. Within the context of the above
developments, the number of Group employees increased by 3.6% to 204
at the end of the reporting period (PY: 197).
Earnings growth exceeds sales growth
The expansion of the high-margin product business and moderate
cost increases allowed the USU Group to continue the positive
earnings trend of previous quarters. EBITDA thus increased from EUR
-15 k in the first three months of the 2005 financial year to EUR 345
k in the three months ending March 31, 2006. Taking into account
depreciation and amortization of EUR 133 k (PY: EUR 154 k), USU
improved its EBIT by EUR 381 k to EUR 212 k (PY: EUR -169 k). After
adjusting for net interest income of EUR 84 k (PY: EUR 93 k) and the
income tax expense of EUR -1 k (PY: EUR -39 k), the USU Group
reported net income for the quarter of EUR 295 k, compared to a net
loss of EUR -115 k for the corresponding prior-year period. Earnings
per share in the reporting period were EUR 0.03 (PY: EUR -0.01) on an
average number of shares outstanding of 9,135,004 (PY: 8,605,593).
Continued solid balance sheet structure
The equity of the USU Group increased to EUR 36,344 k as at March
31, 2006, primarily as a result of the net income generated for the
period (December 31, 2005: EUR 36,092 k). USU also reduced its
liabilities to EUR 6,204 k (December 31, 2005: EUR 6,894 k). The
equity ratio increased accordingly from 84.0% as at December 31, 2005
to 85.4% at the end of the first quarter of 2006. Cash and cash
equivalents and investments climbed to a total of EUR 16,082 k as at
March 31, 2006 (December 31, 2005: EUR 15,721 k).
Management Board confirms forecasts
The Management Board expects to achieve its set targets of
generating a higher than market average increase in Group sales and
an even higher percentage rise in earnings. In addition to the
existing Group products, proprietary product innovations are also
expected to contribute to a further expansion of high-margin license
sales. An increase in maintenance revenue should also help generate
additional earnings. The gradual expansion of the internal
consultancy team and the efficient involvement of employees of the
Czech subsidiary in customer projects are also expected to generate
an increase in consultancy revenue. The growth in the Group's
incoming orders to EUR 7,464 k at March 31, 2006, an increase of EUR
794 k (11.9%) compared to the comparable prior-year value of EUR
6,670 k, provides one indication of the success being achieved in
this area. Finally, the Management Board has high expectations of its
partner business, which is expected to further strengthen the Group's
market presence within and outside Europe.
In accordance with the Management Board's planning, Group costs
are only expected to rise slightly. Consequently, the USU Group is
targeting above-average earnings growth. To this extent the
Management Board confirms its stated aim of allowing the shareholders
of USU Software AG to participate in the company's success through
the distribution of a dividend for the current financial year.
For further information please contact:
USU Software AG 
Investor Relations 
Falk Sorge 
Tel.: +49(0)7141/4867-351
Fax:  -49(0)7141/4867-108 
Email:  f.sorge@usu-software.de
USU Software AG
Corporate Communications
Dr. Thomas Gerick
Tel.: +49(0)7141/4867-440
Fax:  +49(0)7141/4867-909
Email:  t.gerick@usu-software.de

Original-Content von: USU Software AG, übermittelt durch news aktuell

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