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Ad hoc-announcement edited and sent by DGAP. The sender is solely responsible for the contents of this announcement. ----------------------------------------------------
Frankfurt (ots Ad hoc-Service) -
Increase of Gross Profit by 101% - Number of cytric Customers has grown by 384% - Consistent Concentration on Development and Sales of cytric has been increased - EBIT lower, mainly because of first half year Marketing Cost (All Figures are IAS for January 1, through September 30, 2000) - USA business strengthened because of the QuixData, Inc. purchase and subsequent merger with i:FAO of North America, Inc. - Investment in i-tinerary Travel Solutions, Inc. completed - eHotel division was successfully separated .
Frankfurt, October 26, 2000 - i:FAO Aktiengesellschaft (WKN 622 452) makes results for the first nine months in 2000 public.Europe's leading producer of business travel management software has increased Gross Sales to EURO 19.899 million including the third quarter 2000. This is an increase of 34.5% over the same period in 1999.
The quarterly results published today do exceed the forecasted numbers published with the ad hoc release on October 11, 2000.
In comparison to the forecast from October 11, 2000: Total Performance +4.5%, Gross Sales +4.5%, Gross Profit +13.5%, Earnings per Share + EURO 0.09, Customers cytric +17%.
In comparison to the same period in 1999: Total Performance +34.5%, Gross Sales +25.5%, Gross Profit +101%,Earnings per Share + EURO 1.96, Customers cytric +384%.
Some shareholders and members of the media have read the figures published on October 11, 2000 as valid for the third quarter (July 1,through September 30, 2000) only, because the text could be misinterpreted. i:FAO regrets any misunderstanding.
Other core figures have also improved substantially: The increased concentration on the business travel management software division further decreased cost of sales related expenses and resulted in a Gross Profit increase of 101% (compared to the same period in 1999)to EURO 5.682 million. i:FAO's market leading cytric software is now in use at more than 446 customers.
The EBIT (Earnings before interest and taxes) amounts to EURO -5.059 million, which is higher than in the previous year. This is explained mostly by the increased marketing activities, specifically in the first half of this year. The high income because of the sale of TRIP.com shares has made substantial additional funds available to the company, which i:FAO has partly invested. These investments have added cost to the EBIT. The additional income of course results in a very positive financial result.i:FAO continues to plan Earnings of EURO 1.00 per Share for 2000.
In total the positive numbers confirm i:FAO's strategy to concentrate activities in development and sales of business travel management software:
Key Figures 2000 (Comparison figures for 1999 in brackets, always January 1,through September 30, according to IAS, in EURO)
Gross Sales 17.716 Mill. (14.112 Mill.)
Gross Profit 5.682 Mill. (2.813 Mill.)
EBIT -5.059 Mill. (-1,713 Mill.)
EAT 9.206 Mill. (-1.455 Mill.)
Earnings per Share 1.69 (-0.27)
Customers cytric 446 (92)
The complete quarterly report is available from October 26, 2000, 11.00 am local time on our website at http://www.ifao.net for download as a .pdf file.
i:FAO is currently in the process, as already published, to separate the cabana division from the company. In addition i:FAO plans to reduce the Travel Service division to the successfull OFS (Online Fulfilment Service), which supports our cytric distribution, starting from January 1,2001. At this time i:FAO will discontinue to offer regular travel agency services completely. The KfW Travel Center, which i:FAO operated through 2000 based at the Kreditanstalt fuer Wiederaufbau, will be run by the Hapag-Lloyd Geschaeftsreise GmbH from January 1, 2001.
Giving up the low-yield travel agency business means for i:FAO - as also in the eHotel spin-off - a substantial improvement in the gross sales vs. gross profits relation. Gross sales for 2001 will, because of the separations eHotel and Travel Service, be reduced by approximately EURO 15 million, while the gross profit will only be affected marginally and the operative results will be strengthened already because of these activities. From January 1, 2001 onwards i:FAO will discontinue to report - as usual in the travel industry - gross sales. This will adapt i:FAO Aktiengesellschaft's reporting principles to those of the software industry. The new reporting formats will also make certain that the dynamic growth in the cytric division is properly reflected in the published numbers.
The Executive Management Board
Andrea Petry Investor Relations Manager i:FAO Aktiengesellschaft Telephone +49 (69) 1530 5500 eMail email@example.com
Additional information, graphics and pictures in high resolution are available in the press area of the i:FAO website at http://www.ifao.net
i:FAO is traded at the Neuer Markt of the Frankfurt Stock Exchange. Please pay attention to the new WKN 622 452 of i:FAO because of the change into registered shares in July 2000. Detailed information for investors is available on the Internet at http://www.ifao.net/ir .
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Original-Content von: i:FAO AG, übermittelt durch news aktuell