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euro adhoc: USU Software AG
Quarterly or Semiannual Financial Statements
USU Software AG publishes nine-monthly figures

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
USU Software AG publishes nine-monthly figures
Möglingen, 18 November 2004. - In Q3 2004, USU Software AG (ISIN
DE000A0BVU28) achieved Group sales of TEUR 4,754 (PY: TEUR 4,776),
which were higher than expected. Despite the necessary adjustment of
employee capacity in 2003, which led to a staff being reduced to 180
employees (PY: 229), year-on-year sales were almost constant. While
the positive trend in the consultation division continued, the
Company showed only a marginal improvement in the licensing division,
which was still below its own expectations. As a result of the
structural changes introduced in the previous yearEURs quarter to cut
costs, the Company EBITDA improved significantly from TEUR -1,373 in
the previous yearEURs quarter to -234 TEUR in Q3 2004. EBIT amounted
to TEUR -328 (PY: TEUR -1,707). USU Software AG achieved quarterly
net income of TEUR 13, including interest income, after a loss of
TEUR -1,231 in the equivalent period of the previous year.
In the first nine months of 2004, Group sales totalled TEUR 13,447
(PY: TEUR 14,758). EBITDA improved to TEUR -446 (PY: TEUR -2.942),
EBIT was TEUR -864 (PY: TEUR -3,808). Net income was TEUR 221 (PY:
TEUR -2.263). With an average number of shares of 8,605,593 (PY:
8,605,593), earnings per share was EUR 0.03 (PY: EUR -0.26).
For Q4 2004, the Management Board expects higher sales than the
previous year of TEUR 4,301, and another positive quarterly result.
In this respect the Company is confident that it will be able to
implement the extension of profitability successfully, even though
profits for the whole year 2004 are likely to be lower than original
expectations. For the 2005 financial year, the Management Board is
targeting a significant increase in operating results on a steady
development of sales. It also expects to achieve net income for the
year, even without the interest income from funds being used for the
special distribution.
end of ad-hoc-announcement
Issuer´s information and explanatory remarks concerning this
ad-hoc-announcement:
USU Software AG publishes nine-monthly figures
·	Q3 sales above expectations
·	Year-on-year earnings improvement
·	Nine-monthly figures confirm positive trend
·	Whole year earnings expected to be lower than scheduled
·	Special distribution announced for 18 February 2005
Möglingen, 18 November 2004. - In Q3 2004, USU Software AG generated
higher than expected sales of TEUR 4,754. This clearly exceeds the
corresponding sales of the two previous quarters. Despite reduced
employee capacity, the Company almost achieved the sales of the
previous yearEURs quarter of TEUR 4,776. Above all, utilisation of
employees in the consultation area was increased. This makes us
confident for the coming months. The cost basis fell year-on-year by
TEUR 1,506 to TEUR 5,081 (PY: TEUR 6,587). This includes largely
materials and staff costs, costs for freelance employees, legal and
consultation costs, as well as a settlement to avoid legal action,
costs for outsourced products and services, rent and depreciation.
In Q3, EBITDA improved significantly to TEUR -234 (PY: TEUR -1,373),
while EBIT improved to TEUR -328 (PY: TEUR -1,707). In Q3 2004, as in
the previous quarters, the Company achieved a slight surplus of TEUR
13 (PY: TEUR -1,231).
The YTD sales in the first three quarters of the financial year are
TEUR 13,447 (PY: TEUR 14,758). Broken down by segment, the Business
Solutions division contributed TEUR 7,098 (PY: TEUR 8,523), while the
IT-Controlling division posted slight growth to TEUR 6,349 (PY: TEUR
6,235). At the same time, in the first three quarters of the 2004
financial year, USU Software reduced Group costs by TEUR 4,608,
approximately one quarter, to TEUR 14,399 (PY: 19.007).
In the first three quarters, the Company posted EBITDA of TEUR -446
(PY: TEUR -2,942) and EBIT of TEUR -864 (PY: TEUR -3,808). Net income
in the first three quarters was TEUR 221 (PY: TEUR -2,263) and thus
confirms the positive trend in business development. With an average
8,605,593 (PY: 8,605,593) shares, earnings per share in the first
three quarters are EUR 0.03 (PY: EUR -0.26). This figure takes into
account the amalgamation of shares at a ratio of 2:1, which took
place at the end of August.
USU Software remains very solidly financed. Liquid funds amount to
TEUR 46,684 (31.12.2003: TEUR 47,841). There was a reduction in
financial funds by TEUR 980 as against the previous quarter. The main
cause of this is unfinished services in fixed price projects which
have not yet been invoiced. The invoicing for several projects will
be carried out in Q4. This will result in a corresponding inflow of
funds in that period. As a result of the multi-level procedure
relating to the forthcoming special distribution, the equity ratio
fell from 88.5% as of 31 December 2003 to 45.0% at the end of Q3
2004. After the special distribution, this will again move back to a
level clearly above 80%. The company plans to carry out the special
distribution of EUR 4.00 per share, which was resolved at the Annual
General Meeting on 15 July 2004, on 18 February 2005.
The Management Board expects higher sales than the previous year of
TEUR 4,301 for Q4 2004, and, again, positive earnings for the
quarter. While utilization in the consultation area is likely to
remain at a very high level, the license division, which has
developed in a restrained fashion up until now, holds significant
potential for improving earnings in the traditionally strong Q4.
There is also positive momentum from the extension of the partner
network. As of October 2004, the network includes the former Intel
subsidiary LANDesk. From the current perspective, total income for
the whole year 2004 is likely to fall below original expectations.
For the 2005 financial year, the Management Board is targeting a
significant increase in operating results and net income on a steady
development of sales.
The Management Board will give further information at this year´s
Analyst Conference at the German Equity Forum in Frankfurt on 23
November 2004.
This press release is available at http://www.usu-software.de.
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
end of announcement                    euro adhoc 18.11.2004 07:06:29 

Further inquiry note:

Contact
USU Software AG
Investor Relations
Falk Sorge
Tel.: 0 71 41 / 48 67 351
Fax: 0 71 41 / 48 67 108
Email: f.sorge@usu-software.de

USU Software AG
Corporate Communications
Dr. Thomas Gerick
Tel.: 0 71 41 / 48 67 440
Fax: 0 71 41 / 48 67 909
Email: t.gerick@usu-software.de

Branche: Software
ISIN: DE000A0BVU28
WKN: A0BVU2
Index: Prime Standard, CDAX, Prime All Share
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Berliner Wertpapierbörse / free trade
Hamburger Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Bayerische Börse / free trade
Bremer Wertpapierbörse (BWB) / free trade

Original content of: USU Software AG, transmitted by news aktuell

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