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Beta Systems delivers a convincing performance with sales successes and an increase in profit in the first half of 2008
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Berlin (euro adhoc) - - Despite a difficult market environment, Beta Systems achieves outstanding sales success in all its business segments - Revenues from software licenses rose significantly by 42.8% in the second quarter of 2008 (at the end of six months, by 12.6%) - Total revenues climbed 7.7% in the second quarter of 2008 - Earnings before interest and tax (EBIT), earnings before interest, tax, depreciation and amortization (EBITDA) and earnings before tax (EBT) improved considerably - Growth forecast for the year as a whole affirmed
Berlin, July 31, 2008 - After a successful initial quarter in 2008, Beta Systems Software AG (BSS, ISIN DE0005224406) had achieved significant improvements in revenues and profit by the end of six months as well. Accordingly, the company recorded major sales successes in all three segments, raising its high-margin sales of software licenses by 42,8% in the second quarter and, at the end of the first six months of 2008, by 12.6%. In this process, the Berlin-based software supplier acquired customers first and foremost from the banking and insurance sectors. From the standpoint of the company, this is a very gratifying trend as its sales success was achieved against the backdrop of a cooling economy dampened by the global crisis still persisting in the international capital and financial markets.
The most important successes included the signing of a contract with one of Europe's largest IT providers which is now to use products from Beta Systems´ DCI portfolio throughout Europe. In the IdM segment, contracts with one of the world´s largest airlines and a major European bank were renewed, with the result that a long-standing customer relationship was deepened and the existing installation basis of the respective customer was strengthened. In the ECM segment, a long-term, large-volume contract was signed with one of Germany's most important service providers in the payments business. This contract in the ECM segment is, at the same time, the largest single contract signed in the history of the company. With a total volume of several million euros, it has boosted orders in hand significantly and forms an important basis for achieving the other targets set for the fiscal year 2008. The first contracts signed for the new Agilizer product solutions (including automated monitoring of compliance in large corporations) also further the achieving of the annual targets.
At the end of the first six months of 2008, total revenues had edged up to EUR 42.5 million (Q1-Q2/2007: EUR 41.9 million). Revenues in the services segment contributed EUR 6.9 million (Q1-Q2/2007: EUR 7.6 million) and maintenance revenues posted EUR 19.7 million (Q1-Q2/2007: EUR 21.3 million) over the same period. Revenues from scanner hardware climbed to EUR 3.2 million (Q1-Q2/2007: EUR 1.7 million). As before, Beta Systems is concentrating on business with software licenses and services. It nonetheless continues to realize profitable revenue from scanner hardware in new systems as part of customer-oriented total solutions for hard- and software (above all, in the banking sector).
At the end of six months, EBIT had improved to EUR 0.6 Mio. (Q1-Q2/2007: EUR 0.4 million) and EBITDA to EUR 2.6 million (Q1-Q2/2007: EUR 2.2 million). Particularly pleasing was EBT which rose to EUR 0.8 million (Q1-Q2/2007: EUR 0.1 million). The result for the business period, which came to EUR 0.3 million, was also clearly positive (Q1-Q2/2007: EUR 0.0 million). At the end of six months, the costs of revenues had fallen 8.1% to EUR 18.7 million, down from EUR 20.3 million and, as a result, gross profit rose 10.7%, from EUR 21.6 million to EUR 23.9 million. The cash flow from operating activities increased by 38.3% to EUR 7.3 million in tandem with the improved cost and profit situation (Q1-Q2/2007: EUR 5.3 million).
Key Financial Data for the first six Months of 2008 at a Glance - Software license revenues advance significantly by 12.6% to EUR 12.8 million (Q1-Q2/2007: EUR 11.3 million) - Total revenues rise by 1.6% to post EUR 42.5 million (Q1-Q2/2007: EUR 41.9 million) - EBIT improves to EUR 0.6 Mio. (Q1-Q2/2007: EUR 0.4 million), EBITDA to EUR 2.6 million (Q1-Q2/2007: EUR 2.2 million) and EBT to EUR 0.8 million (Q1-Q2/2007: EUR 0.1 million) - The cash flow from operating activities climbs by 38.3% to EUR 7.3 million (Q1-Q2/2007: EUR 5.3 million) - Maintenance revenues fall in line with expectations to EUR 19.7 million (Q1-Q2/2007: EUR 21.3 million) owing to the decline in low-margin hardware maintenance contracts - Services revenues rise to EUR 6.9 million (Q1-Q2/2007: EUR 7.6 million)
Key Financial Data for Q2/2008 at a Glance - Software license revenues soar 42.8% to EUR 7.7 million (Q2/2007: EUR 5.4 million) - Total revenues climb by 7.7% to EUR 22.5 million (Q2/2007: EUR 20.9 million) - EBIT improves marginally to EUR 1.2 million (Q2/2007: EUR 1.1 million) - Maintenance revenues fall in line with expectations to EUR 9.6 million (Q2/2007: EUR 11.0 million) owing to the decline in low-margin hardware maintenance contracts - Services revenues rise to EUR 3.9 million (Q2/2007: EUR 4.0 million)
Statement by the Chief Executive Officer Kamyar Niroumand, CEO of Beta Systems Software AG, commented as follows: "After a good start to fiscal 2008, we have achieved important sales successes in all three of our business segments despite the tense situation in the financial sector. This is all the more remarkable if one considers the current cooling of the economy. I am particularly happy about the first contracts signed for the new Agilizer products which we recorded only a few months after having presented our new solutions to the market. Based on these outstanding sales successes and our high-margin business with software licenses, we are convinced that we are still on the right track towards achieving our ambitious targets for the EBIT margin and revenue growth in fiscal 2008 and herewith affirm our positive outlook for the year." Gernot Sagl, Chief Financial Officer of Beta Systems Software AG, added the following: "The sales successes in the first half of 2008 have had a very positive impact on profit. Being profitable two years in a row as early as at the end of the first half-year is not something one can take for granted in the case of an IT software company but this is what Beta Systems has done. Our extremely sound financial position and our positive interest income meant that we were able to raise EBT to almost EUR 1 million."
Outlook for the Fiscal Year 2008 At the end of the first six months of 2008, the Management Board retains its forecast, drawn up at the start of the year, for the current fiscal year and has planned for an EBIT margin in the upper single digit range and a double digit EBITDA margin with a slight growth in sales. The prerequisite for this is that all three of our business segments are profitable. The Management Board assumes that the goals of sustained profit improvement through the concentration on business with software licenses and services, the building up of customer relationships, above all in the financial services sector and industry at large, the expansion of the global partner business and the ongoing implementation of the Beta 4Agility product and sales strategy will be achieved.
The full Half-yearly Financial Report 2008 will be published on August 6, 2008.
End of the press release
Beta Systems Software AG - Agility Integrated Beta Systems Software AG Berlin (Prime Standard: BSS, ISIN DE0005224406) develops high-profile software products and solutions for the secure and efficient processing of large data volumes. The core businesses of Beta Systems are document processing as well as IT user management data processing in data centers and compliance solutions. In addition, the Beta 4Agility suite offers large companies new integration products to enhance their agility in IT and business processes. These products serve to simplify the automation of data and document processing and enhance the security and performance of IT.
Beta Systems was founded in 1983, has been a listed company since 1997, and has a workforce of more than 600 employees. The company´s principal place of business is Berlin. Beta Systems operates through Centers of Competence in Augsburg, Cologne and Calgary, as well as 18 subsidiaries worldwide and cooperations with numerous partner companies. With more than 3,000 running installations, it has a customer base of more than 1,300 major companies from the sectors of financial services and IT service providers and industry at large in Germany, Europe and the USA.
More information on the company and its products can be found under www.betasystems.com.
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