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ots Ad hoc-Service: Bertrandt AG
Positive sales performance in 1st quarter of fiscal 1999/2000
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Tamm (ots Ad hoc-Service) - Good prospects for annual earnings despite poor results in the first three months
Continued rapid growth led to a positive sales performance by the Bertrandt Group in the first quarter of fiscal 1999/2000. Revenues of DM 88 mn were posted as at 12/31/1999. This is the equivalent of a 62% increase in revenues on the same period one year earlier (1st quarter of fiscal 1998/99: DM 54,3 mn). Shifts in models made by a number of customers resulting from a review of market opportunities for the entire model range and dwindling budgets at year's end, led to an unpredictable under- utilization of Bertrandt's resources. The Company consistently continued to increase its workforce for the outstanding projects, which have merely been postponed. These two opposing developments had a perceptible effect on earnings in the first quarter of 1999/2000. Earnings on ordinary activities were below the amount projected for this period under review. As at December 31, 1999, the corresponding figure came to DM 4.6 mn, i.e. below the previous year's level of DM 5.5 mn. HGB-based net income totaled DM 2.3 mn, slightly down on the previous year's figure of DM 2.6 mn. Net income based on US GAAP stood at DM 2.8 mn as at December 31, 1999, compared to DM 3.5 mn in the previous year. DVFA/SG earnings amounted to DM 2.3 mn compared to DM 2.4 mn as at December 31, 1998. DVFA/SG earnings per share came to DM 0.70, up from DM 0.81 in the first quarter of the previous year. The calculation per share for the 1st quarter of 1999/2000 is based on 3,324,600 shares, in contrast to the previous year, when it was based on an average of 3,075,000 shares. The DVFA figures were determined on the basis of the revised DVFA/SG rules. Last year's figures were adjusted accordingly in order to make it possible to compares figures.
Bertrandt continues to see great opportunities for the current financial year. Due to the large number of projects planned and due to commence in the coming months the Company anticipates intensive demand in the 2nd quarter of the current financial year. The original earnings target of DM 370 mn for the current financial year has thus been increased to around DM 400 mn, corresponding to year-on-year growth of 39%. At the same time, the earnings projections already published are reaffirmed. They are attainable given sufficient capacity utilization and sustained growth. Earnings on ordinary activities are expected to amount to DM 37 mn and the target for DVFA earnings has been set at DM 18.4 mn. DVFA/SG-based cash flow of DM 44 mn is projected. For the next financial year of 2000/2001 the Company has set a sales target of approximately half a billion DM.
Bertrandt AG The Management Board
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