Â• Sales climb by 4.3%
Â• EBITDA up significantly by 45.7%
Â• Solid financing with equity ratio of 86.4%
Â• Sustainable sales and earnings growth planned
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Earnings/quarterly report/9-month report/9-month figures 2009
Subtitle: Â• Sales climb by 4.3% Â• EBITDA up significantly by 45.7% Â• Solid financing with equity ratio of 86.4% Â• Sustainable sales and earnings growth planned
MĂ¶glingen (Germany), November 9, 2009 (euro adhoc) - Bucking the worst economic recession in decades, USU Software AG has enjoyed a consistently successful performance in the first nine months of 2009. In his presentation on the Company to the German Equity Forum in the fall of 2009, the Chairman of the Management Board, Bernhard Oberschmidt, expounded the business figures for the first nine months. USU's consolidated sales rose by 4.3% year-on-year in line with planning to EUR 24.8 million (Q1-Q3/2008: EUR 23.8 million). At the same time, the Company significantly increased its earnings power with a rise in operating earnings before interests and taxes (EBITDA) of 45.7% to EUR 1.4 million (Q1-Q3/2008: EUR 0.9 million). There was also an above-average improvement in EBIT, which was up from EUR 42 thousand in the previous year to EUR 0.5 million in the reporting period. The net profit for the period ultimately climbed by 80.5% as against the previous year to EUR 0.7 million (Q1-Q3/2008: EUR 0.4 million). The Management Board has confirmed the planning for the year as a whole of generating sales growth in excess of the average for its relevant market segments as forecast. Operating EBITDA is also expected to rise strongly compared to sales.
Sales climb by 4.3% While the economy as a whole and the IT sector have suffered a heavy drop in sales, USU Software AG increased its consolidated sales by 4.3% year-on-year to EUR 24.8 million in the first nine months of fiscal 2009 (Q1-Q3/2008: EUR 23.8 million). A key part of this positive sales development was accounted for by consulting business, which improved by 7.6% to EUR 15.5 million (Q1-Q3/2008: EUR 14.4 million). As a result of the healthy performance in license business in the previous year, maintenance business also experienced an above-average rise of 7.0% to EUR 5.3 million (Q1-Q3/2008: EUR 4.9 million). By contrast, software license sales in the reporting period were down 16.1% on the very strong previous year, amounting to EUR 3.2 million (Q1-Q3/2008: EUR 3.8 million). Other income in the first three quarters of 2009 totaled EUR 0.8 million (Q1-Q3/2008: EUR 0.6 million), primarily relating to merchandise sales. The USU GroupÂ´s sales generated outside Germany amounted to EUR 1.8 million (Q1-Q3/2008: EUR 1.6 thousand) in the period under review, accounting for 7.1% (Q1-Q3/2008: 6.9%) of consolidated sales. USU is anticipating tangible success in this field from the fourth quarter of 2009 on account of the significant expansion of activities in international partner business.
EBITDA up significantly by 45.7% Regardless of more intensive overseas and partner activities as part of its strategy of internationalization and the targeted investments in the ongoing development of Group products, USU increased its EBITDA in the reporting period by 45.7% to EUR 1.4 million (Q1-Q3/2008: EUR 0.9 million). There was also an above-average improvement in EBIT, which was up from EUR 42 thousand in the previous year to EUR 0.5 million in the first nine months of fiscal 2009. With a consolidated net profit of EUR 0.7 million (Q1-Q3/2008: EUR 0.4 million), the USU Group continued its positive income development and increased its net profit for the period by 80.5% as against the previous year. Earnings per share rose accordingly to EUR 0.07 (Q1-Q3/2008: EUR 0.04).
Solid financing with equity ratio of 86.4% The GroupÂ´s liquidity amounted to EUR 8.1 million as of September 30, 2009 (December 31, 2008: EUR 9.5 million). The reported decline in cash and cash equivalents was due to the final earn-out payment of EUR 0.9 million for LeuTek GmbH, which was acquired in 2006, and the dividend payment of EUR 1.5 million to the shareholders of USU Software AG. The dividend distribution also reduced the CompanyÂ´s equity to EUR 45.2 million (December 31, 2008: EUR 45.9 million). At the same time, USU scaled back its debt capital as of the end of the third quarter of 2009 to EUR 7.1 million (December 31, 2008: EUR 8.2 million). There were also no liabilities to banks as of the end of the third quarter of 2009. Thus, USU's financing situation is still extremely solid. With total assets of EUR 52.3 million (December 31, 2008: EUR 54.2 million), the equity ratio was 86.4% as of September 30, 2009 (December 31, 2008: 84.8%).
Sustainable sales and earnings growth planned With the successful business performance in the first nine months of the current fiscal year as a basis, the Management Board expects, as forecast, to generate sales growth in excess of the average for the relevant market segments for the year as a whole. Operating EBITDA is also expected to rise strongly compared to sales. In particular, visible growth contributions are expected to result from international partner business from the fourth quarter 2009. The Company gained several international sales partners with which it has already performed a number of product training sessions and events for potential customers as of the end of the third quarter of 2009. Thus, by 2010, the international share of consolidated sales, which will primarily consist of partner sales from license and maintenance business, will almost double. The Company is therefore investing specifically in increasing its internationalism and the further development of Group products to generate sales growth above the relevant market segment and above-average earnings growth in the medium to long term, thereby establishing a foundation on which to continue the shareholder-friendly dividend policy of recent years to allow the shareholders of USU Software AG to participate in the business success of the Company as in previous years.
This announcement is available at http://www.usu-software.com
USU - The Knowledge Business Company The USU Software AG offers with its company network appliances, products and consulting all about Knowledge Business, aligned for the future. For example Valuemation. Our clients obtain a broad and complete overview over their IT processes, IT infrastructure and are able to display their IT costs transparently, to account and control actively. More than 500 clients administrate with this product group more than 30 million IT assets. For example KnowledgeMiner. As an integrated research and navigation system or portal solution, we activate the complete knowledge of a single organisation with this technology. Call and service centres solve more than ten thousand individual problems and requests day for day, using the technology. Departments like quality assurance, production or distribution fasten their core processes and improve their quality. The ability to form branch knowhow, competence of technology and user demands to an integrated software system, has been convincing clients for more than two decades in all fields of the international economy. The USU Software AG (ISIN DE000A0BVU28) is listed in the Prime Standard of the Frankfurt stock exchange.
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