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EANS-News: Beta Systems Software AG
Beta Systems reports a stable first
Â• Revenues and profit growth in the infrastructure business Â• Greater volatility discernable in the solutions business Â• Positive profit contribution by the newly acquired companies
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Berlin (euro adhoc) - Berlin, July 30, 2009 - In the first half of 2009, Beta Systems Software AG (BSS, ISIN DE0005224406) raised revenues and profit considerably in its sustainedly strong Infrastructure Division (Data Center Infrastructure (DCI) and Identity Management (IdM) LoBs (line of business)). By contrast, the solutions for banks and insurance companies business (Enterprise Content Management (ECM) LoB) was exposed to greater volatility during the period under review which led to orders being postponed to the second half of 2009. In addition, a multi-year major order, not repeated in the current period under review, was carried out in the first half of 2008. At the end of the first six months of 2009, the total revenues of Beta Systems therefore came to EUR 40.8 million (Q1-Q2/2008: EUR 42.5 million) and consolidated earnings before interest and tax (EBIT) stood at EUR -0.9 million (Q1-Q2/2008: EUR 0.6 million).
All three divisions were profitable in the first half year of 2009 as compared with the previous yearÂ´s period. The highly profitable Infrastructure Division with the DCI LoB made a decisive contribution to the consolidated result by lifting revenues 17.3% to EUR 20.0 million (Q1-Q2/2008: EUR 17.0 million) and improving profit by 15.9% to EUR 8.5 million (Q1-Q2/2008: EUR 7.4 million). The IdM segment also raised revenues on the back of larger new contracts to EUR 5.2 million (Q1-Q2/2008: EUR 4.3 million) and profit climbed to EUR 0.2 million (Q1-Q2/2008: EUR 0.0 million). This positive development is also confirmation of the acquisition strategy of Beta Systems, as SI Software Innovation GmbH, a company taken over in 2008 which focuses mainly on mid-sized customers, and the DETEC Group, effectively taken over in 2009, both made considerable contributions to revenues and profit in the first half of 2009. Moreover, maintenance revenues grew through the technology transfer carried out with the US company Proginet in 2008. In the solutions for banks and insurance companies business (ECM LoB) the sales successes of the year-earlier quarter were not repeated due to orders being postponed and longer purchase decision cycles. Accordingly, revenues posted EUR 15.7 million and profit had fallen to EUR 0.6 million at the end of the first six months of 2009 (Q1-Q2/2008: EUR 21.2 million and EUR 4.1 million respectively). Active cost management, however, serves to cushion the decline in profit.
At the current point in time as well, guidance for revenues and profit can only be provided with the requisite reservation and caution given the general economic conditions and the specific risks in the financial sector. Due to the seasonal nature typical to the software business, Beta Systems always generates its highest revenues and profit in the fourth quarter of the financial year. With this in mind and based on the Company's stable market position, also strengthened in the wake of additions to the holdings portfolio, Management anticipates that raising revenues and profit should be possible in the current fiscal year as well.
Statement by the Management Board "The sustained, strong demand for infrastructure software despite the persistently tense situation in the global IT market is clearly reflected in the revenue and profit growth of the DCI and IdM LoBs. We have created a considerably broader-based product range for our customers by adding to our portfolio. Moreover, this enables us to develop new customer segments such as, for instance, mid-sized customers, using the products of SI Software GmbH", declared Gernot Sagl, Board Member of Beta Systems Software AG, and added: "On the other hand, the reluctance to invest triggered by the global financial crisis, above all in the case of major international banks, filtered through in the form of orders being postponed in the first half of 2009, with the result that the exceptionally high license revenues generated in the previous yearÂ´s quarter were not repeated."
Other Key Financial Data for Q1-Q2/2009 at a Glance: - Maintenance revenues advance by EUR 4.2% to EUR 20.5 million (Q1-Q2/2008: EUR 19.7 million) - Software license revenues decline from EUR 12.8 million to EUR 11.8 million - Service revenues post EUR 6.6 million (Q1-Q2/2008: EUR 6.9 million) - Scanner hardware revenues fall to EUR 2.0 million, as budgeted (Q1-Q2/2008: EUR 3.2 million) - Earnings before interest, tax, depreciation and amortization (EBITDA) post EUR 0.9 million (Q1-Q2/2008: EUR 2.6 million) - The result for the period (after tax) comes to EUR -0.7 million and EUR -0.06 per share (Q1-Q2/2008: EUR 0.3 million and EUR 0.03 per share)
Other Key Financial Data for Q2/2009 at a Glance: - Maintenance revenues climb by EUR 9.2% to EUR 10.5 million (Q2/2008: EUR 9.6 million) - Software license revenues decline to EUR 5.9 million (Q2/2008: EUR 7.7 million) - Service revenues post EUR 2.8 million (Q2/2008: EUR 3.9 million) - Scanner hardware revenues remain unchanged at EUR 1.3 million (Q2/2008: EUR 1.3 million) - Total revenues come to EUR 20.5 million (Q2/2008: EUR 22.5 million) - EBIT stands at EUR -0.9 million (Q2/2008: EUR 1.2 million) - The result for the period (after tax) comes to EUR -0.6 million and EUR -0.05 per share (Q2/2008: EUR 0.9 million and EUR 0.07 per share)
The full Half-yearly Financial Report 2009 will be released on August 4, 2009 and posted on the company's website at http://www.betasystems.com under the heading Investor Relations/Financial Reports. All amounts cited in this press release and information derived therefrom (e.g. percentage figures) are figures fully rounded up to thousands of euros as presented in the Interim Consolidated Financial Statements as at June 30, 2009.
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 automated processing of large volumes of data and documents. These products and solutions serve to optimize processes and enhance the security and agility of IT. They guarantee compliance with business requirements relating to governance, risk management and compliance (GRC) and raise the performance of a company's IT in respect of availability, scalability and flexibility.
Beta SystemsÂ´ IT infrastructure software (Infrastructure & Operations Management) is geared towards optimizing job and output management in data centers across all sectors. In addition, Beta Systems offers products for automating IT user administration in companies with high numbers of users. In its ECM solutions business (ECM & Document Solutions) Beta Systems develops customized solutions for large enterprises in the financial services sector, industry and trading to facilitate payments, the processing of incoming post, and general document management.
Beta Systems was founded in 1983 and has been a listed company since 1997. It has a workforce of more than 600 employees. The companyÂ´s principal place of business is Berlin. Beta Systems operates through Centers of Competence in Augsburg, Cologne and Calgary, as well as 19 subsidiaries worldwide and cooperations with numerous partner companies. More than 1,400 customers throughout the world use the products and solutions of Beta Systems in more than 3,300 running installations. Beta Systems generates 50 percent of its sales from its international business. Around 200 of its customers are based in the USA and Canada.
More information on the Company and its products can be found under www.betasystems.com.
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ots Originaltext: Beta Systems Software AG
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