PrimaCom AG

euro adhoc: PrimaCom AG
Annual Reports
PRIMACOM REPORTS FIRST QUARTER 2003 RESULTS (E)

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Mainz, May 28th, 2003 - PrimaCom AG (OTC BB "PCAGY" and Neuer Markt Frankfurt: "PRC" or ID No. "625910", www.primacom.de) today reported its consolidated results for the first quarter of 2003.

The number of revenue generating units increased by 22,386 from 1,352,895 at March 31, 2002 to 1,375,281 at March 31, 2003. The primary factor responsible for the growth was the increase in high-speed internet access subscribers, which reached 60,975, a 56.0 percent increase from the first quarter of 2002 and a 13.9 percent increase over the fourth quarter of 2002.

Revenues rose by 9.2 percent to 47.9 million Euro (Q1/02 43.9 million Euro).

The upward trend in PrimaCom’s revenues and operating results that started in 2001 has continued through the first three months of this year, with EBITDA rising by 21.9 percent to 22.8 million Euro (Q1/02 18.7 million Euro).

The strong EBITDA-performance is underlined by the company showing an operating profit of 2.7 million in the first quarter of 2003 after still showing an operating loss of 1,0 million Euro in the first quarter of 2002. This improved operating result reflects continuing costs control measures combined with increasing revenues.

Interest expense however increased by 14.2 million Euro from 14.3 million Euro in the first quarter of 2002 to 28.5 million Euro in the first quarter of 2003. This was due to the company’s debt refinancing in 2002 and was primarily responsible for the increase in the company’s net loss.

Net loss for the first quarter of 2003 was 23.2 million Euro, or 1.17 Euro per basic and diluted share, versus a net loss of 12.9 million Euro, or 0.65 Euro per basic and diluted share for the first quarter of 2002.

At March 31, 2003, the company’s aggregate consolidated indebtedness was 926.8 million Euro comprised of 921.8 million Euro of bank debt, 4.6 million Euro of capital leases obligations, and 0.5 million Euro of deferred purchase obligations.

PrimaCom will report more details of its first quarter results in a comprehensive press release today.

In conjunction with this release, PrimaCom will host a conference call, which will be simultaneously broadcast live over the Internet. Management will host the call, which is scheduled for May 28th, 2003, at 5:00 PM Frankfurt; 4:00 PM London; 11:00 AM New York.

end of announcement            euro adhoc 27.05.2003
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Further inquiry note: Alexander M. Hoffmann

Branche: Telecommunications Equipment
ISIN:      DE0006259104
WKN:        625910
Börsen:  Frankfurter Wertpapierbörse / regulated dealing
              Niedersächsische Börse zu Hannover / free trade
              Berliner Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Hamburger Wertpapierbörse / free trade
              Bremer Wertpapierbörse (BWB) / free trade
              Börse Düsseldorf / free trade
              Baden-Württembergische Wertpapierbörse / free trade



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