Gemplus

Gemplus Reports Strong Third Quarter 2004 Results

    Luxembourg (ots/PRNewswire) -

@@start.t1@@      Third quarter highlights:
      - Group revenue up 13.0% year-on-year and 20.5% year-to-date
      - Operating income before restructuring and goodwill further improved to
         10.5 million euros
      - Net loss, at 8.5 million euros, reflecting the final step of
         restructuring
      - Free cash flow(1) of 9.5 million euros@@end@@

    Gemplus International S.A. (Euronext: LU0121706294 - GEM and NASDAQ:  GEMP), the world's leading provider of smart card solutions, today reported  results for the third quarter ended September 30, 2004.

@@start.t2@@      -------------------------------------------------------------------------
      In millions of euros         Q3      Q2    Quarter-on-quarter  Q3  Year-on-year
                                              2004  2004            change          2003        change
      -------------------------------------------------------------------------
      Net sales                         214.7 210.5          +2.0%            190.0      +13.0%
      -------------------------------------------------------------------------
      Adjusted for currency                                  +2.2%                          +15.5%
      fluctuations, discontinued
      operations and acquisitions
      -------------------------------------------------------------------------
      Gross profit                    64.0  68.0            -6.0%            54.4        +17.6%
      -------------------------------------------------------------------------
      Gross margin as a % of    29.8% 32.3%        -2.5 ppts         28.6%  +1.2 ppts
      sales
      -------------------------------------------------------------------------
      Operating income before  10.5    8.5            +23.1%            0.0          NM
      restructuring and
      goodwill
      -------------------------------------------------------------------------
      Net income (loss)            -8.5    1.1                NM              -13.1         NM
      -------------------------------------------------------------------------
                                            Per share data (in euros)
      -------------------------------------------------------------------------
      Earnings (loss) per         -0.01 0.00                NM              -0.02         NM
      share (fully diluted)
      -------------------------------------------------------------------------
                                        Main items of the Balance Sheet
      -------------------------------------------------------------------------
      Cash and cash                  389.2 383.1          +1.6%            356.6      +9.2%
      equivalents
      -------------------------------------------------------------------------
                                  Main items of the Cash Flow Statement
      -------------------------------------------------------------------------
      Free cash flow (1)                9.5  -0.6                NM              -39.5         NM
      -------------------------------------------------------------------------
      Net cash flow                    6.0  -1.4                NM              -49.8         NM
      -------------------------------------------------------------------------
      Note: The consolidated financial statements of the Company have been
      prepared in accordance with International Financial Reporting Standards
      (IFRS).@@end@@

    Commenting on the performance for the third quarter 2004, Alex Mandl, President and Chief Executive Officer, said: "We are pleased to report continuous strong progress for the sixth consecutive quarter. Revenue is up 20.5% year-to-date. This healthy growth evidences Gemplus' ability to capture market opportunities and take advantage of the strong momentum that we see in our core businesses."

@@start.t3@@      Third quarter 2004 financial review
      - Income statement
      Third quarter 2004 highlights:
         - Revenue up 13.0% year-on-year (+15.5% currency adjusted(2)) and up
            2.0% quarter-on-quarter (+2.2% currency adjusted), year-to-date up
            20.5%
         - Gross margin: 29.8% up 1.2 percentage points year-on-year. Compared
            to previous quarter, it reflects pricing pressure not fully offset
            by mix improvement. Year-to-date gross margin at 31.0%, up 3.9
            percentage points
         - Operating income before restructuring and goodwill(3) up 23.1%
            quarter-on-quarter, to 10.5 million euros; up 65 million euros
            year-to-date to 23.8 million euros@@end@@

    In the third quarter, Gemplus enjoyed strong year-on-year sales growth, especially in Wireless and Financial Services. On a geographical basis, revenue in the Americas rose 44.3% and EMEA(4) grew 15.7%, while Asia was down 8.2%, currency adjusted.

    Gross margin was up 1.2 percentage points compared with the third quarter 2003 mainly driven by Telecom. However, gross margin for the third quarter was down 2.5 percentage points compared with the second quarter 2004, to 29.8%. This was mainly driven by pricing pressure which, unlike in the second quarter, was not fully compensated by an improvement in product mix. Year-to-date, gross margin was 31.0%, up 3.9 percentage points.

    Operating expenses excluding restructuring and goodwill(5) represented  24.9% of sales during the third quarter, compared to 28.3% for the previous  quarter and 28.6% a year ago. They decreased 10.1% quarter-on-quarter, to  53.5 million euros, reflecting mainly a reduction in general and  administrative expenses and seasonality.

    As a result, operating income before restructuring and goodwill was up  10.5 million euros year-on-year and 2.0 million euros quarter-on-quarter.  Year-to-date, operating income before restructuring and goodwill was 23.8  million euros, up 65.0 million euros.

    Restructuring expenses were 8.6 million euros comprising a provision of  14.3 million euros related to the planned restructuring of operations in  Germany, partly compensated by a net reversal of 5.7 million euros mainly  related to the previous restructuring plan. Consistent with previous  announcements, this provision reflects the final step of the restructuring  plan which was presented in December 2002.

    Operating loss was therefore 0.1 million euros including 1.9 million  euros of goodwill amortization.

    Income tax charges were 6.6 million euros, of which 5.1 million euros are one-time mostly non-cash items. This includes mainly a charge of 3.0 million euros relating to the discounting of a carry back of tax losses in France, and a partial write-down of deferred tax assets.

    The net loss for the third quarter, therefore, reflects restructuring expenses and mostly non-cash income-tax charges.

    - Balance sheet and cash flow statement

    Third quarter 2004 highlights:

    - Free cash flow of 9.5 million euros(6)

    - Improved strong cash position at 389 million euros

    The Group's cash position remains strong and is up 6.0 million euros  compared to June 30, 2004, despite restructuring outflows of 2.7 million  euros. This increase was driven largely by the improved level of profit from  operations.

@@start.t4@@      Segment analysis
      - Telecom
      Third quarter 2004 highlights:
         - Wireless revenue up 19.9% year-on-year (+23.1% currency adjusted)
         - Wireless shipments up 28.7% year-on-year, to 61.2 million units
      -------------------------------------------------------------------------
      In millions of euros         Q3      Q2    Quarter-on-quarter  Q3  Year-on-year
                                              2004  2004            change          2003        change
      -------------------------------------------------------------------------
      Net sales                         153.2 154.0          -0.5%            132.3      +15.8%
      -------------------------------------------------------------------------
      Adjusted for currency                                  -0.3%                          +18.7%
      fluctuations, discontinued
      operations & acquisitions
      -------------------------------------------------------------------------
      Gross profit                    51.7  55.1            -6.3%            39.7        +30.1%
      -------------------------------------------------------------------------
      Gross margin as a % of    33.7% 35.8%        -2.1 ppts         30.0%  +3.7 ppts
      sales
      -------------------------------------------------------------------------
      Revenue reflects the strong performance of wireless:
      - Wireless products & services revenue(7) was up 19.9% year-on-year
         (+23.1% currency adjusted), to 131.1 million euros, and up 37.7%
         year-to-date (+44.1% currency adjusted), to 393.3 million euros.
      - Third quarter wireless shipments grew 28.7% year-on-year to 61.2
         million units, and 2.7% quarter-on-quarter. Sales were particularly
         strong in Eastern Europe, Africa and Americas.
      - While the second quarter showed a strong improvement in product mix,
         the third quarter reflects a pause in this trend. High-end card
         shipments (including 64kb and above, as well as 3G) accounted for 29.9%
         of the total in the third quarter compared to 33.4% in the second
         quarter and 21.5% in the first quarter. This reflects strong growth in
         regions such as Eastern Europe and Africa, where the market is less
         oriented toward high-end cards, and the decision by some large
         operators to postpone orders to the fourth quarter, particularly of
         64 Kb cards.
      - Wireless average selling price (ASP) was down 4.6% sequentially and
         2.7% year-on-year, both currency adjusted, as pricing pressure was not
         fully compensated by mix improvement, unlike in the second quarter.
      - Financial Services
      Third quarter 2004 highlights:
         - Revenue up 10.7% year-on-year (+11.9% currency adjusted), driven by
            the EMV(8) migration
         - EMV roll out gained momentum in France, Turkey, Malaysia and
            Singapore
      -------------------------------------------------------------------------
      In millions of euros         Q3      Q2    Quarter-on-quarter  Q3  Year-on-year
                                              2004  2004            change          2003        change
      -------------------------------------------------------------------------
      Net sales                         53.0  44.7            +18.5%          47.9        +10.7%
      -------------------------------------------------------------------------
      Adjusted for currency                                  +18.8%                         +11.9%
      fluctuations, discontinued
      operations & acquisitions
      -------------------------------------------------------------------------
      Gross profit                    10.1    8.8            +14.2%          12.6        -20.5%
      -------------------------------------------------------------------------
      Gross margin as a % of    19.0% 19.7%         -0.7 ppt         26.4%  -7.4 ppts
      sales
      -------------------------------------------------------------------------@@end@@

    Revenue growth was primarily driven by the EMV migration. Payment microprocessor card revenue rose 24% year-on-year and 47% quarter-on-quarter.

    Shipments were strengthened by a one-time customer renewal program in the UK and favorable seasonality in Germany. The EMV roll-out gained momentum in Continental Europe (France & Turkey) and Asia (Malaysia & Singapore).

    Payment microprocessor card revenue growth was partly offset, however, by lower sales in other segments.

    - Identity and Security

    Third quarter 2004 highlights:

@@start.t5@@         - Revenue down 13.9% year-on-year (-10.7% currency adjusted),
            reflecting project cycles
      -------------------------------------------------------------------------
      In millions of euros         Q3      Q2    Quarter-on-quarter  Q3  Year-on-year
                                              2004  2004            change          2003        change
      -------------------------------------------------------------------------
      Net sales                          8.5  11.8            -28.2%            9.8        -13.9%
      -------------------------------------------------------------------------
      Adjusted for currency                                  -28.2%                         -10.7%
      fluctuations, discontinued
      operations & acquisitions
      -------------------------------------------------------------------------
      Gross profit                      2.2    4.1            -45.4%            2.0        +11.2%
      -------------------------------------------------------------------------
      Gross margin as a % of    26.6% 34.9%        -8.3 ppts         20.6%  +6.0 ppts
      sales
      -------------------------------------------------------------------------@@end@@

    While the second quarter showed strong sales of subsystems, the third quarter reflects a low in project cycles. Because Identity and Security is still an emerging market and the Company recognizes revenue from software and systems under the percentage of completion method, a linear trend in quarterly revenue should not be expected due to the often long completion cycles for these projects.

    Gemplus continues to recognize a large number of market opportunities which confirms the growth potential of this business.

    Outlook

    For the remainder of the year, the Company's financial performance should continue to benefit from favorable market trends, notwithstanding continuous selling price pressure.

    Considering the third quarter results and given the current outlook for exchange rates, Gemplus revises upward its operating income before restructuring and goodwill guidance for 2004, from 30 million euros to 35 million euros.

    For 2005, the Group continues to see strong momentum in its core markets and will pursue its focus on cost efficiency. Gemplus therefore expects a further improvement in operating income before restructuring and goodwill.

    Accounting methods  Gemplus' financial statements are prepared in accordance with IFRS since the Company's initial public offering in 2000. Therefore, the Company will implement certain IFRS changes which are applicable as of January 1, 2005. The main changes will be:

@@start.t6@@      - Stock options compensation accounting (IFRS 2): stock-based
         compensation will be expensed in cost of sales and operating expenses.
         The expense will be measured at grant date, based on the fair market
         value of the related options, using either a Black & Scholes or a
         binominal-like model, and will be recognized over the vesting period of
         the options
      - Goodwill amortization (IAS36): Goodwill on acquisitions will no longer
         be amortized but will be tested for impairment@@end@@

    Business Highlights

    - Telecom

    In North America, ATT Wireless expanded its UMTS network to reach 6 US cities and Cingular announced a request for proposal for UMTS equipment. In addition, Gemplus successfully launched a SIM-server solution which relies on a SIM applet that monitors handset information.

    In Latin America, many operators confirmed their migration to high-end cards (64Kb and above) and adoption of OTA technology continued to expand with the successful installation of 4 device management platforms.

    In China, the role of the card is increasingly recognized as going beyond the traditional scope of authentication and identification, with China Mobile using the SIM to promote services to particular market segments, including youth and VIP. Services based on SMS, such as SMS Organizer, served to increase SMS data revenue from targeted youth market segments.

    For the 3G market, Gemplus continued to deliver USIM cards for first launches across the world, with mass deliveries to Sweden and Germany.

    Gemplus invested in SoloMio, a visionary leader in next-generation Smart Call services and technology, to bring call completion solutions to operators. Combining the smart card technology with SoloMio's solutions enables mobile operators to successfully drive more calls to a billable conclusion, increasing the operator's profitability and the average revenue per user by capturing revenue normally lost to uncompleted calls. In addition, these operator-branded services enhance customer satisfaction and loyalty.

    - Identity and Security

    Gemplus was presented the 2004 Frost & Sullivan Award for Market Leadership in the smart card reader market. A leading player in this market, Gemplus had significant growth in 2003 smart card reader unit shipments, which enabled the Company to become the leading player in this highly competitive market segment (source: 2004 Frost & Sullivan).

    Earnings calendar

    Fourth quarter and fiscal year 2004 results are scheduled to be reported on February 9, 2005, before the opening of Euronext Paris.

    Conference Call:

    The company has scheduled a conference call for Wednesday, 27 October 2004 at 3:00 pm CET (2:00 pm London time and 9:00 am New-York time). Callers may participate in the live conference call by dialing:

    +44 (0) 207 784 1020 or +1 718 354 1157, access code 310896.

    The slide show will be available on the web site at 1:30 pm CET (12:30 London time). The live conference call will also be available on the IR section of www.gemplus.com.

    Replays of the conference call will be available approximately 5 hours after the conclusion of the conference call until 2 November 2004 midnight by dialing:

    +44 (0) 207 984 7578 or +1 718 354 11 12, access Code: 310896#.

    About Gemplus

    Gemplus International S.A. (Euronext: LU0121706294 - GEM and NASDAQ: GEMP) is the world's leading player in the smart card industry in both revenue and total shipments (source: Gartner-Dataquest (2004), Frost & Sullivan, Datamonitor.). It has sold over 4 billion smart cards.

    With security at its core, and 2400 patents produced by its innovative R&D team, Gemplus delivers a wide range of portable, personalized solutions in areas including Identity, Mobile Telecommunications, Public Telephony, Banking, Retail, Transport, Healthcare, WLAN, Pay-TV, e-government, and access control.

    Gemplus' revenue in 2003 was 749 million euros.

    www.gemplus.com

    (c)2004 Gemplus. All rights reserved. Gemplus, the Gemplus logo, are trademarks and service marks of Gemplus S.A. and are registered in certain countries. All other trademarks and service marks, whether registered or not in specific countries, are the property of their respective owners.

    Some of the statements contained in this release constitute forward-looking statements. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance, or achievements expressed or implied by such forward-looking statements. Actual events or results may differ materially. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this release include, but are not limited to: trends in wireless communication and mobile commerce markets; our ability to develop new technology, and the effects of competing technologies developed and expected intense competition generally in our main markets; profitability of our expansion strategy; challenges to or loss of our intellectual property rights; our ability to establish and maintain strategic relationships in our major businesses; our ability to develop and take advantage of new software and services; and the effect of future acquisitions and investments on our share price. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of such forward-looking statements. The forward-looking statements contained in this release speak only as of this release. We are under no duty to update any of the forward-looking statements after this date to conform such statements to actual results or to reflect the occurrence of anticipated results.

@@start.t7@@                                            Gemplus International SA
                                Press Release - Financial statements
                         For the quarterly period ended September 30, 2004
      Condensed Consolidated Statements of Income
                                 (In thousands of euros, except share and per share data)
                                 --------------------------------------------------------
                                                      Three months ended          Nine months ended
                                                            September 30,                 September 30,
                                                         2004            2003            2004            2003
                                                          (unaudited)                    (unaudited)
                                 --------------------------------------------------------
      Net sales                                214,665        189,974        622,492        516,594
      Cost of sales                        (150,702)    (135,603)    (429,255)    (376,732)
      Gross Profit                            63,963         54,371        193,237        139,862
      Research and development
        expenses                                (15,253)      (15,850)      (47,699)      (52,979)
      Selling and marketing
        expenses                                (23,982)      (23,230)      (74,364)      (73,692)
      General and administrative
        expenses                                (14,250)      (15,264)      (47,411)      (54,411)
      Restructuring expenses            (8,638)        (7,242)        (8,611)      (52,701)
      Operating income (loss)
        before goodwill                        1,840         (7,215)        15,152        (93,921)
        amortization and impairment
      Goodwill amortization and
        impairment                              (1,926)        (1,969)        (5,748)      (31,135)
      Operating income (loss)                (86)        (9,184)         9,404      (125,056)
      Financial income (expense),
        net                                          1,482          1,649          4,289          6,984
      Other income (expense), net    (3,380)        (4,566)      (10,548)      (11,552)
      Income (loss) before taxes      (1,984)      (12,101)         3,145      (129,624)
      Income taxes provision            (6,551)          (950)      (10,277)        (3,717)
      Net loss                                  (8,535)      (13,051)        (7,132)    (133,341)
      Net loss per share
         Basic                                      (0.01)         (0.02)         (0.01)         (0.22)
         Diluted                                  (0.01)         (0.02)         (0.01)         (0.22)
      Shares used in net loss per
        share calculation
         Basic                         606,882,853  605,614,830  606,584,841  605,643,561
         Diluted                      606,882,853  605,614,830  606,584,841  605,643,561@@end@@

    Condensed Consolidated Balance Sheets

@@start.t8@@                                                                                        (in thousands of euros)
                                                                         September 30,        December 31,
                                                                                      2004                    2003
      Assets                                                            (unaudited)
      Current assets:
      Cash and cash equivalents                                    389,186              390,684
      Trade accounts receivable, net                            153,287              154,727
      Inventory, net                                                      141,046                98,673
      Other current assets                                              70,970                82,675
      Total current assets                                            754,489              726,759
      Non-current assets:
      Property, plant and equipment, net                      155,941              175,706
      Goodwill, net                                                         28,436                37,727
      Other non-current assets                                      120,864              113,047
      Total non-current assets                                      305,241              326,480
      Total assets                                                      1,059,730          1,053,239
      Liabilities
      Current liabilities:
      Accounts payable                                                  105,024                95,582
      Accrued liabilities and other                              166,889              135,505
      Current obligations under capital leases                5,971                 5,928
      Total current liabilities                                    277,884              237,015
      Non-current liabilities:
      Long-term obligations under capital leases          35,474                38,893
      Other non-current liabilities                                47,137                70,246
      Total non-current liabilities                                82,611              109,139
      Minority interest                                                  12,699                12,073
      Shareholders' equity:
      Ordinary shares                                                    128,567              127,889
      Paid in capital                                                 1,031,491          1,028,849
      Retained earnings                                              (471,366)          (464,221)
      Other comprehensive income                                      (171)                 4,570
      Less, cost of treasury shares                              (1,985)              (2,075)
      Total shareholders' equity                                  686,536              695,012
      Total liabilities and shareholders' equity      1,059,730          1,053,239@@end@@

    Condensed Consolidated Statements of Cash Flows

@@start.t9@@                                                                                      (in thousands of euros)
                                                                         Nine months ended September 30,
                                                                                              2004                2003
                                                                                  (unaudited)    (unaudited)
      Cash flows from operating activities:                      (7,132)         (133,341)
      Net loss
         Depreciation and amortization                                  43,905            76,603
         Loss on sale and disposals of assets                            827                 454
         Other adjustments to reconcile net income
          to net cash from                                                        8,365              9,324
         operating activities
         Change in trade accounts receivable and
          related accounts                                                    (3,123)              1,439
         Change in trade accounts payable and
          related accounts                                                      23,491              4,780
         Change in inventories                                            (38,599)         (13,436)
         Other changes in operating activities                      25,472              1,676
         Reduction of workforce and other exit
          costs, provision                                                        7,649            47,635
         Reduction of workforce and other exit
          costs, cash outflow                                              (21,659)         (45,709)
         Restricted cash on litigation                                (21,952)                    -
         Litigation expenses                                                          -                    -
         Management severance expenses                                          -                    -
      Net cash (used in) from operating activities              17,244         (50,575)
      Cash flows from investing activities:
         Sale / (Purchase) of activities net of cash
          disposed / (acquired)                                                      -                114
         Purchase of property, plant and equipment            (15,239)         (9,378)
         Other changes in investing activities                    (1,785)         (2,857)
      Net cash used in investing activities                      (17,024)        (12,121)
      Cash flows from financing activities:
         Proceeds from sales-leaseback operations                      957                  -
         Other changes in financing activities                    (3,886)         (3,282)
      Net cash used in financing activities                        (2,929)         (3,282)
          Effect of exchange rate changes on cash                  1,211            5,302
          Net decrease in cash and cash equivalents            (2,709)        (65,978)
          Cash and cash equivalents, beginning of period    390,684         417,226
      Cash and cash equivalents, end of period                  389,186         356,550
      1) Accounting principles:
      The consolidated financial statements of the Company have been prepared
      in accordance with International Financial Reporting Standards (IFRS).
      2) Business segment reporting
      Third Quarter 2004 Compared with third Quarter 2003
      Net sales                                                    Three months ended
                                                                              September 30,
                                                                            2004        2003          % change
                                                                        (Millions of euros)
      Telecommunications........................ 153.2      132.3                16%
      Financial Services .......................  53.0        47.9                11%
      Identity and Security ....................    8.5         9.8              (13%)
      Total..................................... 214.7      190.0                13%
      Gross profit                                                 Three months ended
                                                                              September 30,
                                                                            2004        2003          % change
                                                                        (Millions of euros)
      Telecommunications .......................  51.7        39.7                30%
      Financial Services .......................  10.1        12.7              (20%)
      Identity and Security ....................    2.2         2.0                10%
      Total...................................... 64.0        54.4                18%
      Nine Months 2004 Compared with Nine Months 2003
      Net sales                                                    Nine months ended
                                                                              September 30,
                                                                            2004        2003          % change
                                                                        (Millions of euros)
      Telecommunications........................ 453.9      366.2                24%
      Financial Services ....................... 138.0      123.0                12%
      Identity and Security ....................  30.6        27.4                12%
      Total..................................... 622.5      516.6                20%
      Gross profit                                                Nine months ended
                                                                              September 30,
                                                                            2004        2003          % change
                                                                        (Millions of euros)
      Telecommunications ....................... 156.5      109.2                43%
      Financial Services .......................  28.0        24.8                13%
      Identity and Security ....................    8.7         5.9                47%
      Total..................................... 193.2      139.9                38%
      3) Geographic reporting
      Third Quarter 2004 Compared with Third Quarter 2003
      Net sales                                                Three months ended
                                                                              September 30,
                                                                            2004        2003          % change
                                                                        (Millions of euros)
      Europe, Middle East and Africa............ 115.0        98.0                17%
      Asia......................................  44.5        50.9              (13%)
      Americas..................................  55.2        41.1                34%
      Total..................................... 214.7      190.0                13%
      Nine Months 2004 Compared with Nine Months 2003
      Net sales                                                    Nine months ended
                                                                              September 30,
                                                                            2004        2003          % change
                                                                        (Millions of euros)
      Europe, Middle East and Africa............ 320.9      277.3                16%
      Asia...................................... 147.8      130.3                13%
      Americas.................................. 153.8      109.0                41%
      Total..................................... 622.5      516.6                20%@@end@@

    ---------------------------------

    [1] Free cash flow is defined as net cash flow from operating activities less the purchase of property, plant and equipment and other investments related to the operating cycle (excluding acquisitions and financial investments).

    [2] After adjusting for currency fluctuations, discontinued operations and acquisitions.

    [3] Operating income (loss) before goodwill amortization and impairement, excluding restructuring expenses, is referred to as operating income (loss) before restructuring and goodwill. Management believes that presentation of this subtotal is relevant to understanding Gemplus' financial performance. This pro forma measure of performance should be read in conjunction with financial statements prepared under Generally Accepted Accounting Principles.

    [4] Europe, Middle-East and Africa

    [5] Operating expenses excluding restructuring and goodwill include research and development expenses, selling and marketing expenses, and general and administrative expenses.

    [6] Free cash flow is defined as net cash flow from operating activities less the purchase of property, plant and equipment and other investments related to the operating cycle (excluding acquisitions and financial investments).

    [7] Wireless products & services revenue comprises wireless microprocessor cards and related applications (embedded software and Over The Air platforms) and services (system integration and operated services).

    [8] EMV is a jointly defined set of specifications adopted by Europay, MasterCard and Visa at the end of 1997 for the migration of bank cards to smart card technology.

ots Originaltext: Gemplus
Im Internet recherchierbar: http://www.newsaktuell.ch

Contact:
For more information: Press Gemplus, Jane Strachey, Tel:
+33-(0)4-42-36-46-61, Mob : +33-(0)6-79-46-35-93, Email:
jane.strachey@gemplus.com; Investor Relations, Gemplus, Celine
Berthier, Tel: +41-(0)22-544-5054, Email:
celine.berthier@gemplus.com; Fineo, Tel: +33-(0)1-56-33-32-31, Email:
investors@gemplus.com; Edelman, Stephen Benzikie, Tel:
+44-(0)207-344-1325, Mob: +44-(0)774-003-8929, Email:
stephen.benzikie@edelman.com



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