USU Software AG

EANS-News: USU Software AG announces figures for third quarter and first nine months of 2010: USU exceeds previous year´s sales and earnings

-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- quarterly report Möglingen, November 18, 2010 (euro adhoc) - With a successful third quarter, USU Software AG (ISIN DE000A0BVU28) has continued the positive growth trend of previous years from a nine-month perspective as well. Consolidated sales increased by 21.1% to EUR 9,861 thousand (Q3 2009: EUR 8,145 thousand) and EBITDA doubled to EUR 1,111 thousand (Q3 2009: EUR 547 thousand), meaning that USU significantly exceeded its previous year´s figures in the third quarter. In addition to a noticeable improvement in companies´ willingness to invest, the internationalization of the USU Group and the majority takeover of Aspera GmbH also contributed to this success. In the first nine months of 2010, USU generated a 1.1% increase in sales to EUR 25,088 thousand (Q1-Q3 2009: EUR 24,825 thousand) and a 3.8% rise in EBITDA to EUR 1,411 thousand (Q1-Q3 2009: EUR 1,359 thousand). For 2010 as a whole, the Management Board is confirming its target of above-average growth in sales and EBITDA and also anticipates a significant increase in income and operating profitability in 2011. USU generates substantial increase in sales and earnings in third quarter of 2010 As expected, USU Software AG posted a noticeable improvement in its operating performance in the third quarter of 2010, resulting from companies´ increased willingness to invest. Accordingly, USU generated a 21.1% increase in consolidated sales to EUR 9,861 thousand in the quarter under review (Q3 2009: EUR 8,145 thousand). USU benefited here both from the expansion of organic business and from the majority takeover of Aspera GmbH, Aachen ("Aspera"). With the Product Business assigned to newly acquired Aspera, the USU Group generated a 24.0% rise in sales to EUR 6,767 thousand (Q3 2009: EUR 5,458 thousand), while Service Business climbed 15.0% to EUR 3,083 thousand (Q3 2009: EUR 2,681 thousand). Revenues not assigned to segments amounted to EUR 11 thousand in the third quarter of 2010 (Q3 2009: EUR 6 thousand). As a result of the business expansion, the USU Group doubled its EBITDA to EUR 1,111 thousand in the third quarter of 2010 as against the same quarter of the previous year (Q3 2009: EUR 547 thousand). EBIT also saw strong growth of 270%, amounting to EUR 676 thousand (Q3 2009: EUR 272 thousand). In the third quarter of fiscal year 2010, net income for the period totaled EUR 580 thousand (Q3 2009: EUR 273 thousand), equivalent to double the figure in the third quarter of 2009. Earnings per share thus amounted to EUR 0.06 (Q3 2009: EUR 0.03). USU achieves previous year´s growth trend from a nine-month perspective as well After a modest start to the first half of 2010 due to project postponements and reduced willingness to invest on the part of companies, there was a noticeable improvement in incoming orders starting from the end of the second quarter of 2010. Accordingly, the strong third quarter of 2010 led to a 1.1% increase in consolidated sales in the first nine months to EUR 25,088 thousand (Q1-Q3 2009: EUR 24,825 thousand). In the Product Business segment, the USU Group generated sales of EUR 16,829 thousand, up 3.1% on the previous year (Q1-Q3 2009: EUR 16,324 thousand). In the consulting-based Service Business segment, however, sales of EUR 8,240 thousand (Q1-Q3 2009: EUR 8,478 thousand) were still 2.8% lower than the previous year´s figure. Sales not assigned to segments amounted to EUR 19 thousand in the first nine months of fiscal year 2010 (Q1-Q3 2009: EUR 23 thousand). The USU Group´s consolidated sales outside Germany rose to EUR 1,941 thousand in the period under review (Q1-Q3 2009: EUR 1,769 thousand), an increase of 9.7%. The share of Group sales generated outside Germany thus amounted to 7.7% (Q1-Q3 2009: 7.1%). USU increases operating earnings (EBITDA) As a result of the rise in sales together with an only moderate increase in the operating cost base by 1.2% to EUR 24,019 thousand (Q1-Q3 2009: EUR 23,729 thousand), USU exceeded its previous year´s operating earnings (EBITDA) by 3.8%, generating EUR 1,411 thousand in the period from January to September 2010 (Q1-Q3 2009: EUR 1,359 thousand). The increase in depreciation and amortization to EUR 986 thousand (Q1-Q3 2009: EUR 815 thousand) in connection with the purchase of Aspera led to a decline in EBIT of roughly a quarter to EUR 425 thousand (Q1-Q3 2009: EUR 544 thousand) and net income for the period of EUR 437 thousand (Q1-Q3 2009: EUR 668 thousand), corresponding to earnings per share of EUR 0.04 (Q1-Q3/2009: EUR 0.07). USU maintains solid financing The balance sheet structure as of September 30, 2010 was significantly influenced by the majority takeover of Aspera GmbH. On the assets side of the balance sheet, non-current assets amounted to EUR 44,009 thousand as of the end of the third quarter of 2010 (December 31, 2009: EUR 34,104 thousand), primarily due to the increase in goodwill and in intangible assets. Current assets decreased to EUR 18,384 thousand as of the end of the third quarter of 2010 (December 31, 2009: EUR 19,426 thousand), chiefly as a result of the purchase price payment as consideration for the majority acquisition of Aspera and the dividend payment to the shareholders of USU Software AG. Cash and cash equivalents including securities thus decreased to a total of EUR 7,749 thousand (December 31, 2009: EUR 10,888 thousand). On the equity and liabilities side, current and non-current liabilities amounted to EUR 17,572 thousand as of September 30, 2010 (December 31, 2009: EUR 7,649 thousand). This rise primarily results from increased financial liabilities for the purchase price payment as consideration for the remaining Aspera shares. Among other things, USU holds a call option for the acquisition of the remaining 49% stake of Aspera that can be exercised at any time and entails an obligation to fully consolidate this company in the consolidated financial statements of USU Software AG. Equity decreased to EUR 44,821 thousand (December 31, 2009: EUR 45,881 thousand) as against the balance sheet date of December 31, 2009 due to the dividend payment in the third quarter of 2010. Based on total assets of EUR 62,393 thousand (December 31, 2009: EUR 53,530 thousand), the equity ratio amounted to 71.8% as of September 30, 2010 (December 31, 2009: 85.7%). USU confirms outlook for 2010 and also anticipates significant growth in 2011 Following the successful third quarter of 2010, the Management Board also expects a significant improvement in USU´s business performance in the traditionally very strong final quarter. The year-on-year increase of a third in terms of Group-wide orders on hand to EUR 16,599 thousand (September 30, 2009: EUR 12,476 thousand) is a major indication of this. Primarily due to the expansion of high-margin Product Business, USU expects to considerably increase its profitability in the last three months of the current fiscal year as against the fourth quarter of 2009. This expectation is based on the new, customer-related product developments of the USU Group that were recently launched on the market. In addition, the Management Board anticipates an expansion of international business as a result of the extensive partner and sales activities in the past months. In the consulting-intensive Service Business, the Management Board also anticipates a positive business development following the recent successes. USU will also generate additional sales and earnings growth from the new Group subsidiary Aspera. Following the recognition in profit or loss of the incidental cost of acquisition in the third quarter of 2010, Aspera will contribute to profits for the first time in the final quarter. For 2010 as a whole, the Management Board is confirming its forecast of generating sales growth higher than the IT market average and achieving an increase in EBITDA stronger than the increase in sales. In the coming year, newly acquired Aspera is expected to contribute to a further significant rise in sales and earnings in addition to organic growth from international partner business. The complete nine-month report for 2010 is available for download on the USU Software AG website at www.usu-software.de. Further information will be presented by the Management Board of the company at the analyst and investor conference "German Equity Forum Fall 2010" on November 22, 2010 at 1:30 pm at the Congress Center Messe Frankfurt, Room Milan (Ludwig-Erhard-Anlage 1, 60327 Frankfurt/Main). This company release can be accessed at http://www.usu-software.de. USU - The Knowledge Business Company USU Software AG and the Group offer forward-looking application solutions, products and consulting for knowledge business. For example, Valuemation. With this product, our customers can gain a comprehensive overview of their IT processes and infrastructure, allowing them to transparently show, calculate and actively manage their IT costs. More then 500 customers use this product family to manage more than 30 million IT assets. For example, KnowledgeMiner. As an integrated research and navigation system or as a portal solution, we use this technology to activate all the knowledge within an organization. Call and service centers handle over 10,000 individual problems and inquiries with it every single day. Specialist areas such as quality assurance, production and sales accelerate their core processes and thereby enhance their quality. Our ability to form industry knowledge, technological expertise and user requirements into integrated software systems has been winning over our customers for more than two decades. Long-standing partnerships connect USU to market leaders in all areas of the economy. USU Software AG is listed on the Prime Standard of Deutsche Börse under ISIN DE000A0BVU28. Contact: USU Software AG USU Software AG Investor Relations Corporate Communications Falk Sorge Dr. Thomas Gerick Tel.: +49 (0) 71 41 - 48 67 351 Tel.: +49 (0) 71 41 - 48 67 440 Fax: +49 (0) 71 41 - 48 67 108 Fax: +49 (0) 71 41 - 48 67 909 E-mail: f.sorge@usu-software.de E-mail: t.gerick@usu-software.de end of announcement euro adhoc -------------------------------------------------------------------------------- Further inquiry note: USU Software AG Investor Relations Falk Sorge Spitalhof D-71696 Möglingen Tel.: +49 (0) 71 41 - 48 67 351 Fax: +49 (0) 71 41 - 48 67 108 E-Mail: f.sorge@usu-software.de Branche: Software ISIN: DE000A0BVU28 WKN: A0BVU2 Index: CDAX, Prime All Share, Technology All Share Börsen: Frankfurt / regulated dealing/prime standard Berlin / free trade Hamburg / free trade Düsseldorf / free trade Hannover / free trade München / free trade Stuttgart / regulated dealing

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