USU Software AG

EANS-News: USU Software AG announces figures for Q1 2011: USU generates sales growth of more than 40% and increases EBITDA eight-fold year-on-year

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quarterly report/3-month report

Möglingen (euro adhoc) - USU Software AG (ISIN DE000A0BVU28) has had an extremely positive start to fiscal 2011. With sales growth of 40.4% to EUR 10.6 million (Q1 2010: EUR 7.5 million) and an eight-fold increase in EBITDA to EUR 1.2 million (Q1 2010: EUR 0.15 million), the USU Group is fully on course for a further record result in the current fiscal year. USU also saw strong growth in EBIT to EUR 0.7 million (Q1 2010: EUR 0.1 million) and generated overall consolidated earnings of EUR 0.4 million in the first quarter of 2011 (Q1 2010: EUR -0.1 million). In addition, USU still has a very strong positioning in terms of financing. Thanks to an increase in earnings and high positive cash flow from operating activities of EUR 4.8 million (Q1 2010: EUR 1.2 million), the USU Group, which has no liabilities to banks, increased its cash and cash equivalents including securities to EUR 15.7 million (December 31, 2010: EUR 11.1 million). For the current year and fiscal 2012, the Management Board is thus confirming its planning of increasing Group sales by more than 10% each year and for strong growth in EBITDA relative to sales, with the result that USU can achieve an EBITDA margin of more than 15% in the medium to long term.

High sales growth - in Germany and abroad

With sales growth of 40.4% to EUR 10.6 million (Q1 2010: EUR 7.5 million), USU Software AG and its subsidiaries have had a very successful start to the new fiscal year. This increase resulted both from organic product and service business and from the acquisition of Aspera GmbH in July 2010. USU generated significant sales growth in its software license business, which more than doubled year-on-year to EUR 1.4 million (Q1 2010: EUR 0.6 million). At the same time, the USU Group´s maintenance business grew by 39.8% in the period under review to EUR 2.6 million (Q1 2010: EUR 1.9 million). In the first three months of 2011, consulting business and other income amounted to EUR 6.6 million (Q1 2010: EUR 5.0 million), equal to growth of 30.1% as against the previous year. The growth in the international business of the USU Group as a result of the extensive partner and sales activities in recent years is particularly encouraging. Thus, USU generated consolidated sales of EUR 1.2 million (Q1 2010: EUR 0.5 million) outside Germany in the reporting period, a year-on-year increase of 149.5%. The share of the Group´s sales generated outside Germany therefore rose to 11.0% (Q1 2010: 6.2%).

Significant rise in earnings - eight-fold increase in EBITDA

With EBITDA increasing eight-fold to EUR 1.2 million (Q1 2010: EUR 0.15 million), the USU Group achieved an increase in earnings significantly higher than its sales growth in the opening quarter of 2011, thereby establishing a highly positive basis for achieving its communicated Group targets. The EBITDA margin, which USU is aiming to raise to over 15% in the medium to long term, rose accordingly from 1.9% in the first quarter of 2010 to 11.5% in the reporting quarter. At the same time, USU´s EBIT improved from EUR -0.1 million in the same quarter of the previous year to EUR 0.7 million in the first quarter of 2011. Taking into account the cumulative net finance costs of EUR -0.06 million (Q1 2010: EUR 0.01 million) and income taxes of EUR -0.3 million (Q1 2010: EUR 0), the USU Group generated a significantly higher net profit for the period of EUR 0.4 million (Q1 2010: EUR -0.1 million), corresponding to earnings per share of EUR 0.04 (Q1 2010: EUR -0.01).

Positive consolidated earnings and high cash flow increase Group liquidity

The cash flow from operating activities of the USU Group increased year-on-year from EUR 1.2 million in the first quarter of 2010 to EUR 4.8 million in the reporting quarter. Accordingly, USU´s consolidated cash and cash equivalents including securities rose to a total of EUR 15.7 million as of March 31, 2011 (December 31, 2010: EUR 11.1 million). Equity rose to EUR 48.9 million as against December 31, 2010 (EUR 48.5 million) on account of the USU Group´s positive net profit for the period. Based on total assets of EUR 70.8 million (December 31, 2010: EUR 66.9 million), the equity ratio was 69.1% as of the end of the first quarter of 2011 (December 31, 2010: 72.5%).

Guidance: significant sales and earnings growth and EBITDA margin of over 15%

Following the USU Group´s successful start to fiscal 2011, the Management Board is also anticipating sales and earnings increases year-on-year in subsequent quarters. This expectation is based on the new, customer-related product developments of the USU Group recently launched on the market. With these, USU has already had several sales successes in the past quarter, also reflected in the clear 46.3% rise in orders on hand year-on-year to EUR 22.0 million (Q1 2010: EUR 15.1 million). In addition, with the economy continuing to recover on foreign markets, the Management Board is forecasting successful international business, which already contributed 11.0% to consolidated income in the first quarter of 2011 following comprehensive partner and sales activities in the past two years. In Service Business, the Management Board is also assuming rising fees and persistently high capacity utilization of its team of consultants. Overall, the Management Board is thus confirming its planning for the current year and fiscal 2012 of double-digit sales growth each year and strong increases in EBITDA relative to sales. At the same time, the company will make targeted investments in the new and continued development of its product portfolio and in further expanding the international focus of the USU Group with a view to maximizing the potential of new acquisitions, such as the recent majority acquired software, maintaining high sales growth in the medium to long term and achieving an EBITDA margin of over 15%.

This press release and the full Q1 report for 2011 are available for download on the USU Software AG website at www.usu-software.de.

end of announcement                               euro adhoc
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company:     USU Software AG
          Spitalhof
          D-71696 Möglingen
phone:       +49 (0)7141 4867 0
FAX:         +49 (0)7141 4867 20
mail:     investor@usu-software.de
WWW:      http://www.usu-software.de
sector:      Software
ISIN:        DE000A0BVU28
indexes:     CDAX, Prime All Share, Technology All Share
stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
          Hamburg, Düsseldorf, Hannover, München, regulated dealing: Stuttgart
language: English 

Contact:

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

USU Software AG
Corporate Communications
Dr. Thomas Gerick
Tel.: +49 (0) 71 41 - 48 67 440
Fax: +49 (0) 71 41 - 48 67 909
E-Mail: t.gerick@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



Weitere Meldungen: USU Software AG

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