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

Möglingen, November 18, 2010 (euro adhoc) -

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
quarterly report
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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