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Beta Systems again raises revenues and the result at the end of the first nine months of 2008
- At the end of the first nine months of 2008, Beta Systems had raised EBIT by 13.9% and earnings before interest, tax, depreciation and amortization (EBITDA) by 10.3% - Earnings before tax (EBT) grew significantly to 1.1 million, up from 0.3 million, at the end of the 2008 nine-month period - License revenues climb 3.9% at the end of the 2008 nine-month period - Total revenues in the third quarter and at the end of the 2008 nine-month period slightly above the previous years level - Substantial increase in the cash flow to 8.4 million, up from 0.5 million, at the end of the 2008 nine-month period - Guidance for the year as a whole affirmed
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Berlin (euro adhoc) - Berlin, October 30, 2008 - Following on from a good first half-year in 2008, Beta Systems Software AG (BSS, ISIN DE0005224406) had improved its results by the end of the 2008 nine-month period for the third quarter in a row, with a slight increase in revenues. Despite the deteriorating market environment and the traditionally weaker third quarter, earnings before interest and tax (EBIT) had risen 13.9% to EUR 0.8 million (Q1-Q3/2007: EUR 0.7 million) and earnings before interest, tax, depreciation and amortization (EBITDA) by 10.3% to EUR 3.7 million (Q1-Q3/2007: EUR 3.4 million). Particularly notable was the increase in the result before tax, which climbed to EUR 1.1 million (Q1-Q3/2007: EUR 0.3 million). The result of the period under review, which came in at EUR 0.7 million (Q1-Q3/2007: EUR 0.3 million), was also clearly positive.
At the end of the first nine months of 2008, Beta Systems Software AG had raised license revenues 3.9% to EUR 17.2 million. In the third quarter, license revenues fell EUR 0.8 million to EUR 4.4 million in contrast to total revenues which rose 1.2% to EUR 19.6 million (Q3/2007: EUR 19.4 million) over the same period and by 1.5% to EUR 62.1 million (Q1-Q3/2007: EUR 61.2 million) at the end of nine months). In the third quarter of 2008, services revenues came in at EUR 3.1 million (Q3/2007: EUR 3.2 million) and maintenance revenues at EUR 10.2 million (Q3/2007: EUR 10.2 million), virtually unchanged from the previous year´s level. Scanner hardware revenues generated by new systems, realized as part of customer-oriented total solutions for hard- and software, rose to EUR 5.0 million in the first nine months of 2008 (Q1-Q3/2007: EUR 2.4 million). Moreover, the considerable increase of EUR 7.9 million to EUR 8.4 million in the cash flow from operating activities (Q1-Q3/2007: EUR 0.5 million), which rose in tandem with the improved cost and results situation, was also very satisfactory.
Key Financial Data for the 2008 Nine-month Period at a Glance - EBIT rises 13.9% to EUR 0.8 million (Q1-Q3/2007: EUR 0.7 million), EBITDA climbs 10.3% to EUR 3.7 million (Q1-Q3/2007: EUR 3.4 million), and EBT advances to EUR 1.1 million (Q1-Q3/2007: EUR 0.3 million) - License revenues climb 3.9% to EUR 17.2 million (Q1-Q3/2007: EUR 16.5 million) - Total revenues advance 1.5% to EUR 62.1 million (Q1-Q3/2007: EUR 61.2 million) - Service revenues post EUR 10.0 million (Q1-Q3/2007: EUR 10.8 million) - Maintenance revenues fall in line with expectations to EUR 29.9 million (Q1-Q3/2007: EUR 31.5 million) owing to process of consolidation in banks and data centers - Hardware revenues generated by new systems, realized as part of customer-oriented total solutions for hard- and software, rise to EUR 5.0 million, up from EUR 2.4 million - The cash flow from operating activities climbs sharply to EUR 8.4 million (Q1-Q3/2007: EUR 0.5 million)
Key Financial Data for Q3/2008 at a Glance - EBIT posts EUR 0.2 million (Q3/2007: EUR 0.3 million) - License revenues post EUR 4.4 million (Q3/2007: EUR 5.2 million) - Total revenues advance 1.2% to EUR 19.6 million (Q3/2007: EUR 19.4 million) - Service revenues come in at EUR 3.1 million (Q3/2007: EUR 3.2 million) - Maintenance revenues remain unchanged at EUR 10.2 million (Q3/2007: EUR 10.2 million) - Hardware revenues increase to EUR 1.8 million, up from EUR 0.7 million
Statement by the Management Board Kamyar Niroumand, Chief Executive Officer of Beta Systems Software AG, commented as follows: "Following on from a successful first half-year in 2008, we have succeeded in raising our revenues and result again, despite the tense situation in the global capital and financial markets. We have felt the first impact of the crisis in the financial markets on our customer base in recent weeks. However, making a statement today on what the effects might be in the future is - and remains - difficult. What cannot be entirely excluded is the fact that, in the future, there may be delays or postponements in the placing of orders by our customers who mostly operate in the banking and insurance sectors. On the other hand, it is crises such these which have the effect of driving demand for IT solutions which enable compliance with official rules and regulations and provide efficient support in the event of mergers. These software products and solutions are an integral part of Beta Systems´ product portfolio, which means that this crisis may also turn out to be an opportunity for Beta Systems."
Gernot Sagl, Chief Financial Officer of Beta Systems Software AG, added the following: "We succeeded in improving our results despite the critical situation in the financial markets not least due to consistent and ongoing cost management. Moreover, the substantial increase in our cash flow led to a significant reduction in financial liabilities, with the result that the financial position of the company has improved again significantly."
Outlook for the Fiscal Year 2008 Although, from today's standpoint, any statements on the future impact of the financial crisis are difficult, the Management Board nonetheless currently stands by its expectations of an improvement in the results as compared with fiscal 2007. With a marginal increase in revenues, it has planned for an EBIT margin in the upper single-digit range and a double-digit EBITDA margin. The prerequisite for this is that all three business segments are profitable. The Management Board continues to assume that the goals of sustained profit improvement through concentration on business with software licenses and services, the building up of customer relationships, above all in the financial services sector and industry at large, the expansion of the global partner business and the ongoing implementation of the Beta 4Agility product and sales strategy will be achieved.
The full report on the third quarter and the first nine months of 2008 will be released on November 4, 2008.
End of the press release
Beta Systems Software AG - Agility Integrated Beta Systems Software AG Berlin (Prime Standard: BSS, ISIN DE0005224406) develops high-profile software products and solutions for the secure and efficient processing of large data volumes. The core businesses of Beta Systems are document processing as well as IT user management data processing in data centers and compliance solutions. In addition, the Beta 4Agility suite offers large companies new integration products to enhance their agility in IT and business processes. These products serve to simplify the automation of data and document processing and enhance the security and performance of IT.
Beta Systems was founded in 1983, has been a listed company since 1997, and has a workforce of more than 600 employees. The company´s principal place of business is Berlin. Beta Systems operates through Centers of Competence in Augsburg, Cologne and Calgary, as well as 18 subsidiaries worldwide and cooperations with numerous partner companies. With more than 3,000 running installations, it has a customer base of more than 1,300 major companies from the sectors of financial services and IT service providers and industry at large in Germany, Europe and the USA.
More information on the company and its products can be found under www.betasystems.com.
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ots Originaltext: Beta Systems Software AG
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