update repeats positive quarterly results
update Repeats Positive Quarterly Results...second successive quarter with operating profits...
...first quarterly net profit...
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Vienna, Frankfurt, October 17, 2003 +++ update software AG, listed on the Frankfurt Stock Exchange and Europe’s leading developer and vendor of Customer Relationship Management (CRM) solutions, posted its second successive positive quarterly results in the 3rd quarter of 2003 (end: 30th September 2003), and the first quarterly net profit since IPO. Turnover was increased by 12.9 per cent to over EUR 3.4 million compared to the same quarter of last year, and by 6.5 per cent compared to the 2nd quarter of this year. Production costs were cut by a third: from EUR 1.2 million in the 3rd quarter of 2002 to EUR 841,755 this year. The result: operating profits totaling EUR 112,000 (+ 105.5 per cent compared to Q3/02), and a quarterly net profit of EUR 171,670.
The company’s liquid assets have also increased; totaling around EUR 4.6 million on the 30th of September 2003, approximately EUR 80,000 more than in the second quarter. Cumulative cash flow improved this year by around 150 per cent (+ EUR 3.5 million) over the same period last year, and by 105 per cent compared to the same quarter last year.
A large share of the increased turnover is due to revenue from licensing contracts. Compared to the same period of last year, this value was increased by 14.3 per cent, and by a solid 22 per cent compared to the previous quarter of this year (in absolute terms, this income for the period under report constituted EUR 1.3 million). Operating costs continued to be reduced; by 41.7 per cent as compared to the cumulative value for 2002 and by 35.7 compared to the same quarter last year. The positive development of the company is reflected by the gross profit margin, which increased to 76 per cent as compared to 61 per cent in the same period of the previous year.
IR contact:
Jochen Zemroser
update software AG
Operngasse 17-21
A-1040 Wien
Tel: +43 1 878 55 512
Fax: +43 1 878 55 505
Jochen.Zemroser@update.com
www.update.com
This is a translation from German into English.
