update presents the best quarter results since the IPO
update presents the best quarter results since the IPOOperational profit increased, yearly deficit lowered, liquid assets increases
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Vienna, Frankfurt, May 07, 2003 +++ update software AG, Vienna, leading European vendor of CRM solutions (Customer Relationship Management) is steadily continuing with its restructuring efforts. The profit from operations was up 70% in comparison with the first quarter last year and the cash flow increased 125 %. At the same time total costs were reduced by almost 38%.
The exchange-listed CRM specialist, update AG has released figures for the first quarter of fiscal year 2003 (end: 31 March 2003). The operational profit improved 70 percent compared to the first quarter of 2002, and with deficit of EUR 423,015.71 is the best quarter result since the IPO in 2002. The annual shortfall of EUR 809,767.41 (EUR 1.3 million) is nevertheless the best quarter results since the IPO and is 39 percent less than the first quarter of 2002. The costs of operation were lowered 42 percent to EUR 2.57 million compared to the first quarter of the year before, and the positive cash flow was increased 125%. Liquid assets at the end of the first quarter stood at EUR 4.884 million and represent an increase of EUR 1.4 million yearend 2002. Due to the difficult market environment there was a reduction in sales compared to Q1/02 of 27 percent to EUR 3.13 million (EUR 4.29 million).
The costs for maintenance and service declined 23 percent through increases in efficiency, while the number of long-term maintenance contracts compared to the previous year climbed by 17.9 percent. The gross margin remained at 69 percent and virtually unchanged compared to the previous year’s 70 percent.
IR Contact:
Jochen Zemroser
update software AG
Operngasse 17-21
A-1040 Vienna
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.
