Brainpower N.V.
Brainpower N.V. english
3rd Quarter Results for the Three Months Ended September 30, 2001
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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3rd Quarter Results for the Three Months Ended September 30, 2001
Revenues up 130% over same period last year
* Revenues totaled EUR 2.2 million (Q3 2000: EUR 960,000)
* Recurring cash burn rate reduced by 20% with a cash balance of EUR 17.4
million
* Cost reduction program shows positive results
* EBITDA losses before restructuring costs narrow
Rocco Pellegrinelli, Chairman and Chief Executive Officer of Brainpower,
commented:
“I am pleased to announce that during the quarter in which we celebrated our
one-year anniversary as a public company, we were able to recognize
revenues of EUR 2.2 million, an increase of 130 percent over the same period
last year. Total revenue backlog booked ended the quarter at EUR 9.2 million.
Brainpower has also succeeded in reducing recurring cash burn rate by EUR
600,000 and, excluding exceptional items, narrowed our net losses slightly
for the second quarter in a row.”
“These respectable results were reached despite the normal European summer lull
and the difficulties faced by many large financial institutions as a result of
a global economic slowdown and the September 11 terrorist atrocities in the US.
In response to these pressures we felt it prudent, however, to commence a far-
reaching cost reduction program.”
Bill Holwell, Chief Financial Officer, commented:
“EBITDA losses (earnings before interest, taxes, depreciation and
amortization) before restructuring costs were EUR 1.9 million for the third
quarter, a significant improvement over the EBITDA loss of EUR 2.4 million in
the second quarter. This supports our business model and will continue to
improve as revenues rise and the benefits of our cost cutting program are
realized.”
“We ended the quarter with a strong cash and cash equivalents position of
EUR 17.4 million, and given our improved cash burn rate will see us achieve our
EBITDA breakeven target of 4th quarter 2002. Shareholders equity as of
September 30, 2001 was EUR 18 million. The loss of EUR 2.3 million for the
quarter, excluding EUR 0.9 million restructuring costs and a EUR 0.1 million
loss on investments, compare favorably to EUR 2.4 million in the second
quarter.”
For further information see: http://www.brainpowerweb.com
Or contact:
Curtis E. Fox
Director, Communications & Investor Relations
Brainpower N.V.
Tel : +44(0)2073927117
email: cfox@brainpowerweb.com
end of ad-hoc-announcement (c)DGAP 02.11.2001
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WKN: 553169; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Hamburg,
Hannover, Düsseldorf, Stuttgart und München
020800 Nov 01
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