Brainpower N.V.
Brainpower N.V. english
Brainpower N.V. 1st Quarter Financial Results
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Brainpower N.V.
1st Quarter Financial Results for the period ended March 31, 2002
Revenue and Cost Targets Achieved
– Revenues of Eur 1.94 million represents 42% increase over 1st Quarter 2001
– EBITDA losses before restructuring costs decline for 4th consecutive quarter
– Operating costs reduced by Eur1 million from previous quarter
– Net cash flow used in operations reduced by Eur 1.3 million
– Total contract revenue backlog declined from Eur 9.7 to Eur 9.3 million
Brainpower (Neuer Markt: BPW), provider of investment analysis and decision-
support software tools for the investment community, today announces financial
results for the quarter ended March 31, 2002.
Rocco Pellegrinelli, Chairman and Chief Executive Officer of Brainpower,
commented: “I am happy to report that the Company achieved both its revenue and
operating cost targets for the quarter. Revenues of Eur 1.94 million represent
an increase of 42% over the first quarter 2001 results. Operating costs were
reduced by approximately Eur1 million from the fourth quarter last year.”
“Our contract revenue backlog decreased slightly during the quarter to Eur 9.3
million, reflecting the fact that IT budgets remain tight with historically
long sales cycles. We expect, however, that StockXceed and FundXceed, our new
product offering announced last week, and our recently announced collaboration
with Lipper will contribute to an increased number of contracts signed over the
remainder of the year.”
“During the quarter two clients, Redsafe.com and Easybroker, went live with
online services that incorporate Brainpower’s analytics software. We also
expanded our portfolio of third party sales and marketing agreements by
executing an arrangement with Epheso, a CRM (customer relationship management)
technology specialist based in Italy. New clients landed during the first
three months include, among others, Skandia Leben in Switzerland and extended
contracts with Commerzbank and Schroder Investment Management in Italy.”
Bill Holwell, Chief Financial Officer, commented; “We are very pleased to
announce that our cost reduction program has lead to a reduction of operating
costs in the first quarter of approximately Eur 1 million which was in line with
our goals.”
“EBITDA losses (earnings before interest, taxes, depreciation and amortization)
before restructuring costs were Eur 1.8 million for the first quarter, a modest
improvement over the EBITDA losses in the fourth quarter of last year. This
represents the fourth consecutive quarterly improvement and should continue to
improve as revenues increase and the benefits of our cost cutting program are
further realized.”
“Brainpower ended the quarter with a cash and cash equivalents position of
Eur 11.2 million, which is sufficient to fund operations until the Company
reaches EBITDA breakeven. Shareholders equity as of March 31, 2002 was Eur
13.2 million. Our net loss was Eur 2.2 million for the quarter, which includes
Eur 0.1 million of restructuring cost.
end of ad-hoc-announcement (c)DGAP 08.05.2002
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
“This press release contains forward looking statements which involve risks and
uncertainties. The actual performance, results and timing of the business of
Brainpower N.V. could differ materially from the performance, results and
timing discussed in this press release. This press release is not distributed
in or into the United States of America.”
ABOUT BRAINPOWER
Brainpower is a developer and supplier of investment analysis and decision
support tools for investment professionals and online financial service
providers. Brainpower’s solutions are differentiated by their advanced
capabilities to support enhanced decision-making for investment professionals
and their clients, including retail investors. Customers include leading
players in the fields of asset management, private banking and online financial
services.
Brainpower is currently represented in major financial centers including:
Amsterdam, Edinburgh, Frankfurt, Hong Kong, London, Lugano, Milan, Madrid, New
York and Zurich.
For further information see: http://www.brainpowerweb.com (English) or
http://www.brainpower.de (German)
Or contact:
Curtis E. Fox
Director, Communications & Investor Relations
Brainpower N.V.
Tel : +44 (0) 20 7392 7117
Email: cfox@brainpowerweb.com
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WKN: 553169; ISIN: NL0000238228; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Hamburg,
Hannover, Düsseldorf, Stuttgart und München
080728 Mai 02
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