Brainpower N.V.
Brainpower N.V.: Fourth Quarter and Full Year Results 2004
Brainpower N.V.: Fourth Quarter and Full Year Results 2004
Brainpower N.V.: Fourth Quarter and Full Year Results 2004
Ad hoc announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
Brainpower records first quarterly positive EBITDA* before extraordinary
restructuring costs
·Revenues of 1.70 million Euros, 20% above previous quarter’s results
·1.60 million Euros operating expenses, down 9% from Q3 2004
·EBITDA profit of 43,000 Euros before restructuring costs
·Important distribution agreement signed with Thomson Financial
Brainpower N.V. (Deutsche Börse, Prime Standard: BPW), provider of analytic
applications, technology and data management solutions to the investment
management community, announces results for the Fourth Quarter and Full Year
ended December 31, 2004.
Revenues for the quarter equaled 1.70 million Euros, up 20% from the previous
quarter. Full year 2004 revenues equaled 6.33 million Euros, up 4.8% from
previous year’s results. In the fourth quarter operating expenses have been
reduced to 1.60 million Euros, down 9% from the third quarter 2004. Operating
expenses for the full year 2004 were 6.64 million Euros, down 29% over 2003.
EBITDA* (earnings before interest, taxes, depreciation and amortization) for
the fourth quarter, before restructuring costs, was positive for 43,000 Euros,
compared to a loss of 634,000 Euros recorded in the third quarter 2004.
The company also recorded progress in the area of third party distribution
alliances that led to the recently announced agreement with Thomson Financial.
Rocco Pellegrinelli, CEO of Brainpower, commented: `Brainpower registered its
first profitable quarter, before restructuring costs, since the IPO. This
marked an important turning point for the business and all the shareholders.
The key objective for 2004 was to reach break-even in the fourth quarter. This
was achieved and the company is now in a strong position to grow its business
and to generate profits in the year 2005.
We are also extremely happy for the recently signed distribution agreement
with Thomson Financial as this important alliance fits into our strategy to
leverage Brainpower’s products in more countries and with more customers via
world-class third party channels. We expect significant additional revenues
resulting from this agreement and look at 2005 as a year of strong growth and
important results for Brainpower’s business`.
Ermenegildo Beghé, CFO of Brainpower, added: `The Company reached significant
cost savings in 2004 without impairing its technological and marketing
potential.
The cost structure at the beginning of 2005 looks coherent with the business
development plans that the Company is pursuing.
In November 2004 the Company successfully completed its first fund raising
after the IPO: 1.7 million Euros were cashed through the issue of 1.450.000
new shares.
The Company’s ability to effectively sustain its expected strong growth in
2005 is evidenced by the positive trend of the financial results, its
increased visibility on financial markets and the availability of credit
facilities’.
Brainpower N.V.
Herengracht 469
NL-1017 BS Amsterdam
Niederlande
ISIN: NL0000238228
WKN: 553169
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart
End of ad hoc announcement (c)DGAP 24.02.2005
Issuer’s information/explanatory remarks concerning this ad hoc announcement:
The Company expects to release the full set of financial statements by the end
of March.
‘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 provides analytic applications, technology and data management
solutions to the global investment management community. Brainpower’s
distinctive approach to addressing the portfolio manager’s workflow delivers
middle-office functionality and analytic power, and back-office reporting
capabilities to the front office – on the fly.
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, London, Lugano, Milan, New York
and Zurich.
For further information see: http://www.brainpowerweb.com or contact:
Ermenegildo Beghé
Chief Financial Officer
Brainpower N.V.
Tel : +41 91 985 7070
End of message (c)DGAP
240830 Feb 05
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