Brainpower N.V.
Brainpower N.V. Second Quarter Results 2004
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Brainpower N.V. Second Quarter Results 2004
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 Second Quarter ended June 30,
2004.
Revenues equaled 1.73 million Euros, up 19% from the second quarter 2003 results
and 17% higher than revenues recognized in the period ended March 31, 2004.
EBITDA losses before restructuring costs reduced to 258,000 Euros from 1.46
million Euros in the year ago period.
‘We saw the momentum continue to grow in the wealth management space’, stated
Rocco Pellegrinelli, Chairman and Chief Executive Officer of Brainpower. ‘Our
new business for the quarter included a three-year global deal with HSBC Private
Bank and also a three-year deal with Banque Cantonale de Geneve. In addition,
there was also interest from integrators now recommending our products as part
of their overall wealth management solution.
We continued our collaboration with third parties by creating a “best practices”
laboratory for the Italian asset management community with Sungard and
CapGemini. The company also signed a further agreement with a third party
service provider, who will utilize our technology within one of their new
products. Overall we are happy to see that the recently expanded product range
has translated into increased visibility for our company in the market place,
resulting in a significantly expanded new business pipeline for the second half
of the year.’
Bill Holwell, Chief Financial Officer of Brainpower, added, ‘As previously
stated, the shift by some clients from term to perpetual licenses with upfront
fees is causing some revenue variability on a quarterly basis. We anticipate
this trend to continue moving forward but still expect to see quarterly revenue
expansion due to the strength of our product portfolio. The trend toward
perpetual licenses has also had an impact on Brainpower’s total backlog of
booked revenue to be recognized over the next two to three years. At the end of
the second quarter this backlog equaled EUR6.8 million, down slightly from
EUR6.9 million at March 31, 2004.
As expected, cash used in operations during the quarter of 649,000 Euros was
higher than the previous quarter but down from 1.6 million Euros used in the
second quarter of 2003. As previously mentioned, this is principally due to our
six-monthly invoicing pattern, which results in cash collections from customers
being higher in the first and third quarters of the year. The company increased
its access to short-term credit facilities in the quarter and has sufficient
funding to cover expected future cash outflows.’
end of ad-hoc-announcement (c)DGAP 29.07.2004
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
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, Frankfurt, London, Lugano, Milan,
New York and Zurich.
For further information see: http://www.brainpowerweb.com or contact:
William Holwell
Chief Financial Officer
Brainpower N.V.
Tel : +44 (0) 20 7337 9123
Email: wholwell@brainpowerweb.com
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WKN: 553169; ISIN: NL0000238228; Index:
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart
290830 Jul 04
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