ArtStor AG
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ArtStor AG – Third Quarter 2001
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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ArtStor AG – 3rd Quarter 2001: Sales growth at 67 million EUR, in line with
plan/results under pressure/continued restructuring/revised predictions for the
whole year
Hamburg – ArtStor AG, specialist in data storage solutions, achieved earnings
from sales of over 67 million EUR up to 30.09.2001. In the same period in the
previous year, earnings were 9.5 million EUR. Sales for the 3rd quarter amount
to 20 million EUR (same quarter in 2000: 3.5 million EUR). When comparing the
figures for the previous year, the consolidation of the Group’s subsidiary, Zeta
AG, from January 2001, must be taken into consideration. This puts ArtStor well
in line with planned sales, estimated at 85 million EUR for the whole year.
Earnings before interest, tax, depreciation and amortisation (EBITDA) dropped in
the 3rd quarter to minus 3.2 million EUR, compared with positive EBITDA for the
same period 2000, amounting to 0.8 million EUR. The accumulated EBITDA were
down from a comparable figure of 0.4 million EUR to minus 4.2 million EUR.
Operating results dropped in the 3rd quarter from 0.6 million EUR to minus 3.5
million EUR. The EBIT for the whole of the reporting period was reduced from
minus 0.08 million EUR to minus 5.3 million EUR. This produced a loss of 2.7
million EUR in the 3rd quarter, equivalent to a loss per share of 0.38 EUR,
compared with a profit of 0.3 million EUR, or 0.05 Euros per share, for the same
period in the previous year. In the first nine months the deficit was 3.8
million EUR, compared with a deficit of 0.1 million EUR in the first nine months
of 2000. The loss per share after the third quarter is 0.55 EUR (2000 loss:
0.01 EUR).
Against the background of the results achieved in the past, as well as the
continuing slow-down in economic growth and the reluctance to invest in the IT
sector, ArtStor is undertaking a revision of its planned figures for the current
financial year. Whereas ArtStor is confirming its sales target of 85 million
EUR, the group as a whole is now expecting negative EBIT amounting to 5 million
EUR and an annual deficit of 3 million Euros, equating to a loss per share of
0.43 EUR. Plans included EBIT of 3.9 million EUR and an annual surplus of 2
million EUR, corresponding to a profit of around 0.29 EUR per share.
For further information: ArtStor AG, Peter Lassen, Financial Director, tel.: +49
(0)40 657 27 585, p.lassen@artstor.de
end of ad-hoc-announcement (c)DGAP 15.11.2001
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
The results for the third quarter were subject to the influence of unique,
special circumstances. The profit margin ratio was particularly reduced by the
disposal of old stock at purchase or manufacturing cost. In addition to that,
ArtStor achieved fewer sales in the high-margin storage sector, because of
suppressed investment activity on the part of companies. In the third quarter
the consolidated results were also weighed down by expenditure already committed
to restructuring measures. These one-off effects were taken into account by
means of cost-saving measures and special write-offs, to ensure the
profitability of the Group in the long run. The measures completely implemented
by the end of 2001 include the reduction of the workforce from 91 employees at
present, to 71.
The restructuring and cost-reducing programme introduced in May was given
further impetus in the third quarter. The measures already implemented include
the decision of the Board of Management and the Supervisory Board to slim down
ArtStor AG by selling off those parts of the business making below-average
profits, and thus to reduce operating costs drastically. For this reason ArtStor
has continued its withdrawal from the low-margin, hardware sector, by means of
its sale of shares in the Wuppertal company, Nware GmbH, which was started in
the third quarter and completed on 5th November.
In its new, slimmer form, ArtStor will be concentrating on its core business of
data storage solutions, particularly on high-margin project business. With the
measures already implemented, ArtStor has made the cost structure within the
Group considerably more flexible and adapted it to suit the market. On the basis
of the foreseeable success of the consolidation measures, the Board of
Management is once more expecting results to show a balance for the coming
financial year.
The complete quarterly report, along with detailed information on the
restructuring programme, can be found at http://www.artstor.de
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WKN: 549 286; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München, Stuttgart
150732 Nov 01
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