Brainpower N.V.
Brainpower N.V. 4th Quarter and Full-Year Results 2003
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Brainpower N.V. 4th Quarter and Full-Year Results 2003
Brainpower NV (Prime Standard: BPW) provider of analytic applications,
technology and data management solutions to the investment community announces
results for the Fourth Quarter and Full Year ended December 31, 2003.
Revenues of 1.75 million Euros, 23% above previous quarter’s results
Full-year and fourth quarter operating expenses down substantially
Fourth quarter net losses reduced by 54% from previous year’s figure
Revenues equaled 1.75 million Euros for the fourth quarter 2003, up 23% from the
previous quarter. Revenues were down slightly, however, from 1.85 million
Euros in the fourth quarter ended December 31, 2002. EBITDA losses narrowed
substantially from 1.29 million Euros in the year ago period to an EBITDA loss
of 403,000 Euros in the fourth quarter 2003.
Rocco Pellegrinelli, Chief Executive Officer stated; “We made tremendous
technological strides during the quarter. Our R&D team completed work on several
new products, including Brainpower ProActiv(TM), which serves the private
client advisory market. We recently announced the first major client for
Brainpower ProActiv(TM) in Italy. We also launched a new version of our popular
multi-asset class application, Brainpower Suite. To date, more than 20 clients
have upgraded to the new product and we see this trend continuing in 2004.
With our substantial reduction in operating costs and the increase in quarter-
on-quarter revenues, I’m happy to report that Brainpower made significant
headway toward achieving our EBITDA breakeven target. The combination of
increasing IT budgets at large financial institutions in our target markets and
our expanded product offering will enable the company to reach EBITDA breakeven
during 2004.”
Bill Holwell, Chief Financial Officer of Brainpower, added, “We were successful
in reducing operating costs by 28% before depreciation and amortization over the
year and we will continue to focus on cost reduction. At December 31, 2003,
Brainpower’s total backlog of booked revenue to be recognized over the next two
to three years equaled 7.2 million Euros, up from 6.6 million Euros one year
ago.”
end of ad-hoc-announcement (c)DGAP 19.02.2004
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,
Madrid, New York and Zurich.
For further information see: http://www.brainpowerweb.com or contact:
Curtis E. Fox
Director, Communications & Investor Relations
Brainpower N.V.
Tel : +44 (0) 20 7337 9123
Email: cfox@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
190831 Feb 04
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