Brainpower N.V.
Brainpower N.V. english
Brainpower N.V. Q1 Financial Results for the period ended March 31, 2003
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
——————————————————————————–
Brainpower N.V.(Frankfurt: BPW), provider of enterprise-wide investment
analytics, attribution and decision-support solutions, today announces financial
results for the quarter ended March 31, 2003.
Rocco Pellegrinelli, Chairman and Chief Executive Officer of Brainpower,
commented: “Revenues for the quarter ended March 31, 2003 equaled 1.4 million
Euros, down from 1.8 million Euros in the previous quarter. This reduction was
largely attributable to a number of contracts that expired in the second half of
last year and were not renewed, particularly from clients in the e-brokerage
sector. However, going forward the weakness from this customer segment will have
minimal impact on our revenues, as our exposure to e-brokerage business is now
very small.
Costs were significantly lower in the first quarter than in the first quarter
2002 and remained steady from the previous quarter, primarily due to the
successful implementation of a cost reduction program launched in May of last
year.
During the quarter we implemented a new plan to further develop third party
sales and marketing channels. The new team responsible for third party
alliances is developing partnerships with a shortlist of world-class
organizations. We envisage that these efforts will lead to meaningful
commercial agreements in the foreseeable future.”
Bill Holwell, Chief Financial Officer, commented: “EBITDA losses before
restructuring costs equaled 1.59 million Euros, up slightly from the previous
period and considerably lower than the year ago period. Cash used in the
quarter was 1.2 million Euros, representing an improvement of approximately
800,000 Euros over the previous quarter’s cash usage, excluding final receipts
from a large software development contract received during 2002. Brainpower
ended the quarter with cash and cash equivalents of 3.9 million Euros, which we
believe is sufficient to fund operations until the Company reaches EBITDA
breakeven. The Company is, however, exploring additional funding options in
case business opportunities should require additional capital.”
end of ad-hoc-announcement (c)DGAP 08.05.2003
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
Full text of this announcement, including financial statements, can be found at:
http://www.brainpowerweb.com
Additional information:
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, Frankfurt, Geneva, London, Lugano, Milan, Madrid, New York and
Zurich.
For further information visit: http://www.brainpowerweb.com (English),
http://www.brainpower.de (German), or contact:
William Holwell
Chief Financial Officer
Brainpower N.V.
Tel: +44 (0) 20 7392 7100
Email: investor@brainpowerweb.com
——————————————————————————–
WKN: 553169; ISIN: NL0000238228; Index:
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart
080829 Mai 03
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found