Brainpower N.V.
Brainpower N.V. First 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. First 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 First Quarter ended March 31,
2004.
Revenues equaled 1.48 million Euros, up 4% from the first quarter 2003 results.
EBITDA losses reduced to 682,000 Euros from an EBITDA loss of 1.65 million Euros
in the year ago period.
“We continue to experience great interest in our new product line-up as
reflected in our increased sales pipeline for both asset management and wealth
management”, stated Rocco Pellegrinelli, Chief Executive Officer of Brainpower.
“However, sales cycles remain long with new business signed during the quarter
in line with the fourth quarter 2003. We have seen continued strong interest in
our private client advisory product, Brainpower ProActiv(TM), where we signed a
further two contracts in the quarter in Switzerland.
In the meantime, we have implemented a further cost reduction plan. This is
targeted primarily at non-sales related parts of the organisation and we are
looking to achieve 1.2 million Euros in annualized savings and expect to see the
full impact of the new cost reduction plan in the second half of the year. As
part of the cost reduction plan there was a restructuring charge of 92,000 Euros
in the quarter.”
Bill Holwell, Chief Financial Officer, added, “As I have previously stated, the
shift by some clients from term to perpetual licenses with upfront fees causes
some revenue variability on a quarterly basis. We anticipate this to continue
moving forward, but expect to see revenues trending upwards.
We showed strong cash flow from operations in the quarter, in fact our best
since Brainpower’s IPO. Cash used in operations equaled 82,000 Euros, down from
1.32 million Euros used in the first quarter of 2003. However, due to our six-
monthly invoicing pattern we expect cash used in operations to be higher in the
second quarter of 2004 than the first. The company has access to short-term
credit facilities to cover expected future cash outflows, however, Brainpower is
assessing funding alternatives to ensure that the company has further funding
available if required.”
end of ad-hoc-announcement (c)DGAP 06.05.2004
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
060830 Mai 04
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