Brainpower N.V.
Brainpower N.V. part 2
3rd Quarter Financial Results for the period ended Sept. 30, 2002 (Part2 of 2)
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
——————————————————————————–
Two client websites went live using our investment analytics for retail
investors during the quarter, Skandia Leben in Switzerland and TD Waterhouse in
the UK. Unfortunately, due to pressures on their business models, Zurich
Financial Services and Self Trade have cancelled or allowed their contracts to
expire.
Another significant event was the German stock exchange’s announcement on
September 26 of a reorganization of equity trading into two segments with
different transparency standards for listed companies – the Prime Standard and
Domestic Standard. This reorganization is intended to increase market
transparency and investor confidence by establishing an equity market with the
highest transparency standards in Europe. Brainpower currently complies with
each of the strict criteria for inclusion in the Prime Standard and our
management board firmly supports this initiative to improve investor confidence
and increase the attractiveness of the capital market for issuers and
international investors alike. ”
Bill Holwell, Chief Financial Officer, commented: “EBITDA losses (earnings
before interest, taxes, depreciation and amortization) before restructuring
costs reduced for the sixth consecutive quarter to EUR 1.54 million, reflecting
continued benefits from the cost reduction program launched during the previous
period.
In addition, it is important to announce that our Italian subsidiary reached
breakeven before interest and taxes in the third quarter. This is very
significant due to the fact that, of our five key markets, Italy contributes
the largest share of Company revenues.
Brainpower ended the quarter with cash and cash equivalents of EUR 5.9 million,
which is sufficient to fund operations until the Company reaches EBITDA
breakeven and beyond. Shareholders’ equity as of September 30, 2002 was EUR 8.7
million. Our net loss was EUR 1.96 million for the quarter, which includes
EUR 164,000 restructuring costs.
Looking forward to next year, we are currently forecasting revenues, with help
from our new products and Reuters’ agreement, of approximately EUR 16 million
and given our existing infrastructure, we expect to achieve EBIT of
approximately EUR 2 million.”
“This press release contains forward looking statements which involve risks and
uncertainties. The actual performance, results and timing of the business of
Brainpower N.V. could differ materially from the performance, results and
timing discussed in this press release. This press release is not distributed
in or into the United States of America.”
end of ad-hoc-announcement (c)DGAP 04.11.2002
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
ABOUT BRAINPOWER
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, London, Lugano, Milan, Madrid, New York and Zurich.
For further information visit: http://www.brainpowerweb.com (English) or
http://www.brainpower.de (German), or contact:
Curtis E. Fox
Director, Communications & Investor Relations
Brainpower N.V.
Tel: +44 (0) 20 7392 7100
Email: cfox@brainpowerweb.com
——————————————————————————–
WKN: 553169; ISIN: NL0000238228; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Hamburg,
Hannover, Düsseldorf, Stuttgart und München
040831 Nov 02
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found