TMCnet News
DGAP-News: USU Software AG: After an anticipated modest start to the current year, USU Software AG confirms its planning for 2013 as a whole - significant growth from product innovations, the CA partnership and the new subsidiary BIG Social Media(DGAP Corporate News Via Acquire Media NewsEdge) DGAP-News: USU Software AG / Key word(s): Quarter Results USU Software AG: After an anticipated modest start to the current year, USU Software AG confirms its planning for 2013 as a whole - significant growth from product innovations, the CA partnership and the new subsidiary BIG Social Media 16.05.2013 / 09:54 --------------------------------------------------------------------- Möglingen, May 16, 2013 - In the first quarter of 2013, USU Software AG (ISIN DE000A0BVU28) and its subsidiaries (hereinafter referred to as 'USU' or 'the USU Group') generated Group-wide sales of EUR 12,343 thousand in accordance with IFRS (Q1 2012: EUR 12,582 thousand). The reported 1.9% decline in consolidated sales as against Q1 2012 reflects the major project deals concluded by the USU Group in the same quarter of the previous year, which are not anticipated until the second half of 2013. As well as the sales generated from the partnership with the US software group CA Technologies ('CA'), which will take effect from the second quarter of 2013, another contributing factor here is the new product innovations that led to corresponding development expenses in the period under review and are to be launched in June 2013. The reporting quarter was also dominated by the majority acquisition of the social media company BIG Social Media GmbH ('BIG') and the targeted additional expansion of the Group's headcount for implementation of the intended business growth in subsequent quarters. Despite the described additional investments, the USU Group generated slightly positive EBITDA in Q1 2013 of EUR 2 thousand (Q1 2012: EUR -119 thousand), with the figure for the previous year being largely influenced by the extraordinary effect of the final acquisition of Aspera. Taking into account depreciation and amortization of EUR 350 thousand (Q1 2012: EUR 448 thousand), EBIT amounted to EUR -348 thousand (Q1 2012: EUR -567 thousand). Consolidated earnings amounted to EUR -434 thousand in the first quarter of 2013 (Q1 2012: EUR -1,264 thousand) or EUR -0.04 (Q1/2012: EUR -0.12) per share. After adjustment for acquisition-related extraordinary effects, the USU Group generated adjusted EBIT of EUR 22 thousand in the first quarter of 2013 (Q1 2012: EUR 1,675 thousand). Adjusted consolidated earnings amounted to EUR -71 thousand (Q1 2012: EUR 1,001 thousand). This corresponds to adjusted earnings per share of EUR -0.01 (Q1 2012: EUR 0.10). The USU Group's cash flow from operating activities improved from EUR 2,469 thousand in the first quarter of 2012 to EUR 7,315 thousand in the first three months of the current fiscal year. In addition to a slight earnings improvement year-on-year in accordance with IFRS, this increase was mainly due to changes in working capital as a result of increased income from maintenance agreements and income from a payment received under the partnership agreement with CA. Accordingly, the USU Group's liquidity increased from EUR 11,408 thousand at the end of December 31, 2012 to EUR 17,065 thousand at the end of the reporting quarter. As at March 31, 2013, equity amounted to EUR 51,849 thousand (December 31, 2012: EUR 52,295 thousand), while borrowed capital rose to EUR 31,051 thousand (December 31, 2012: EUR 14,426 thousand), largely due to the purchase price liability for the intended full acquisition of BIG, liabilities from payments received for the first contractual CA payment and a rise in deferred income as at the end of the reporting period. Accordingly, with total assets of EUR 82,900 thousand (December 31, 2012: EUR 66,721 thousand), the equity ratio was 62.5% as of March 31, 2013 (December 31, 2012: 78.4%). After a modest start to fiscal 2013, the Management Board of USU Software AG is forecasting a significant improvement in business performance in the subsequent quarters, leading to strong sales and earnings growth in the second half of 2013 in particular. In addition to major project orders from the existing portfolio, sales from new product innovations are expected to be another factor here. At the same time, existing capacity utilization gaps in the non product-specific service business are to be closed on a short-term basis as follow-up orders are obtained gradually. For 2013 as a whole, the Management Board also expects growth from the internationalization of the USU Group, which contributed a sales share of 14.1% to consolidated income in the reporting quarter, down on the previous year (Q1 2012: 17.9%). This growth is expected to stem from the CA partnership as well as a significant expansion of the business activities of the US subsidiary Aspera Technologies Inc., established in 2012. Finally, the social media company BIG, in which a majority stake was acquired in the reporting quarter, is also likely to deliver substantial sales and earnings for the Group, particularly in the second half of 2013. Overall, the Management Board is reiterating its goal of increasing sales in 2013 as a whole to at least EUR 58 million (2012: EUR 51.2 million). Adjusted EBIT is expected to rise to over EUR 8 million (2012: EUR 7.1 million) in the same period. In turn, the shareholders of USU Software AG will participate significantly in the company's success in the form of a dividend. For fiscal year 2012, the Management Board and Supervisory Board have proposed a profit distribution of EUR 0.25 per share - up 25% on the previous year - to the Annual General Meeting of USU Software AG, to be held on June 6, 2013 in Ludwigsburg. Finally, the Management Board confirms the medium-term planning of USU Software AG, which projects sales in excess of EUR 100 million for the Group by 2017. Contact: USU Software AG Corporate Communications Dr. Thomas Gerick Tel.: +49 (0) 71 41 - 48 67 440 Fax: +49 (0) 71 41 - 48 67 909 E-Mail: [email protected] USU Software AG Investor Relations Falk Sorge Spitalhof D-71696 Möglingen Tel.: +49 (0) 71 41 - 48 67 351 Fax: +49 (0) 71 41 - 48 67 108 E-Mail: [email protected] End of Corporate News --------------------------------------------------------------------- 16.05.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: USU Software AG Spitalhof 71696 Möglingen Germany Phone: +49 (0)7141 4867-0 Fax: +49 (0)7141 4867-200 E-mail: [email protected] Internet: www.usu-software.de ISIN: DE000A0BVU28 WKN: A0BVU2 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 211395 16.05.2013 |