TIE: Q1 2011 Trading Update: Profitable Q1, Total Comprehensive Income € 114k
TIE Holding N.V. (“TIE”) reports the following highlights with regard to the first Quarter 2011 (October 1, 2010- December 31, 2010)
February 16 - 2011 -
Amsterdam, The Netherlands
During the first Quarter 2011 Total Income amounts to € 2,750k (Q1_2010: 3,068k). Operating Income Q1 amounts to € 139k (Q1_2010: € 222k) and Total Comprehensive Income Q1 amounts to € 114k (Q1_2010: € 151k).
CEO Jan Sundelin said: “I’m pleased to announce we can report a profitable Q1. Last years’ numbers included the one-time revenue and profit from the low end EDI business in the US (Edge product line) of € 176k. For the first time our quarterly SaaS revenue has reached the € 1 million revenue mark, showing that the quality of our revenue stream is improving. Our SaaS technology in the E-commerce was recognized and rewarded by the SaaS Excellence Award from Progress Software Corporation. For the next quarters we will continue to strive strengthening our SaaS revenue from Content Syndication Solution with our important partner CBS Interactive and our E-commerce Solution with our strategic partner Progress Software Corporation. Furthermore we seek to increase the SaaS and license revenue from our Business Integration Solution with the support of our strategic partner Epicor".
Starting fiscal year 2011, the Company reports the following highlights:
• October 26, 2010: TIE announced that the TIE Kinetix “EDI Managed Services On-Demand” is available to Epicor Customers; • November 15, 2010: TIE announced that it participates in EU project Omelette; • December 9, 2010: TIE announced the website for SME to reduce costs by invoicing using WebEDI:www.3stappenEDI.nl; • January 18, 2011: TIE announced that it participates in the “Webwinkel Vakdagen 2011” as Gold sponsor; • January 20, 2011: TIE announced that it will modernize the Emobiel.nl webshop; • January 24, 2011: TIE announced that it has entered into a strategic partnership with Medius; • January 25, 2011: TIE reported that it received the SaaS excellence award at the Global Partner Conference of Progress Software Corporation..
Legal & Financial:
• November 10, 2010: TIE announced that it is selecting a new Banker; • November 24, 2010: TIE announced: 2010 Annual Result € 1,700k negative; • December 28, 2010: TIE announced that it grants stock option to the Managing Director of TIE France SAS; • January 31, 2011: TIE announced publication of its Annual Report 2010 and agenda for the annual General Meeting of Shareholders.
The 2010 Annual Report (October 1, 2009 – September 30, 2010) has been published on January 31, 2011. The annual report is available on the corporate website.
The Equity position of the Company remains positive. Shareholders’ Equity as per December 31, 2010 amounts to € 2,827k (September 30, 2010: € 2,663k). Total Equity as per December 31, 2010 amounts to € 4,192k (September 30, 2010: € 4,028k) including convertible bonds amounting to € 1,365k (September 30, 2010: € 1,365k).
On December 31, 2010 the Company held a net cash and cash equivalents position of € 266k (the net cash position per September 30, 2010 amounted to € 10k).
Since December 2007 the Company has been involved in discussions and subsequently in legal proceedings with Samar. All claims in the summary proceedings were instantly dismissed at the court hearing of February 15, 2008. On July 7, 2010, the court of Haarlem unexpectedly granted all claims by Samar. In Q4_2010, TIE has paid damages this amount may be adjusted upwards or downwards in the procedure regarding the assessment of the damages. TIE has filed an appeal.
On November 20, 2009 the Company initiated an investigation on a potential infringement on the Content Syndication Platform by CMC. On May 7, 2010, the judge pronounced a ruling in summary proceedings; dismissing TIE’s claim and ruling payment of the costs of litigation of the defendants. These costs amounted to € 70k. TIE has lodged an appeal against the ruling and considers any counterclaims without merit.
Consolidated Income Statement
For the 3 months ended December 31, 2010:
For the three months ended December 31, 2010 (unaudited)
The numbers stated in this Trading Update are unaudited
TIE (NYSE Euronext: TIE Holding) delivers innovative web centric, software based solutions that enable all trading partners in the supply chain to work seamlessly together on the major E-commerce processes of marketing, sales and fulfillment. With its TIE Kinetix concept, it provides a Total Integrated E-commerce process, embracing three innovative platforms for Business Integration (including E-invoicing, XML/EDI data synchronization), Content Syndication and E-commerce. The Total Integrated E-commerce solutions minimize the energy needed for a transaction lifecycle throughout the supply chain giving organizations the advantage to reduce cost and maximize revenue and profit. TIE has more than two decades of experience in developing and implementing global E-commerce standards. TIE is a listed company with offices in the United States, Australia, France and the Netherlands.
TIE Holding N.V.
Jan Sundelin, CEO
Antareslaan 22-24 2132 JE Hoofddorp The Netherlands