TIE Q1 results: TIE continues upward trend: EBIT 181k
February 18 - 2009 -
Press release Amsterdam, February 18, 2009
TIE Q1 results: TIE continues upward trend: EBIT 181k.
TIE Holding N.V. (“TIE”) hereby publishes it's First Quarter 2009 Unaudited Condensed Consolidated Interim Financial Statements, for the 3 months ended December 31, 2008. TIE reports First Quarter 2009 Total Income of EUR 2.82m and EBIT of EUR 181k (Q1 2008: Total Income EUR 2.24m and EBIT of EUR -392k). The (Deferred) Tax charge for the first quarter 2009 amounts to Eur 82k (Q1 2008: EUR 11k). Net Income for the First Quarter amounts to EUR 92k (Q1 2008: Net Income EUR -405k).
Total Income, for the First Quarter 2009, in the Netherlands increased by 44%, in North America increased by 11% and in the Rest of World (ROW) by 15% compared to Q1 last year. The foreign currency rate effect (EUR/USD) on Total Income for the First Quarter amounts to EUR 117k.
In the First Quarter, Saas Income increased by 43%, Consultancy Income increased by 36%, Maintenance Income increased by 9% and License Income increased by 3%, all compared to Q1 2007. Other Income, originating mainly from participation in European Commission Supported Projects, increased by 113% in comparison to Q1 2008. MamboFive (one month) contributed EUR 75k to Income.
Total Operating Expenses decreased by 3.2% in the First Quarter, in comparison to the first quarter of 2008, The appreciation of the USD against the EURO had an adverse effect on costs of EUR 95k, and the costs effect of the 2 acquisitions (Sinfox as of February 22, 2008 and MamboFive as of December 1, 2008) are approximately EUR 135k.
Shareholder's Equity amounted to EUR 0.70m (at September 30, 2008 EUR 0.45m), with Equity totaling to EUR 2.65m (At September 30 2008: EUR 2.18m). The Company generated a positive net cash flow, during the first quarter 2009, from operating activities of EUR 204k (first quarter 2008: -493k).
The net cash position of the Company per December 31, 2008 amounted to EUR 384k (December 31, 2007: EUR 208K). The credit facility was redeemed and paid back on October 1, 2008 (December 31, 2007 EUR 117k).
Jan Sundelin, CEO said: “The economic crisis forces Companies to think about their operating costs and marketing efforts to cut costs, maintain market share and volume. Our Customers and/or potential customers more and more understand the services we deliver to them. Our Business Integration Platform, like for example e-Invoicing, helps Companies to reduce costs and improve efficiency. Companies understand the need for consistency in their online-marketing throughout the entire channel. Now Companies start to understand the use of our Content Syndication Platform enabling them to provide their resellers/distributers with the latest product updates, actions and information to leverage their web-sales.
Our eCommerce Platform, including the MamboFive webshop, enables Customers to take more control over its online sales while reducing costs and improving efficiency.I'm pleased with the positive change of EUR 573k in EBIT; from a loss of EUR -392k during the first quarter 2008 to an EBIT of EUR 181k for the first quarter 2009.”
Further details with respect to these First Quarter Results can be found in the separate Condensed Consolidated Interim Financial Statements for the three month period ended on December 31, 2008, which are attached hereto. These Condensed Consolidated Interim Financial Statements reported therein are unaudited.
The agenda for the Annual General Meeting of Shareholders will be published in the national press tomorrow. The meeting is scheduled to take place on Wednesday March 11th, 2009 at 10:00h at the Company's offices in Hoofddorp. The Annual Report and the agenda, as well as other documents related to the Shareholders Meeting will be available at the Company offices and will be published on the corporate website in the course of today.
Profile TIE Master Data Management Software Company TIE (NYSE Euronext: TIE Holding) bridges the gap between online and traditional business. TIE helps industry and supply chain partners to achieve electronic business collaboration with solutions in the traditional and upcoming markets like Data Quality Management, e-Invoicing, Master Data Management and Digital Channel Communications. Our solutions are proven to lower costs, increase revenue and optimize business processes. Because we have decades of experience to share, TIE remains a key contributor to the development and implementation of global eCommerce standards. TIE is a publicly held company with offices in the United States, France, and the Netherlands.
Further information: TIE Holding N.V. Jan Sundelin, CEO