- Sales remain below the previous year with EUR 309.1 million (-11%) - Annual net income rises to EUR 17.5 million (+8%) - Dividends increase to EUR 1.30 per share
AUGSBURG, Germany, March 22, 2005 (PRIMEZONE) -- In fiscal 2004, the BOWE SYSTEC Group achieved sales of EUR 309.1 million compared to EUR 346.4 million in the prior year. The year-on-year decrease of EUR 37.3 million or 10.8% was due to almost 50% (EUR 15.7 million) to changed exchange rates. A large-scale order in the area of mail verification and sorting systems contained in the prior-year sales and product portfolio grooming to eliminate products of the former Bell+Howell organization explain the rest of the drop in sales.
Despite the drop in sales, the BOWE SYSTEC Group again recorded a year-on-year increase in profits. With earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 50.1 million, the Group improved the result by EUR 3.7 million or 8% compared to the prior-year result of EUR 46.4 million. Net income was equally raised by 8% to EUR 17.5 million and thus reached the highest mark in the history of the company.
At today's meeting, the Supervisory Board of BOWE SYSTEC AG approved the recommendation of the Board to propose a dividend payment of EUR 1.30 per share -- EUR 0,05 higher compared to the previous year -- at the General Meeting which is scheduled for 9 June, 2005. The sum of dividends paid out would increase from EUR 8.2 million in the previous year to EUR 8.6 million. The complete Annual Financial Statement for 2004 will be presented by the Board on 11 April, 2005 in Munich during the press briefing on annual results which starts at 10 a.m.
BOWE SYSTEC AG
The Board
Notes from the publishing company: BOWE SYSTEC is one of the world's leading suppliers of products and services for today's mailroom with a high degree of automation. In recent years, the development and production of intelligent high-performance inserting systems has been complemented by the plastic card business with personalization and inserting, software monitoring in the mailroom right through to the networking of several processing locations, pre and post solutions, sorting and mail verification systems and scanners which contain potential for further growth.
Complete release available at http://hugin.info/130395/R/986239/147252.pdf
-0- Alfred Just +49(0)8 21/57 02-365 just.controlling@bowe-systec.de