ATOSS Software AG / Quarter Results/Preliminary Results
26.04.2010 08:30
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Corporate News
ATOSS Software AG - Further strong improvement in earnings quality on
record sales
Munich, April 26, 2010 - ATOSS Software AG, the specialist in workforce
management, has achieved yet another improvement in earnings quality in the
first quarter of 2010 with sales matching last year's record level. The
company continues to record growth in its core business of software
licenses and software maintenance, while turnover in consulting was
slightly below the record set in the previous year. With sales revenues of
EUR 7.1 million, provisional figures show the operating profit (EBIT) up 9%
at EUR 1.7 million with a margin on sales of 23% (previous year 21%).
ATOSS also recorded a substantial increase in cash flow, which was up 12%
over the previous year at EUR 3.1 million, while liquidity climbed 21% to
EUR 20.2 million.
Despite the continuing difficult environment in the first quarter of 2010,
ATOSS successfully matched the previous year's record with sales coming in
at EUR 7.1 million. Software sales were up 4% at EUR 4.4 million. In fact
software licenses and software maintenance collectively accounted for 61%
of Group sales (previous year 59%). By comparison, the strong growth in
consulting seen in previous years has eased, with sales slipping 5% to EUR
1.9 million. In its non-core business, ATOSS recorded hardware sales of EUR
0.5 million (previous year EUR 0.6 million) and other sales revenues of EUR
0.4 million (previous year EUR 0.4 million).
Ongoing acquisition of new customers safeguards stable order book
ATOSS again succeeded in acquiring some additional prominent clients in the
first quarter, particularly in the retail sector. Orders received for
software licenses amounted to EUR 1.8 million (previous year EUR 2.8
million), somewhat above the quarterly average of EUR 1.7 million in the
record year 2009. At EUR 3.5 million the level of orders on hand for
software licenses was maintained on a par with Q1 2009 (EUR 3.7 million).
By long-term comparison these two significant figures are both in record
territory and underscore the continuing stable business situation.
Margin on sales hits a new high of 23%, higher cash flow lifts liquidity to
EUR 20.2 million
Despite the continuing recruitment of new staff to join the product
development team, in the period between January and March 2010 ATOSS
achieved an operating result (EBIT) up 9% at EUR 1.7 million with a new
record EBIT margin of 23%. Earnings per share came in at EUR 0.29, compared
with EUR 0.27 last year. This highly positive performance has also
strengthened equity which rose from EUR 14.7 million on the closing date at
the end of last year to EUR 15.9 million on March 31, 2010. With the
balance sheet total also increased, the equity ratio remained unchanged at
57% (December 31, 2009: 57%).
ATOSS also reports outstanding cash flow and liquidity. First-quarter cash
flow from operations advanced 12% over the year before to EUR 3.1 million,
while liquidity was up 21% at EUR 20.2 million, equivalent to EUR 5.11 per
share (previous year EUR 4.22). This puts cash flow at 44% of sales, and
ATOSS has already recouped the purchase price of almost EUR 2.1 million
paid out in early January for the acquisition of office premises near
Düsseldorf.
The long-term investment-oriented strategy, which has enabled the company
to record continuous growth since the end of 2005, continues to set the
tone for development. ATOSS has successfully positioned itself as the
technology leader in workforce management and has continued to grow even in
the depths of a recession. For this reason expenditure on research and
development in the current year 2010 will remain at the high level of 20%
of sales.
ATOSS expects results in 2010 on record level
With orders on hand valued at EUR 3.5 million, up by a further EUR 0.2
million compared with the closing date of December 31, 2009, ATOSS can plan
ahead with confidence for the current second the third quarters. On the
other hand, the Management Board does not expect to see any improvement in
the general corporate appetite for investment in the coming quarters; on
the contrary, security in terms of order intake is more likely to decline.
With this in mind ATOSS is very satisfied with the results for the first
quarter which confirm the company's guidance. The Management Board
continues to expect results in 2010 to be on last year's record level.
Upcoming dates:
April 30, 2010 Annual General Meeting, Munich
May 3, 2010 Dividend distribution (proposed at EUR 0.50 per share)
May 17, 2010 Publication of the 3-monthly financial statements
Further information available from: http://www.atoss.com
Contact: ATOSS Software AG
Christof Leiber / Member of the Management Board
Am Moosfeld 3, D-81829 Munich
Tel.: +49 (0) 89 4 27 71 - 0
Fax: +49 (0) 89 4 27 71 - 100
investor.relations@atoss.com
CONSOLIDATED OVERVIEW : Quarterly comparison as of March 31
|[![CDATA[|[pre|]]]|]
In TEUR (as 01.01.2- Proportion of 01.01.2009 Proportion of Change
per IFRS) 010
- Total sales - Total sales 2010 /
31.03.2- revenues 31.03.2- revenues 2009
010 009
Sales 7,148 100% 7,132 100 % 0%
Software 4,352 61% 4,188 59 % 4%
of which 1,628 23% 1,575 22 % 3%
software
licensing
of which 2,724 38% 2,613 37 % 4%
software
maintena-
nce
Consulting 1,889 26% 1,992 28% -5%
Hardware 540 8% 564 8 % -4%
Miscella- 367 5% 388 5 % -5%
neous
EBITDA 1,785 25% 1,610 23% 11%
EBIT 1,663 23% 1,520 21 % 9%
EBT 1,693 24% 1,607 23 % 5%
Net income 1,153 16% 1,080 15 % 7%
Cash flow 3,116 44% 2,782 39 % 12%
Liquidity 20,249 16,680 21%
(1/2)
EPS (in 0.29 0.27 7%
euro)
Employees 236 220 7%
(3)
|[![CDATA[|[/pre|]]]|]
CONSOLIDATED OVERVIEW : Quarterly development
|[![CDATA[|[pre|]]]|]
In TEUR (as per IFRS) Q1/10 Q4/09 Q3/09 Q2/09 Q1/09
Sales 7,148 7,696 7,233 7,026 7,132
Software 4,352 4,331 4,090 4,162 4,188
of which software licensing 1,628 1,590 1,425 1,551 1,575
of which software 2,724 2,741 2,666 2,612 2,613
maintenance
Consulting 1,889 2,382 1,986 2,157 1,992
Hardware 540 726 666 345 564
Miscellaneous 367 257 491 361 388
EBITDA 1,785 1,239 1,557 1,498 1,610
EBIT 1,663 1,132 1,463 1,405 1,520
EBIT margin in % 23% 15% 20% 20% 21%
EBT 1,693 1,260 1,516 1,472 1,607
Net income 1,153 867 1,023 995 1,080
Cash flow 3,116 386 3,695 748 2,782
Liquidity (1/2) 20,249 19,328 19,182 15,549 16,680
EPS (in euro) 0.29 0.22 0.26 0.26 0.27
Employees (3) 236 234 232 224 220
|[![CDATA[|[/pre|]]]|]
(1): Cash and marketable securities (2): Dividend of EUR 0.44 per share on
May 4, 2009, equating to EUR 1,739,000 (previous year EUR 0.31 on April 30,
2008); (3): At the end of the quarter
26.04.2010 08:30 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: ATOSS Software AG
Am Moosfeld 3
81829 München
Deutschland
Phone: +49 (0)89 4 27 71-0
Fax: +49 (0)89 4 27 71-100
E-mail: investor.relations@atoss.com
Internet: www.atoss.com
ISIN: DE0005104400
WKN: 510440
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart, Hamburg
End of News DGAP News-Service
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DGAP-News: ATOSS Software AG: Further strong improvement in earnings quality on record sales
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