AUGSBURG, Germany, May 22, 2001 (PRIMEZONE) At today's Annual General Meeting of the European market, BOEWE SYSTEC (GER:BSY) the leader in professional paper management systems, the Board reported to the shareholders on the seventh consecutive improvement in results. In the 2000 financial year, consolidated sales rose by 13.6% to DM 424.2 million, the consolidated annual surplus by 14.2% to DM 27.4 million. For the sixth time in succession, the dividend was increased to its current figure of Euro 1.00 (DM 1.96, compared with DM 1.75 for 1999).
In the first Quarter of 2001, the BOEWE SYSTEC Group also continued on its successful path: Consolidated sales grew by 10% to DM 94.0 million and profits after tax by 20% to DM 3.6 million (previous year DM 3.0 million). On the basis of this good start into the current financial year, the Board expects a further increase in turnover and profits for the year 2001.
The shareholders of BOEWE SYSTEC AG voted by a clear majority to approve the proposed dividend increase, the discharge of the Board and Supervisory Board and the conversion of the share capital to Euros. The shareholders of BOEWE SYSTEC also authorized the company to repurchase its own shares. Accordingly, the company is entitled to purchase up to a maximum of 10% of the share capital up until November 21, 2002. These shares can then be redeemed or subsequently sold (e.g. for acquisitions).
This decision creates additional flexibility, which will result in benefits for the Company and its shareholders.
Detailed address by the Board on the Internet: http://www.boewe-systec.de
Additional dates: -- Payment of dividend: May 23, 2001 -- Publication of half year report: July 31, 2001