Utimaco Safeware Results For The First Nine Months Of The Fiscal Year 2001/2002
Cost Reduction by re-organization on schedule Growth of core business by 13 per cent
Oberursel, 29 May 2002 – In the third quarter (January – March 2002) of the current fiscal year 2001/2002 Utimaco Safeware achieved a revenue of Euro 5,6 million. Due to the withdrawal of the loss-making business units Network Security and Security Modules, decided on 31 January 2002, this represents in total a decrease in revenues compared to the same period of the previous year (Euro 8,9 million). In the core business units a revenue of Euro 4,6 million was achieved in the third quarter, compared with the corresponding quarter of the previous year (Euro 4,4 million). In the first nine months of the current fiscal year the revenue in the core business increased by 13 per cent to now Euro 16,3 million (previous year: Euro 14,4 million). This development approves the concentration on the profitable core business units Personal Device Security, Digital Transaction Security and System House, which was decided in the course of the re-organisation.
The operative costs (material costs, personnel costs and non-personnel costs) were reduced on schedule. In the third quarter the savings amounted to Euro 2,5 million, and in the first nine months to Euro 4,4 million compared to the same periods of the previous year. The full savings potential of the re-organisation will be effective from the fourth quarter.
The operating result (EBIT) in the third quarter amounted to Euro -3,6 million. (previous year: Euro -2,9 million). In the first nine months the operating result amended to Euro -6,8 million compared to the period of the previous year (Euro -7,3 million).
With a cost pool of Euro 31 million pear year which is effective from the fourth quarter, Utimaco Safeware will be profitable with a quarterly revenue of Euro 8,5 million. Judging from today’s position this is a realistic revenue which already can be achieved in the fourth quarter. It is safe to assume that further effects from the re-organization, such as better manageability and a stronger market and sales orientation, will take the company back to profitability in the coming fiscal year to generate further growth on this basis.
Utimaco Safeware AG is one of the leading European manufacturers of professional IT security solutions. The security technology and solutions developed by Utimaco Safeware protect the electronic data of companies and government bodies against unauthorized access and guarantees that business processes and administrative procedures in the electronic world are binding and confidential.