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USU announces preliminary figures for 2008: USU outperforms previous year's Q4 sales and EBITDA / Year as a whole in line with adjusted forecasts / Management Board proposes dividend of EUR 0.15 per share
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Möglingen, 24.02.2009
Möglingen, February 24, 2009 - According to preliminary calculations, USU Software AG (ISIN DE000A0BVU28) and its subsidiaries increased its Group-wide sales (IFRS) by 35% year-on-year to EUR 10.2 million (Q4/2007: EUR 7.5 million) in the fourth quarter of 2008. In particular, this growth resulted from a significant rise in license business. In the final quarter of 2008, USU more than doubled its EBITDA to EUR 1.4 million (Q4/2007: EUR 0.6 million). The Company also saw strong growth in EBIT to EUR 0.9 million (Q4/2007: EUR 0.1 million). At EUR 0.9 million (Q4/2007: EUR 1.0 million), the net profit for the quarter was down slightly on the previous year, which was due to positive income from taxes in the same quarter of the previous year of EUR 0.7 million, while tax expenses of EUR 0.1 million were incurred in Q4/2008.
According to the preliminary figures, the USU Group generated consolidated sales of EUR 34.0 million in 2008 as a whole (2007: EUR 31.0 million). This represents a year-on-year sales increase of almost 10%. Very strong growth was recorded in license business, which - in addition to USU AG - was also contributed toward by the Group's subsidiaries LeuTek GmbH and OMEGA Software GmbH. In the reporting period, EBITDA in the USU Group was down on the comparative figure for the previous year at EUR 2.3 million (2007: EUR 3.5 million). The main factors behind this were strategic investments in new products of the USU Group, additional investments for a major fixed-price project in the second and third quarters of the year under review which could not be invoiced and additional tax payments that the Company is contesting from an audit concluded in 2008. EBIT in fiscal 2008 amounted to EUR 1.0 million (2007: EUR 1.9 million). In the reporting year, income taxes amounted to EUR 0.2 million after tax income of EUR 2.2 million in the previous year due primarily to the capitalization of tax loss carryforwards, which had a significant effect on earnings after taxes. After taxes, USU generated net income for fiscal 2008 of EUR 1.3 million (2007: EUR 4.5 million), corresponding to earnings per share of EUR 0.13 (2007: EUR 0.44).
To ensure continuity in its dividend policy, the Management Board of USU Software AG is planning, subject to the approval of the Supervisory Board, to propose a dividend per entitled share, as in the previous year, of EUR 0.15 (2007: EUR 0.15) to the ordinary Annual General Meeting of the Company on June 25, 2009, and thereby to allow the shareholders of USU Software AG to share in the Company's success as previously announced.
With consolidated liquidity of EUR 9.5 million as of the end of fiscal 2008 (December 31, 2007: EUR 9.9 million) and no liabilities to banks, USU Software AG has a solid financing position to pursue targeted investments even in times of economic difficulty and, if potential acquisition options arise, to acquire equity holdings or even other companies.
Under the premise of economic developments stabilizing over time, as in 2008, the Management Board of USU Software AG is forecasting above-average sales growth for the relevant market segments in the current fiscal year. EBITDA is expected to rise significantly. In the event of these expectations and forecasts coming to fruition, the Management Board is planning to continue its pro-shareholder dividend policy of recent years.
The Management Board of USU Software AG will publish the final audited financial figures for fiscal 2008 on March 24, 2009.
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