Brainpower NV 4th Quarter and Full-Year Results for the period ended Dec31, 2001
Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement.
February 20, 2002 Brainpower N.V. 4th Quarter and Full-Year Results for the period ended December 31, 2001
Full-Year revenue increases by 116%
- 4th quarter revenue up 93% over corresponding period to EUR 2.43 million - Full-Year revenues total EUR 7.83 million - Sequential quarterly losses before restructuring costs continue to narrow - Strong cash balances of EUR 13.6 million
Brainpower N.V. (Neuer Markt: BPW), provider of mission-critical solutions for the investment and wealth management community, today announces its fourth quarter and full-year financial results.
Rocco Pellegrinelli, Chairman and Chief Executive Officer of Brainpower, commented:
"Over the course of a very tough year with challenging economic conditions, Brainpower has been able to grow both in terms of revenues (+116%) and number of contracts (+50%). At December 31, 2001, total contract revenue backlog was EUR 9.7 million.
Though 2001 proved challenging for many software companies, we were able to strengthen our relationships with a number of clients and partners.
I am very pleased with Brainpower's solid revenue growth, thanks to the mission- critical nature of our products and to improved execution and infrastructure. Today we have a strong pipeline of prospective customers as a result of previous investments in marketing and sales. We also continued to expand and develop third-party strategic alliances. In December 2001 we signed a joint sales agreement Yodlee Inc. in the United States. Yodlee is the worldwide leader in providing account aggregation services. In North America, Yodlee will be marketing our products to its existing client base of more than 100 customers.
Following our path to EBITDA positive by the fourth quarter of 2002, we were successful in reducing our net losses before restructuring charges for a third consecutive quarter and the cost base is not expected to grow significantly in 2002. Today Brainpower has the critical mass in terms of people and infrastructure to implement our strategy and reach this goal. These accomplishments coupled with a growing range of innovative products is why I see continued strong revenue growth during 2002 and confirm our expectations to be EBITDA positive by the fourth quarter 2002."
Bill Holwell, Chief Financial Officer, commented:
"EBITDA losses (earnings before interest, taxes, depreciation and amortization) before restructuring costs were EUR 1.8 million for the fourth quarter, an improvement over the EBITDA loss before restructuring charges of EUR 1.9 million in the third quarter. This supports our business model and will continue to improve as revenues increase and the benefits of our cost cutting program are fully realized."
"We ended the year with a strong cash and cash equivalents position of EUR 13.6 million, sufficient liquidity to enable us to achieve our EBITDA breakeven target during the fourth quarter 2002. Shareholders equity as of December 31, 2001 was EUR 15.5 million. The net loss of EUR2 million for the quarter, excluding restructuring charges of EUR0.4 million, compare favorably to the net loss of EUR 2.3 million, excluding restructuring charges of EUR 0.9 million, in the third quarter."
end of ad-hoc-announcement (c)DGAP 20.02.2002
Issuer's information/explanatory remarks concerning this ad-hoc-announcement:
"This press release contains forward looking statements which involve risks and uncertainties. The actual performance, results and timing of the business of Brainpower N.V. could differ materially from the performance, results and timing discussed in this press release. This press release is not distributed in or into the United States of America."
ABOUT BRAINPOWER Brainpower is a developer and supplier of investment analysis and decision support tools for investment professionals and online financial service providers. Brainpower's solutions are differentiated by their advanced capabilities to support enhanced decision-making for investment professionals and their clients, including retail investors. The organisation's high-end decision support tools for investment professionals, Brainpower Finest and Brainpower TOP FUNDS, support the analysis and management of stocks, mutual funds and portfolios.
For further information see: www.brainpowerweb.com or contact: Curtis E. Fox Director, Communications & Investor Relations Brainpower N.V. Tel : +44 (0) 20 7392 7117 Email: cfox@brainpowerweb.com
WKN: 553169; ISIN: NL0000238228; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Hamburg, Hannover, Düsseldorf, Stuttgart und München
Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement.
February 20, 2002 Brainpower N.V. 4th Quarter and Full-Year Results for the period ended December 31, 2001
Full-Year revenue increases by 116%
- 4th quarter revenue up 93% over corresponding period to EUR 2.43 million - Full-Year revenues total EUR 7.83 million - Sequential quarterly losses before restructuring costs continue to narrow - Strong cash balances of EUR 13.6 million
Brainpower N.V. (Neuer Markt: BPW), provider of mission-critical solutions for the investment and wealth management community, today announces its fourth quarter and full-year financial results.
Rocco Pellegrinelli, Chairman and Chief Executive Officer of Brainpower, commented:
"Over the course of a very tough year with challenging economic conditions, Brainpower has been able to grow both in terms of revenues (+116%) and number of contracts (+50%). At December 31, 2001, total contract revenue backlog was EUR 9.7 million.
Though 2001 proved challenging for many software companies, we were able to strengthen our relationships with a number of clients and partners.
I am very pleased with Brainpower's solid revenue growth, thanks to the mission- critical nature of our products and to improved execution and infrastructure. Today we have a strong pipeline of prospective customers as a result of previous investments in marketing and sales. We also continued to expand and develop third-party strategic alliances. In December 2001 we signed a joint sales agreement Yodlee Inc. in the United States. Yodlee is the worldwide leader in providing account aggregation services. In North America, Yodlee will be marketing our products to its existing client base of more than 100 customers.
Following our path to EBITDA positive by the fourth quarter of 2002, we were successful in reducing our net losses before restructuring charges for a third consecutive quarter and the cost base is not expected to grow significantly in 2002. Today Brainpower has the critical mass in terms of people and infrastructure to implement our strategy and reach this goal. These accomplishments coupled with a growing range of innovative products is why I see continued strong revenue growth during 2002 and confirm our expectations to be EBITDA positive by the fourth quarter 2002."
Bill Holwell, Chief Financial Officer, commented:
"EBITDA losses (earnings before interest, taxes, depreciation and amortization) before restructuring costs were EUR 1.8 million for the fourth quarter, an improvement over the EBITDA loss before restructuring charges of EUR 1.9 million in the third quarter. This supports our business model and will continue to improve as revenues increase and the benefits of our cost cutting program are fully realized."
"We ended the year with a strong cash and cash equivalents position of EUR 13.6 million, sufficient liquidity to enable us to achieve our EBITDA breakeven target during the fourth quarter 2002. Shareholders equity as of December 31, 2001 was EUR 15.5 million. The net loss of EUR2 million for the quarter, excluding restructuring charges of EUR0.4 million, compare favorably to the net loss of EUR 2.3 million, excluding restructuring charges of EUR 0.9 million, in the third quarter."
end of ad-hoc-announcement (c)DGAP 20.02.2002
Issuer's information/explanatory remarks concerning this ad-hoc-announcement:
"This press release contains forward looking statements which involve risks and uncertainties. The actual performance, results and timing of the business of Brainpower N.V. could differ materially from the performance, results and timing discussed in this press release. This press release is not distributed in or into the United States of America."
ABOUT BRAINPOWER Brainpower is a developer and supplier of investment analysis and decision support tools for investment professionals and online financial service providers. Brainpower's solutions are differentiated by their advanced capabilities to support enhanced decision-making for investment professionals and their clients, including retail investors. The organisation's high-end decision support tools for investment professionals, Brainpower Finest and Brainpower TOP FUNDS, support the analysis and management of stocks, mutual funds and portfolios.
For further information see: www.brainpowerweb.com or contact: Curtis E. Fox Director, Communications & Investor Relations Brainpower N.V. Tel : +44 (0) 20 7392 7117 Email: cfox@brainpowerweb.com
WKN: 553169; ISIN: NL0000238228; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Hamburg, Hannover, Düsseldorf, Stuttgart und München
